Comment Text:
i0-001
COMMENT
CL-01048
From:
Sent:
To:
Subject:
James Fullerton
Wednesday, January 20, 2010 4:55 PM
secretary
Regulation of Retail Forex
Dear CFTC,
I am writing in response to the proposed
10:1
leverage proposal being considered for US Forex markets.
I am totally against this proposal, and I am sure most (if not all) other individual traders are also opposed to
this.
With the recent devastating change to 100:1 leverage, I have already moved my trading accounts overseas, and
they will remain there. I recommend all my customers and friends open accounts with offshore brokers.
While I understand you are trying to prevent uneducated traders from losing money, you are in essence treating
us ALL like fools.
I have been trading with Forex since 2006. In my first year of trading, I quadrupled my account balance, and
then promptly lost it all.
But I learned from that.
Over time I have become a more sophisticated trader and now
am able to trade in an automated fashion with a nearly 100% success rate, with returns of over 40% in
December of 2009 alone. (My 401k achieved barely that over the entire 2009 year.) Why should you protect me
from that? How are you helping me help myself? You are impeding on my ability to financially plan for my
future yet offer no alternative to help me.
I do not need your "help" or "protection".
While your goals may be to protect traders, yours is either a self-centered plan which will enrich you or your
colleagues in some way (most likely in my opinion), or it is a VERY ignorant and poorly constructed attempt to do
so. I myself can think of other ways to protect new traders, but your proposals are not among them. If you are
concerned about new traders losing money, you could easily create a proposal that would require new traders
to limit the amount of capital they could start with, such as $1000 for the first year of investing. Only if they
traded actively and also saw at least a 5% return on their investment, then allow them to add additional funds.
Perhaps you can see it another way-what would happen if we, the US citizens who trade Forex, were to point
our finger towards you and say you can now only spent 1/10
th
of your budget, you can only make 1/10
th
as
much on your investments ... would that help you? Presumably not, as I am sure you are fine self-managing
your day to day affairs, as am I-and I believe most other Forextraders as well.
Kind regards,
James Fullerton
James.Fullerton @OneWebAve.com
