Ivan K. asked:


I think I will begin my first option trade on the upcoming Monday,Sep 22nd (Is it the first day of the new options?) I just have a couple of questions that I have not cleared.

I’m currently trading at Etrade. Let’s say I want to buy 10 calls of LEH, what do I put in the contract column? Is 1 contract = 1 call or put?

Now I want to realize my profit before the expiration date(3rd Friday of each month before 4:30PM, right?) Should I use Sell to Close for my calls or puts? What exactly do I do if I want to exercise my options instead of realizing them?

If you were to buy options, which sector would you choose? I think I would choose airlines.

Thank you so much for your answers.

Ivan K. asked:


I think I will begin my first option trade on the upcoming Monday,Sep 22nd (Is it the first day of the new options?) I just have a couple of questions that I have not cleared.

I’m currently trading at Etrade. Let’s say I want to buy 10 calls of LEH, what do I put in the contract column? Is 1 contract = 1 call or put?

Now I want to realize my profit before the expiration date(3rd Friday of each month before 4:30PM, right?) Should I use Sell to Close for my calls or puts? What exactly do I do if I want to exercise my options instead of realizing them?

Anyone think LEH will survive by miracle? If you were to buy options, which sector would you choose? I think I would choose airlines.

Thank you so much for your answers.