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durkie

you have a few ways:

* a paper trading account, where you can experiment with trading strategies without risking real money

* reading about the strategies and their payoff scheme, eg: http://www.theoptionsguide.com/long-straddle.aspx

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Thanks -- Is there some software (mostly free) where I can model these strategies and understand the payoffs, etc?

This is a pretty clean list of all the common strategies along with charts showing their P/L:

http://www.theoptionsguide.com/option-trading-strategies.asp...

http://www.optionsprofitcalculator.com/ seems to be kind of popular, but it's not the most intuitive to use. I think of this as something that many brokerages offer...

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