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.

You pay tax on the profits when you fill out your 1040 tax form at the beginning of next year. Make sure you keep enough money set aside to cover the taxes you will owe. If you make high profits, you may want to send in quarterly estimated tax payments so you don't get hit with on underpayment penalty.

I do the occasional day trade in my td waterhouse account. I keep enough cash in the account to cover my trades, so they don't have a problem with the day trades.

U can change it

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Stops aren't working? are they in the right places?
and you're not hedged with options, I take it.

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with the current capability of computers, browsers and broadband, why limit yourself to only one news site?

you can have multiple such sites open in multiple browser tabs or multiple browsers.

look for the upcoming news/events list in places such as
money.cnn.com
yahoo finance
your TDAmeriTrade brokerage site

and/or any subscription services you get such as
investors.com
wall street journal online
bloomberg news
etc.

When you sell a stock the proceeds from the sale will be "unsettled" for 3 market days (T+3). If you have a Margin account you should be able to buy with borrowed funds. What you have to understand is that your buy with borrowed funds will not settle for 3 market days either (and shouldn't be charged interest) and therefore once both the sale, and margin buy settle you will basically have avoided using margin and paying any interest. You should double check with Ameritrade as I know different companies have different margin regulations.

Day Trading, in the final count, is really a combination of skill & luck. In that sense, it's akin to gambling.

Sure, using TA methods like Japanese Candlesticks, and RSI and MACD will help you get a SLIGHTLY better picture, but TA does not allow for the emotional aspect of it – say, when a stock in a particular sector blows up due to mismanagement or fraud, all the other stocks in that sector go down because of "guilt by association".

And, when folks panic for whatever reason, they dump stocks regardless of whether they are good or bad.

If I were to resume Day Trading ( I gave that up some time ago ), I would depend most heavily on the MOMENTUM indicator, and not hold for more than a few hours.

From experience, it is VERY difficult to make money consistently in Day Trading, and I hope you will consider a longer term perspective.

Choose stocks with good fundamentals, good management, a stable market space, then buy some. The probability of being able to exit with a profit increases the longer you hold it.

I don't think those subscription services are what you need. The problem with most of them is that they are over hyped and usually don't account for real world practice and conditions. If you want to make a lot of money on the market you got to do your own research. Think about it, if the subscriptions are that hot why do they tell other people about it? I am a licensed adviser and I have seen too many people looking for the short cut and after being disappointed a few times quit the market all together. I would recommend you to look at some thing like the Motley Fools or IBD and look at what they like and why they like what they like and then do your own research on the company or fund managers. When you buy a fund you are betting on the management's ability to beat the market, that is all. Another thing, this I learned myself after thousands of dollars worth of market lessons. Don't try to time the market. There are to many factors that we do not control. The consistent way to beat the market is through figuring out the fundamentals and let time do the growing for you. Market timing and refusing to cut loses are two sure way to decimate your portfolio. So be careful and do your research before sinking your hard earned dollars.

Federal law stipulates that in order to day trade, buy and sell a security the same day 3 times within a 3 day period, you must have an account valued at $25,000 or greater.

In order to simply open an account… with scottrade your $1000 is plenty.