Comment Text:
i0-001
COMMENT
CL-01602
From:
Sent:
To:
Subject:
Markos, Isaiah L
Thursday, January 21, 2010 8:05 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
I would first like to take a few moments to describe how the proposed changes to the leverage would affect my trading
business. I own a small Forex trading LLC (revenue less than $10,000/year). My accounts are very small (less than $5,000
for one and less the $1,500 for the other one). I have been trading the Forex for about 3 years now and have enjoyed my
time. If you make the changes from 100:1, to 10:1, I would have to shut down my company because I would not be able to
carry that much margin requirement for each trade I make. I have had a goal to one day be able to trade full time and make
my living solely off my trading. I will not be able to achieve that goal if I am not able to build my accounts up. I understand that
some changes need to be made so we don't go through another economic crisis, but this shouldn't be the way to do it. The
retail Forex market only makes up about 2% of the overall market. Retail Forex traders don't move the markets, the big hedge
funds and central banks of the world do. I agree that the bigger corporate Forex companies should carry more capital to
protect themselves if we have another downturn in the financial markets. One of the main reasons I started with the Forex
market was because you had the potential to control $100,000 with only $1,000, or in my case $10,000 with $100. Please
don't take away my dream of one day having a big enough account to trade full time. I think that there should be other ways to
achieve more regulation in this market. Please consider other alternatives and leave the leverage considerations up to the
individual Forex trader. Having options and choices in the United States is what makes our country the greatest country in the
world.
Thankyou,
Isaiah Markos
Member Manager
Markos Group, LLC
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