Comment Text:
i0-001
COIMMENT
CL-01622
From:
Sent:
To:
Subject:
Glenn Woolum
Thursday, January 21, 2010 8:38 AM
secretary
Proposed Forex 10:1 Leverage Restriction
Dear Secretary,
In light of the fact that there is little evidence that restricting leverage on forex traders to 10:1 would produce any
positive benefit for the industry and seeing that it would negatively impact traders, I think you should not restrict
leverage beyond 100:1.
I can easily trade multiple contracts with a 1 Ok account trading futures, yet you are saying there is some hidden
virtue in restricting leverage on the spot market to 1 lot. This conclusion is dubious at best, and unfair to an entire
segment of the currency markets, and overly restrictive to individual traders, and detrimental to forex brokers.
We have seen the phenomenon of "mommy government" coming at us in many forms. "Take your medicine. It's
all for your own good." With help like this, who needs enemies? I will thank the government to step aside and
allow capitalism to work for a change. That's the kind of changes I'd like to see. Eventually, you will too, but
hopefully before you destroy the free markets with onerous restrictions.
Sincerely,
Glenn D Woolum
Professional Trader
