Comment Text:
i0-001
COMMENT
CL-01322
From:
Sent:
To:
Subject:
[email protected] <" [email protected]">
Wednesday, January 20, 2010 10:44 PM
secretary
Regulation of Retail Forex
identification number RIN 3038-AC61
I want to express my opinion about proposed changes on margin requirements.
I am a Forex trader from Mexico trading with an account in the US. I am having a hard time
understanding how the US government allows banks to use people's money to risk in
whatever they want and then bail them out when their investments fail, they have no
regulation to use deposits from bank account holders however your agency wants to tell me
or other people how we can risk our very own money????
It is my money to risk if I want to and in Forex automated systems will liquidate whatever
money the account have until bring it to zero before generating losses to the brokerage firm
or any other party other than the investor's. IN OTHER WORDS, UNLIKE THE BANKS,
FOREX TRADERS ONLY RISK THEIR VERY OWN MONEY SO WHO ARE YOU TO TELL
US HOWWE CAN OR CANNOT RISK OUT MONEY?
In my case it is quite simple, you keep pushing I just take my money to other country and I
am sure hundreds of thousands of traders like myself would do the same. In places like
Switzerland brokerage firms offer margins of up to 400:1, faster executions and better
spreads.
If you do this YOU WILL KILL THE FOREX BROKERAGE INDUSTRY IN THE USA, THAT
IS A FACT.
Stop trying to regulate things that do not need regulation and focus your efforts in regulating
how institutions and the government risk the people's money!!
Jesus Christ, when are you people going to start using your brains and doing what is good
for the people and protect them instead of trying to mess with things that work properly.
I think the USA is going downhill and it is in big part because of agencies like yours
breaking things that are working fine..
Regards
A very upset FOREX trader
