Comment Text:
i0-001
COMMENT
CL-01725
From:
Sent:
To:
Subject:
Mel Spencer
Thursday, January 21, 2010 11:03 AM
secretary
Regulation of Retail Forex, R1N 3038-AC61
Secretary:
Concerning the 'Regulation of Retail Forex' identification number RIN
3038-AC61.
Restricting the leverage to 10:1 for the retail Forex customer accounts
is unfair and personally disastrous (item 1). I am strongly opposed to
such a move.
1. This is the fourth year of my training with a serious commitment of
money and time. I was ready to transition this year into a full time
trader. This move will obstruct this effort.
2. Reward is related to risk. Restricting the risk, restricts my
reward. Success is rarely achieved without an appropriate opportunity
for failure.
3. The Forex market is not for the naive and unprepared. All parties
concerned have warned that the funds involved are at risk. They should
be funds that are expendable.
4. This is the one pure unencombered market for the retail trader.
5. The ability to succeed is much higher than the Lottery's, a common
legal opportunity that people have to lose their fortunes, unfetterd by
leverage (or other) controls with an almost guaranteed loss of funding.
Please consider that there are trading strategies that depend on high
leverage where the risk is controlled by money management. One of these
strategies has already been damaged by the limitation on leverage put in
last fall by the restriction from 400:1 to 100:1.
I am not a bank. I was not at risk of collapse last year or the year
before. Please don't help me by taking away my future income. Please
don't punish me for my sane, deliberate approach to trading by removing
the possibility of gathering the reward.
Sincerely,
Mel Spencer
