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Non-Tech : E*Trade (NYSE:ET)

ET 16.83

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Nov 3 3:59 PM EST

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To: Phil Tran who wrote (13851)	7/31/2000 8:48:51 AM
From: BWAC	of 13953

Thank you Phil. Uhhhh I mean for the option trading stuff. A potential option investor that may not qualify asset wise or who may not meet certain other defined requirements could potentially bypass such requirements by demonstrating an understanding of options and their inherent risks. Often a letter stating such, written to the brokerage will suffice. This has been my personal experience. If Scott could demonstrate in that letter that he understood the basic risks, the basic mechanics of trading options, and the potential for losses, I am almost sure that any brokerage would allow him to conduct option trading at a certain risk level. After all it is his money, and he should be able to invest it any such way he likes. Covered Calls definitely. Buying Options definitely. Get started there. Then rewrite the brokerage at a leter date and ask them to move you up to a higher level. Creating Spreads. Writing Uncovered Options. Sidenote: It is funny that most brokerages allow you to sell covered calls, but not sell Puts. Its the same equivalent transaction often, with the same amount of underlying capital at risk.

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