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

ET 16.83

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Nov 3 9:30 AM EST

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To: Phil Tran who wrote (13851)	8/1/2000 11:52:43 AM
From: Scott	of 13953

Thanks for the response Phil, My question was really more along the lines of "what level" do you need at ETrade in order to trade credit/debit spreads. I've been trading options for a while with limited success, but spreads intrigue me a bit. I wrote to ETrade asking what their requirements were for trading spreads, and believe it or not you only have be approved for level 2 trading. They consider the combination as a buy-write type trade (where you use an initial call purchase to cover the sale of another call on the same issue). The only problem is that you have to leg in, because they can't handle an advanced trade automatically. This simply means that you must purchase the call prior to writing it whereas other brokers will allow a single execution to buy and sell at the same time. I hope this isn't too confusing! Scott.

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