Lux Investing - Does it help to know the black scholes model when investing in options?

Does it help to know the black scholes model when investing in options?

My uncle says that if you understand and can use the equation its makes it better.

I disagree with your uncle if he is arguing that the model correctly predicts what the price of a particular option should be. If so, then he is a part of the class of investors that makes investing in options so profitable for the rest of us.
It is important to know both the model and the where the model does not reflect the real world accurately. You should know what a lognormal distribution is and how to use it. You should know what a standard deviation is and how to use it. At a minimum you should know what each of the following "greeks" is and risks associated with each: Delta Gamma Vega Theta Rho I do not believe you need to know the equations. There are plenty of options calculators on the web, such as the one at http://www.cboe.com/framed/IVolframed.aspx?content=http%3a%2f%2fcboe.ivolatility.com%2fcalc%2findex.j%3fcontract%3dE7E8A4CE-2BBB-40FB-8C0F-45081D24B388&sectionName=SEC_TRADING_TOOLS&title=CBOE%20-%20IVolatility%20Services which will solve the equations for you.
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