The first step to opening up an options account is to open up a brokerage account. In case you already have a brokerage account, you can either call a representative from the firm or go online and get the account approved for trading options. If you dont have a brokerage account, you'll have to start by researching the different options available (no pun intended).
Our recommendation would be to look for the following - (1) Knowledgeable representatives with whom you can discuss basic and advanced options strategies (2) Online tutorials and articles about options trading (3) Most importantly you would want the options software or tools provided by this brokerage that provides you the best price possible while executing your trade. Also, if you get really serious about trading, you might also want the brokerage to provide tools to 'backtest' your strategies against historical data. In simple words, backtesting is applying your trading strategy to historical stock prices to determine the profitability of your ideas. This a good way to select your better trading ideas from the not so good ones.
