Comment Text:
i0-001
COMMENT
CL-00118
From:
Sent:
To:
Subject:
Terry L. Robinson
Friday, January 15, 2010 7:38 PM
secretary
Regulation of Retail Forex
Well, I understand your doing some good things for the Forex industry to
help us investors be more protected. I'm very much pleased that the
government is concerned about investors well being.
Unfortunately, the part about a maximum leverage of 10:1 will kill the
Forex industry in America. As an example, last year when the NFA took my
trading tools called "hedging" away and then did something equally as
silly as your 10:1 leverage ratio called FIFO caused me to take my first
losses EVER while trading Forex in order to comply with the NFA short
suspense. And since both I and my father had to take losses because of
the U.S. Governments new rules to protect us from ourselves, we moved
ALL of our money overseas where it will stay in various countries using
several base currencies. I imagine I wasn't alone in doing what I did,
though I cannot substantiate any percentages, I'm am certain that those
new rules caused the US to lose a bunch of money making opportunities,
jobs, etc. in a time our country could ill afford to lose.
If you continue on this path, even more investors who actually know what
their doing will move their money overseas, thereby perpetuating the
killing of both the small and large US based Forex investor. That's to
say nothing about the fact that the small US investor will either try
investing only to lose even more money than what you're trying to
protect them from or they won't even try at all in which case nobody
wins and the economy loses.
So please, please, reconsider what your doing with this rule in
particular. I'm all for your helping regulate the brokers to make the
playing field more fair to the investor but if your reacting to the 'get
rich quick' folks who didn't know what they were doing, got caught up in
some scheme and ended up loosing their life savings, then shame on them
for not doing their due diligence research; in which case they deserve
to loose their money. Please stop trying to protect us from the idiots!
The ball is now in your court; what you do is really up to you, but I
can guarantee that if this madness continues like it appears to be in
not only this aspect but many of the other aspects of life in the U.S.,
I am seriously contemplating moving away from the U.S. and giving up my
citizenship; I'm very much embarrassed to call myself an American, I am
no longer proud to be an American despite having served my country for
20 years in the Army and I'm literally scared to travel overseas for
fear of being a target of terrorism by virtue of my citizenship. Now you
really have to ask yourself, what have we (collectively the government,
big business and Americans in general who believe they are entitled)
done when a person who fought in 2 wars and spent 20 years protecting
the ideology of the U.S. wants to leave! ?
When I wrote a similar e-mail to the NFA they in fact ignored my plea,
so heres to hoping you do the 'right' thing by choosing the hard right
over the easy wrong.
Terry L. Robinson
