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Author: philippalmer Two stars, 250 posts CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 272156  
Subject: Re: limited optons Date: 10/1/2012 10:55 AM
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With basic options privelege, you should be able to "Buy to open" a position which would mean general buying of puts and calls. You could also "Sell to open" if you are writing a covered call. You could "Buy to close" if using this to close out a covered call position. And finally you could "Sell to close" to close out positions of puts and calls you previously bought to open.
Those are the basic requests in general options privelege meaning your account is not an account that is set up to use margin or write naked positions(uncovered).
Every once in awhile, The Fool runs the Options Whiz education platform that covers options very plainly and simple to understand. I searched for the link, but could not find. Maybe you could send a help request to make it available to you, but it was a very valuable tool for beginners with options.
Good luck in your understanding and welcome to the wonderful world of options.
Also, If you are a member of Staock advisor, I rec checking out the SA Options board, which is very active and a great place to run your trades by some pretty knowledgeable Fools.
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