Day Trading

My experience has been that a "trade" is considered to be the order ans all of its fills. In the attached link, the SEC makes it very clear that a pattern day-trader is supposed to be a real day-trader. Counting each fill would snare too many customers in the net.

From Rule 2520:
"The term "day[-]trading" means the purchasing and selling or the selling and purchasing of the same security on the same day in a margin account"

"The term "pattern day trader" means any customer who executes four or more day trades within five business days. However, if the number of day trades is 6% or less of total trades for the five business day period, the customer will not be considered a pattern day trader"

It's pretty clear to me that to "execute" a trade. I place an order and get fills. The order and the fills are a "trade". Now, if your two "buys" are based upon two separate orders, then the pattern you ask about would be two day trades.

Further info:
Interactiveborkers gives clear examples of day trades on their website. Another reason why I like that firm so much. Looks like your two buys and one sell example is just one day trade.

Day trading is tricky, whether your doing it for real or as an exercise like you are doing here. The primary problem is that over very short periods of time, individual stocks as well as the stock market indexes can be extremely volatile. You might as well throw darts at a dart board marked out with all of the stock symbols because it pretty much is sheer luck over such a short time frame anyway.

I'm not familiar with CNBC's Million Dollar Portfolio Challenge, so I don't know what their investing time horizon is like for this task. Depending on how long that horizon is, I would probably make different sets of choices for your million dollars. Over a longer horizon, I would probably do some research and then pick 20 stocks, $50,000 each, and then let them sit there and do nothing for several months as that is, historically, the best way to get a return on investment. Too much "in and out" of the market would kill you on commission costs alone anyway.

Positive is profit

Day trading is very risky and you should only try that with extra income that you can live without. Since you are asking this question I know you are not qualified to trade at that level. Most brokers will want you to have at least $25,000.00 deposited in your account before you can Daytrade so you need to be aware of that. The stock market can be very lucrative but you must know what you are doing.

I use Scottrade and love it! The stream from Scott works great. I don't know about BofA, but I suspect it's comparable. I'd think again about using Scottrade, they do one thing only and are very good at it. BofA does hundreds of things, some good, some not so good.

You question is confusing because it is often unclear if you are talking about the price of the option or the price of the underlying stock. Here is what I think you meant to say:

Question: "Assume I purchased call options with a strike price of 105 rs when a stock was at 100 rs per share. If the stock goes to 106 rs can I sell the option at that time?"

Answer: Yes. You can sell the option any time prior to expiration. It does not matter if the stock is (or ever has been) above the strike price.

Question: "It the stock goes up to 106 then comes back down to 99 can I say it reached the strike price?"

Answer: Yes, it reached the strike price, but that makes no difference whatsoever. The price of the option depends upon several factors, one of which is the current price of the stock. Any previous price at which the stock traded is not a factor.

Question: "Should I have sold the option when the stock was at 106 rs?"

Answer: You would get more money by selling the option when the stock was at the higher price, but at the time the stock was at 106 rs you had no way of knowing if the stock would keep going up or if it would go down. Consequently, when the stock was at 106 rs you had no way of knowing that it would be better to sell it at that time.

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From your question I strongly encourage you to learn more about options trading before investing any real money in options.

If you have a margin account, when you buy a stock your cash is used first. You only use margin (or borrowing money) when you buy more stock than your money will pay for.

If you do buy on margin (or borrowed money) there are only two ways to change it. Deposit more cash to cover the purchase. Or sell securities which will increase your cash position.

The above is for the US.

Based upon your diction I would suggest you start with some research. Try http://www.marktetstock.net for starters.

Forget about it and wait for an other opportunity.

You need to take into account that a day trade that has
made a good profit can go into the floor broker‘s or
desk trader‘s pocket. This is possible as he can leave
buyer/seller‘s name in blank and only fill it in when
reported or taken from the runner (the boy that picks up
the slips from the floor). In some markets this is not
possible since the whole deal (except the shouting) is
immediately recorded. But when trading is wild, a fast
light is put on, which allows 15 minutes to conclusion
instead of only five. I could give you many examples
but this is sufficient to convince you to change both
your trading house and/or floor broker or, better still
both. Find a floor broker that you know and trust, this
is the only solution. It is almost impossible to always
be the loser, so think twice and change your servers.