Uncovered Options Trading System
Day Order: Day order is an order that if not executed expires automatically at the end of the trading session on the day it was entered. There may be a day order with time contingency. For example, an "off at a specific time" order is an order that remains in force until the specified time during the session is reached. At such time, the order is automatically cancelled.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.