I have Level 2 option trading previliges with TDA - meaning I can buy options, sell covered calls and cash secured puts. I cannot trade spreads or write uncovered calls. However, by taking a little risk I was able to "leg into" a vertical spread for a discount; the spread was already in the money. So, all I had to do was wait till expiration to exercise and collect my profit or close out the spread and collect my profit. But NO! TDA had other ideas. They are fine with taking commissions from me while I leg into the spread even though I do not "have permission to trade spreads". But once I am into the spread, they send me an email saying my order(s) violated my trading previleges and that I have to buy back my short positions by 2.30 pm (not even wait till end of day) or they will perform a forced liquidation of the position. I was doing a simple bear put spread for a debit with only 2 legs (long the upper strike and short the lower strike). For the life of me, I cannot understand how this is any different in risk profile from selling cash secured puts. In any case, TDA is dishonest enough to gladly take your commissions when you place "orders that violate your approved trading level" and force you to exit your position (even if it costs you money) so that they can scoop up more commissions on the exit trade. I have seen Wall Street scum and this is it !! I had to vent .......Sorry !! And by the way, my trades on the day grossed $900 only to pay TDA $500 in commissions and I get to keep only $400 !! Go figure !! Paying $0.75 per contract on each leg each way (entry and exit) really adds up fast especially if you trade 100+ contracts. Must be a better solution out there somewhere......any comments ?!