How to Enter a Single Leg Option Order Tutorial on tradeMONSTER

Interested in entering an option order and have no idea where to start? I bet I can show you in just over 2 minutes!

Watch this short YouTube video for a demonstration on how to enter single leg option orders on the tradeMONSTER trading platform

Tutorial Video Transcript

Welcome to tradeMONSTER.com video trading podcast.  This is Episode 12, “Entering a Single Leg Option Order” presented by tradeMONSTER’s own Travis McGhee.  In Episode 5 we demonstrated how to place a stock trade using the  tradeMONSTER trading platform.  In this video i’m going to demonstrate how to place an option trade.  Up on the top icon here you can see that I am currently hovering over options.  I want to left click.  And it will direct me to my streaming option quotes for JPM.  Now I am currently streaming June 2010 and July 2010.  Which is designated up in the left hand corner. You can see that I have a  checkmark by June 2010 and July 2010.  So I have both calls and puts.  So lets say for example that I wanted to enter an option order on the June 2010 39 calls.  How do I go about doing so?  Well it is quite simple.  I hover over the streaming quote.  I left click.  And it will direct me to an action screen.  From here it will have the current bid/ask, size, volume associated with that call, as well as the percent change.  Now lets say I want to buy this particular call.  I got to the bottom right hand corner.  Left click on buy.  And it will direct me to my ticket.  From here I can change the quantity.  I can change this from a limit order to any other order designations that  tradeMONSTER offers you.  If I do want to stay with a limit order, you can see here that I have a current bid and offer. This is a live streaming quote so it will adjust as the market changes. It is going to default on a buy ticket to the offer price.  So it currently has me buying at a limit of $.13.  I can change this simply by highlighting or by left clicking on the dropdown.  To whatever price I desire.  I can then go and change my time in force. If I wanted a GTC or a day order.  Whatever the case may be.  And then simply go down to the bottom righthand corner and left click on confirm.  And it will send it away to the market.  The same holds true on the put side.  For example.  Lets look at the July 38 puts.  If I left click on the quote it will create my action screen where I have my current bid and ask.  Lets say in this scenario I want to sell this option.  So I left click on sell and it will create my trade ticket.  Again I can adjust my quantity, my limit price, the order type.  If I want to change this to a market order I simply scroll down and left click on  market and it creates my ticket for me.  Now say that you accidently hit sell and you meant to hit buy, you can simply change that by left clicking on the dropdown and it is going to change it  to a buy ticket.  Click confirm.  It sends it to the market.  And that is how you enter an option order for a single leg on the tradeMONSTER trading platform.  Go to tradeMONSTER.com to get access to all of our tools and educational  resources for proactive investors like you.3:10Every brokerage account gets free access to our paper trading practice platform!

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