Exercising Option Funds Requirement?

[guyentlab000 10]

I have a scottrade account and I was told that in order to exercise an option I need to have a fund available to purchase the stocks in order to exercise? And in case of exercising before an expieration date I need to call them over the phone to do so.

 

For case, where I would like to keep the stock after buying at strike, that is understandable to have the fund available.

 

However, If I would like to exercise by buying at strike and selling at market immediately, do I still need funds available?

 

THis is because I have couple of high-priced stock options, including AAPL for which I am not exercising just buying and selling contract itself.

Thanks!

[guyentlab000 10]

Is this forum a ghost town or i am asking stupid question???

[Auole 10]

Guyentlab, I am really a tradenobody, but when you exercise or are exercised, to my very limited knowledge, yep, you gotta have the $ cuz even if you want to sell immediately, for that nanosecond, the stock is yours. Very ignorant ghost. Otherwise you just need to do simple puts and calls. Now, all you experts please don't fall off your chairs laughing at me.

[guyentlab000 10]

thanks for help. I also posted the question on another forum and got the same reply. . Thanks!