If I put on a straddle for Honeywell, buying puts and calls surrounding the present price and the stock goes?

up, will a market sale of my losing position, the put, once I figure out which way the stock is going be fast enough to make the other position worth the total investment with a profit?

Where would I practice this?

You cannot sell the losing position fast enough to create a profit for the straddle. Straddles make profits due to
(1) a large move in the price of the stock or
(2) an increase in implied volatility.

<<<Where would I practice this?>>>

The CBOE has a new virtual trade tool you can use to practice.

http://www.cboe.com/tradtool/virtualtrad...

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Since you are asking about a straddle there is one more thing I will pass on. I'll repeat a quote from Natenberg's book "Option Volatility & Pricing" (page 187).

"While there is no substitute for experience, most traders quickly learn an important rule: straddles and strangles are the riskiest of all spreads. This is true whether one buys or sells these strategies. New traders sometimes assume the purchase of straddles and strangles is not especially risky because such strategies have limited risk. But it can be just as painful to lose money day after day when one buys a straddle or strangle and the market fails to move, as it is to lose the same amount of money all at once when one sells a straddle and the market makes a violent move. Of course, a trader who is right about volatility can reap large rewards from straddles and strangles. But an experienced trader know that such strategies offer the least margin for error, and he will usually prefer other strategies with more desirable risk characteristics."

In that quote the phrase "straddles and strangles are the riskiest of all spreads" is emphasized.

But if you have a good hunch? lol Report It

You could do it on paper. Just look up the closing price for the put and call--but remember when you buy at the market, you pay the higher ask price, and when you sell you get the lower bid price. Then you pay a commission on both the purchase and the sale.

After you pick an amount based on the latest price, watch to see how prices change over the next several days or weeks.

I prefer short selling out-of-the-money puts which often expire worthless and I keep the premium I sold it for.

Both puts and calls have a premium over their intrinsic value which disappears as the option nears expiration--which makes it unlikely that you will make any profit unless there is a substantial move in price of the stock.

You can chart and calculate these type of strategies by downloading the software from the chicago board of exchange.
Download the options toolbox, it lets you chart your strategy:

http://cboe.com/LearnCenter/RCTools.aspx

You are forgetting that both are losing time value every day.