Great idea for practicing Selling Covered Options!
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Great idea for practicing Selling Covered Options! At last night's inaugural Cool_Club webinar there were a number of people who were interested in where they could paper trade Stocks and even more important Options. We have just discovered that the Options Industry Council (OIC) has a Virtual Trading System that is very nice. There is no time limit and no limit to how much Virtual Money you want to dabble with. You must register with the OIC to be able to use it but that is the only requirement. The link to the OIC is http://www.optionseducation.org/en.html The site has a wealth of information, including a number of courses on Options.
Once you have registered with your email then log in and go to the "Tools & Resources" tab and look for the Virtual Trading System (VTS) or alternately here is the direct link:
http://www.optionseducation.org/tools/virtual_trading_system.html (Note: you will only be able to go into the VTS if you have registered and you are logged in).
Once you are in the VTS click on the link in the upper right hand side that says "Add Virtual Funds / Trading Level" . The starting fund level is $25,000 and you can add whatever money you want to get to the level you want to simulate.
If you are interested in doing both Covered Calls and Cash-Secured Puts like we are discussing in COOL_Club then you will have to change your Trading Level to the level that reads "Equity Put Writing/Credit Spreads". If you want to only do Covered Calls you can set your level to: "Covered Calls".
As far I can see you can not add old positions (such as current stock holdings) into the account but there is nothing stopping you from going ahead and buying whatever current positions you have or are interested in selling covered calls on. All it takes is Virtual Money and you are essentially a Virtual Gazillionaire, if you want to be.
Have fun, don't get too addicted, remember it is even more fun to make real money, Paul Madison
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