what can we trade

my partner and i have just started our own DIY super fund. in our SMSF investment strategy we've set up a broad unrestricted approach. we plan to use the fund to hold shares, options, warrants and etf vehicles if market sentiment permits.

we are not clear on a few things and our advisor is snowed under with tax season work - maybe we can get some guidance here.

we know we can buy instalment warrants for the SMSF - can we trade in and out of these at will?

can we trade PUT and CALL warrants at will? these might be trades that last just a few weeks or even less. frankly, if the market takes a dive, a PUT on the index is worth having in place.

then there's the juniors. we see a few resource juniors currently under 10 cents and fancy a buy n hold for the long term. is there any limitation on size and/or price? is it ok to trade in and out of juniors? clearly, if the junior's share price spikes, we would not want to hold the stock and watch the share price drop down to where it came from.

we also know the SMSF is not to be run as a business. would the ATO deem trading in n out of juniors as running a business?

maybe someone can post a website link that has thorough info. we trawled the ATO website in vain.

thanks for any help.