Comment Text:
i0-001
COMMENT
CL-01009
From:
Sent:
To:
Subject:
Richard W. Williams
Wednesday, January 20, 2010 3:12 PM
secretary
Regulation of Retail Forex
I
can not find better words to describe my position on all this than those of
Andrei Pehar, Chief Currency
Strategist at fxKnight.
Andrei says: "1 am not opposed to regulation nor regulatory agencies. But that regulation needs to be fair,
transparent, and open to
public input. Otherwise it becomes corrupt and self-serving. Sure high leverage
can get you into trouble if used thoughtlessly. Sure hedging when not done properly turns one loss into two.
But I believe the cure is EDUCATION, not restricting what people can and cannot do with their investment
decisions. Guide, don't dominate - government was invented to protect people and their property, not to limit
their potential."
Taking leverage down to 10 to 1 will kill the ability of thousands of small traders (such as myself) to
supplement our retirement through trading currencies.
It will also add to the already anemic economic climate in this country and put many forex brokerages out of
business.
Please do not pass this law.
Thank you for your consideration.
Richard Williams
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