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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: ValueGuy who wrote (5126)3/30/2011 8:43:31 AM
From: alanrs  Read Replies (1) of 5205
 
I use Interactive brokers for my trading accounts. Commissions are good, fills and tools (charts and whatnot), no advice.

interactivebrokers.com

They have a practice account feature, although I've never used it, and they have pretty loose rules as to what's allowed with options. IRA's can do anything except sell naked calls, must have the cash to cover naked puts (so they really aren't naked but cash covered). Regular (margin) accounts allow anything you have the money (or margin) to pay for.

I don't know of any web sites for practice trading options and have never personally gotten any learning from practice trading. Doesn't mean it can't be valuable but it just doesn't work for me. I did once download some options software from an Australian guy named Hoadley and played with it. It's free.

hoadley.net

Again, I did not end up getting too involved with this as it looks useful for more involved options strategies that make my eyes glaze over, but a younger person with a more limber mind might make better use of it.

ARS
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