Comment Text:
i0-001
COMMENT
CL-01671
From:
Sent:
To:
Subject:
Michael Gould
Thursday, January 21, 2010 9:46 AM
secretary < secretary@ C FTC. g ov >
Regulation of Retail FOREX
Dear Sir:
Reducing leverage from 10-1 in the United States will merely cause retail FOREX traders to move
their accounts overseas.
This will cause the failures of many retail FOREX brokers.
Furthermore, reducing the leverage for the sake of"prudency" is not rationally sound. I know from
experience that
money can be lost in large amounts due to psychological factors on an
unleveraged account.
In stock trading 2:1 leverage could be dangerous...However it could also
be safe, in able, educated, experienced hands. It is not the government's responsibility to protect
people from being human.
Ifa free individual wants to speculate with their funds, that is their right in free markets. The risk
involved is accepted implicitly.
I know fora fact that 100:1 leverage can be used safely and prudently in the FOREX market. It is,
and always was, my responsibility to figure out how to do that.
The
CFTC PLEASE NEED5 TO INVESTIGATE FOREX 5CAM5 AND FRAUDS.
A good list of potential
frauds compiled by members of the retail public can be found at forexpeacearmy.com.
Reducing leverage does a considerable amount of harm to U.S. businesses with little, if any, real
benefit. I use 100:1 safely, and many, many, others do as well. Reducing the leverage could hurt
traders individually as well if it were not for FOREX brokers in other countries.
I hope this letter serves to convince those with the power to NOT PASS the reduction of retail
FOREX leverage to 10:1.
Sincerely,
Michael C. Gould
Hotmail: Trusted email with Microsoft's powerful SPAM protection.
Sign up now.
