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Comment for Proposed Rule 75 FR 3281

  • From: Charles D Sims

    Comment No: 135
    Date: 1/15/2010

    Comment Text:

    Charles D. Sims
    Friday, January 15, 2010 10:15 PM
    secreta ry < secreta ry@ C FTC. g ov >
    Regulation of Retail Forex
    My name is Charles Sims. Iam 69 years old and retired. My retirement income is derived from
    being a retail trader in the FOREX market. If the 10 to 1 leverage limit becomes law it will simply
    wipe out my income. Then What? After savings are gone I could ask the US Government for
    assistance, or I can move my trading account offshore to avoid the regulation, taking precious
    capital out of the US. The rest of the regulation requiring registration is great but you'll kill an
    industry and the lives of many retail FOREXtraders if the leverage is reduced to 10 to 1. In your
    attempt to protect the novice trader your plan will do serious damage to thousands of successful
    traders who depend on trading as their primary source of income. A better plan would be
    to NOT CHANGE THE LEVERAGE, just set the amount required to open a FOREXtrading account
    to something like $5,000.00 instead of the few hundred dollars most brokers will accept for new
    accounts. This will stop the novice from losing his $500.00 and still protect my rights as an
    American to pursue my lively hood and not require me to move my small trading account out of
    the US or, even worse, trust some investment banker to do it for me. Alittle bit of regulation is
    good to stop the scammers but don't take the guts out of the current system by changing the
    leverage. Just for once, try to bea good government, and protect my rights, instead of taking
    them away. Thank you for your consideration
    Charles D. Sims
    Sugar Land, TX 77478
    Home 281 242-3311
    Fax 281 494-3311
    Cell 713 248-2012