Comment Text:
i0-001
COMMENT
CL-01073
From:
Sent:
To:
Subject:
Gareth Kendrick
Wednesday, January 20, 2010 5:38 PM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Dear Sir or Madam
I am writing to express my strong objections to the further proposals to
restrict leverage to 10:1 in forx trading.
I have been trading forex successfully for 10 months, however recently I
was given 2 weeks notice by
one
of my brokers, that my leverage would
change from 200:1 to 100:1, another broker did not inform me at all, I
had open trades and no further funds to offset this, consequently I have
lost over £2500 dollars (I only ran a small accounts) on previously
profitable account due to the drastic reduction in leverage. If this is
reduced to 10:1 then ALL traders like myself will be forced out of the
market, or to brokers outside of the U.S. I have only $800 left in my
last surviving account and this leverage would wipe out the rest of my
money completely.
Please give people the credit to think for themselves instead of
introducing this blanket legislation, this will mean no private traders,
but only big corporate traders will be active in the market.
You are not protecting traders in this way, but causing them to lose
money, AND forcing them out of the market, perhaps this is what you are
trying to acheive??
Please re-think these proposals and give people credit that they can
actually think for themselves.
MR G P Kendrick
