The "ask" price is the market price you would pay if you bought the option at that moment.

You see, when you attempt to purchase or sell an option, you can use a "market" order, which automatically defaults to those "bid" and "ask" prices. Or, you can use a "limit" order, which allows you to set limits on your buying and selling perimeters, which is what I suggest. In this way, you can "haggle" with that person behind the glass counter. (See also: "9 Tips for Options Trading Success.")

Going back to that hypothetical $1 option I mentioned earlier, while the options seller might not take $1, you can enter a limit price of $1.10. If they still don't bite, try $1.25. Keep upping your offer until the options seller bites.

Now, maybe that seller will hold fast to his or her $2 level, or, what's more likely, they'll succumb to the "bird in the hand" mentality and take you up on a discounted offer.

Look, this has been a tough year—many people have seen their assets dwindle. We've become accustomed to using discounts for eating out, grocery shopping and hotel rooms, and you should be extending that money-making mentality to trading.

I encourage you to "test the limits," which has served me well for nearly four decades. That's from Richard Nixon though…Carter…Reagan…Clinton and the two Bushes. And it will continue working through the Obama administration and beyond.

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