Comment Text:
i0-001
COMMENT
CL-00183
From:
Sent:
To:
Subject:
t t
Saturday, January 16, 2010 1:45 PM
secretary
Regulation of Retail Forex
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Re: R1N 3038-AC61
Mr. Secretary:
I would like to include my comments on the above proposed item. The CFTC recently updated the
leverage in an
Forex retail customers trading account to 100:1. This was and is very adequate, as a trader like myself
always uses
proper money management while in an open market position.
The proposed 10:1 amount would totally damage the retail traders market and enviornment, and source
of income for
many like myself, who trade the forex market as a source for providing for our families. As you know in
todays economy, it is
very difficult, if not impossible to locate and obtain a well paid position, that can provide for one's
family, and not have to rely on
other sources such as government assistance.
The retail forex market also provides many jobs to forex brokers, who are required and necessary for a
retail trader to initiate a position
in the market. President Obama campaigned on turning our economy around, and provide well family
providing, good paying j obs,
and continues to attempt at doing this today. This proposal would and is counter-productive to his
strategy and agenda.
I offer that you rescind and amend this proposal, and keep the retail forex traders' account leverage at it's
current level of 100:1, and help
to continue the CFTC as the source for information in trading the markets. Thank you for your time and
allowing me to send my comments.
Best Regards,
Robert Cook
