Comment Text:
i0-001
COMMENT
CL-00155
From:
Sent:
To:
Subject:
Eric Chun
Saturday, January 16, 2010 6:13 AM
secretary
Regulation of Retail Forex
Dear Secretary,
I am writing to you in response to the current
new regulatory changes that are being proposed
regarding new margin and leverage requirements
of the Retail Forex industry. I personally believe
as well as many of my trading collegues from
around the world that the new 10:1 margin/leverage
requirements will absolutely kill the US retail forex
market without a doubt.
Professional traders like myself will definitely
move ones money elsewhere overseas without hesitation.
One must understand the chance of one trying to earn
a decent profit from trading will decrease firstly and secondly it
will naturally mean possessing a bigger account capital to earn
the same amount as before. (not a sustainable choice for new traders)
Thirdly I believe that most new traders will therefore shy away
from the industry altogether due to its low leverage of 10:1
as the primary reason mosttraders and professional traders in the
world began trading the retail forex market in the first place was
exactly due to the high leverage profit potential that it offered.
If you are concerned that the reasons for proposing a lower leverage of
10:1 would reduce the incredible damage one can inflict on themselves,
I am sorry to say Mr or Mrs Secretary that people will
still wipe out there accounts and inflict the same amount of
damage upon themselves because of
human beings nature to be greedy and impatient.
So please reconsider and reevaluate the potential
disaster that could be avoided for the future of the US forex retail industry.
Thank you for listening
Warmest Regards
Eric Chun -- Professional Trader
From uploaded file 155_----:
1/4/2010 3:55:29 PM... 23 change(s) to BPAC list.
1/4/2010 4:02:59 PM, True... 23 change(s) to BPAC list.
