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Comment for Proposed Rule 75 FR 3281

  • From: Scott Johnstone

    Comment No: 15
    Date: 1/14/2010

    Comment Text:

    Scott Johnstone
    Thursday, January 14, 2010 1:52 PM
    Regulation of Retail Forex
    Hi, I would like to voice my opinion and say that I oppose this proposed new regulation of 10:1 leverage as I feel it
    is up to the individual trader to decide what leverage they should use. It is absolutely ridiculous to do this. Let
    traders make up their own mind and access the risk or leverage they want to use take on themselves.
    We don't need government's to hold our hand and put restrictions like this in place. We are not babies, we can
    make our own choices. If the government wants to keep the average joe from losing his shirt then they need to
    make the brokers advertise the risks invovled in trading the forex market a lot more. That is it.
    And reducing the leverage isn't going to decrease the risk involved in trading, that just means the average joe has
    to fork out more money into his account in order to trade and losing say $5000 instead of $500, it is going to cost a
    lot more in learning the lessons that all beginning traders must learn when trading the forex market. I don't see
    how this new proposal is going to do one good thing for the average trader or anybody else. I completely oppose
    Scott J.
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