Options

• The premium and exercise level of an index option is expressed in points, which is converted to dollars through a contract multiplier of $10 per point.
• Index option can only be exercised on the expiry day, while share options can be exercised at any time. However you can close out your option position any time.
• Index options expire six quarters ahead, listed in March, June, September and December. Stock options on the other hand expire on the third Thursday of the expiry month. Trading stops at 12 noon on the expiry date.

An option is the right to buy or sell property at an agreed price; the right is purchased. It is a contract between a buyer and a seller that gives the buyer of the option the right, but not the obligation, to buy/sell a specified asset. If the option is not exercised by a stated date, the money is forfeited.

How to make money in options?

I would suggest you get yourself one or two good books on the subject.

Making money in options can be done, but it has a different set of risks associated with derivatives compared to holding the underlying securities.

Where can I find a great FREE website that teaches stock market Trading and Investing?
It could be anything from stock market trading to Futures and Options or even Forex. Could be Day-trading, Online-trading, etc. Please feel free to list as many websites as you might know about - as long as they are FREE. Also, any good book suggestions and/or tips?

First of all - you should focus your learning on one or the other. I'm a trader myself and trading and investing are two totally different things.