Beginner

[Aardvark]

Quote from Eliot Hosewater:

It depends on the broker where they let you start. Schwab and Fidelity will start you at level 1, which is selling covered calls. I don't even know what level they put buying puts and calls at, maybe level 2. Fidelity has 5 levels and IIRC Schwab has 4.

Some brokers like ThinkOrSwin.com let you trade anything, but you need a minimum amount of experience to open an options account with them.

I would open an account at TOS and use their paper trade function to practice and learn the platform and once you have taken a few free classes then put on some very small spreads to get your feet wet.

 

[Eliot Hosewater]

Quote from Aardvark:

I would open an account at TOS and use their paper trade function to practice and learn the platform and once you have taken a few free classes then put on some very small spreads to get your feet wet.

I "started" with the TOS software (I made a few option trades in the past, but that was when you called your broker on the phone.)

I didn't realize how good it is. I went to Fidelity to make a trade and it was the stone age. You had to enter the option symbol (I threw away my cheatsheet card a long time ago), strike price, # contracts, etc. TOS brings up the choices and you just click on the one you want. You can adjust what you want and click "confirm&send". You can bring up a screen of singles, vertical spreads, condors, straddles, etc. And of course the numbers update in real time.

I don't know how the trading platforms are at the other brokers who specialize in options. Also, this was Fidelity's website trading, not their ActiveTrader.