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Hello Le Moire and welcome to Pro! I hope you are having a good time here.

You probably will want Options Level 4 if you want to do all the Pro trades, including shorts, and spreads, and all of the more advanced style trades.

I would suggest searching / asking about margin and how Etrade handles it over in the Options service forums. When I was getting started, I got help from the Fools over there. It's been a while since I set up our family's accounts at Vanguard, and every broker is a little different. For me, Vanguard does not allow some forms of combo trades, so my commissions are higher on some kinds of trades, and sometimes I have to fiddle with one leg at a time. Different brokers act differently.

This is good stuff to learn. Take your time and try to enjoy the process. With margin, pay attention to your commitments and think carefully about how you want to use that feature of your account. Don't be shy about asking your broker as many questions as you need to to feel comfortable with it.

If you end up waiting for margin access, I would not consider it the end of the world at all. Our advisors here often say that that longs are the foundation of our portfolio.

Hope that helps somewhat!

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