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Just a couple of points:
First options can be done in Margin Accounts..you just can't borow
against them at this time.
Same day substitution is allowed if your account is healthy from a
margin standpoint....meaning no margin, reg -t or fed call
violations....however almost no broker will allow it unles you have a
longstanding relationship...and as a general point it's poor business
practice to have an account that uses every free $$.  It leaves you no
room to ever manage a position.
 
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