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hull is too general in scope. wont really teach you anything if you want to trade.

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would you be comfortable actively trading without being exposed to most of hull, even if its not sufficient?

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if i had to buy a book on options trading, it wouldnt be hulls. the options coverage is weak, and nothing you cant learn for yourself after a couple of minutes on yahoo finance 101. the natenburg text covers everything that the hull text does, plus more. its also written with trading in mind.

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natenburg may be better (i'm not familiar with it) and more focused on trading strategies, but hull has hundreds of pages about options (numerical and theoretical pricing, greeks, etc) with applications to different markets, so i doubt anyone could learn all of that in a few minutes on yahoo finance.

edit: as for the "if i could only buy one book" argument, my first reply already stated that hull wouldn't be my first choice (taleb's 'dynamic hedging' would). but hull IS the standard text for the field, whether we like it or not.