Put Options Question

also if im allowed to do this is there a certain timeframe that i have to choose? For instance if im allowed to do this do i have to select an option with an expiration date of one month or can it be whatever time i want it to be.
 
If by "cash in", you mean excercise...no. When you short an option, you are not the one who has the "option". If by "cash in", you mean cover a short option position... than yes, and you can do it any time frame you choose (up until expiration). The caveat is the PDT rule.
 
so just one more question to understand this put option. ex: say i bought (shorted) an option at 12$. the stock then tanked down to 6$. i would then be given the profits of 6$ per share no? i asked this question to other traders but honestly i dont know why but they always explain things incomprehensibly.
 
It depends if it it is a put or call option. If it was a call you shorted....you're in good shape. If it was a put...you now have to buy 100 shares at $12 even though the underlying is at 6...or cover your short for a $600 loss
 
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