Comment Text:
i0-001
COMMENT
CL-01836
From:
Sent:
To:
Subject:
Attach:
[email protected] on behalf of
Trevor Chilton
Thursday, January 21, 2010 1 : 19 PM
secretary
Regulation of Retail Forex
CFTJan21 .doc; ATT00002.txtJanuary 21,2010
Trevor Chilton
Costa Rica
David Stawick
Secretary Commodity ¯ Futures Trading Commision
1155 21st Street N.W.
Washington
DC 20581
RE: Regulation of Retail Forex RIN 3038-AC61
Well congratulations are indeed in order for your office has indeed exceeded
the normal level of completely brain dead, meddling, idiotic, useless, stupid, ill
conceived ideas ever coming from bureaurats. I will make no apologies for
my strong language enclosed in this message as being polite most certainly
will not get your attention as if anything will nor does being polite show what
contempt I have for you for thinking you have any right to run my business.
FYI I am a full time trader that lives in Costa Rica not in the great communist
state of USA. Your proposal here would, I am most certain, be what Lenin
and Stalin would think to be a wonderful idea however in the real world of free
enterprise your concept to put it mildly is offensive aside from being complete
useless and ineffective. The following are my list of why such nonsense
should not be considered and if the collective IQ of your office was any higher
than that of a turnip you should have figured this out long before releasing this
crap to the public.
What I choose to risk in my business is my business it is not your
business or anyone else's for that matter. Risk is a part of any
business and is assessed by those successful at business in how to
manage such without risk there is never a gain in anything. Any good
economy is based on such without it there just is not going to be
economic prosperity.
B. Your office has zero capacity in advising me how I should manage my
risk in this or any other business for that matter.
Your proposal would in fact destroy any profit potential that exists in my
business I would stop trading if these conditions were ever imposed
upon me (in your dreams such will happen) by such wise soles as
yourselves after all I am just an idiot that should bow to Caesar!
These margins have been in effect for decades without causing any
kind of mass financial disaster such as those that your office or similar
types of offices have so handily supervised and regulated over these
past years. As the saying goes if it works do not fix it. Well this system
has worked fine for many years and has no need for you clowns to
come and screw with it.Yes those that do not learn how to manage their risk in this business
can and often do loose money until they either quit trading or learn how
to do it like thousands of other traders do. However with that being
said changing the margins only dumbs it down to a lower common
denominator of fool that should not be a trader in the first place and I
hate to inform you of this but what the system does not need is many
more stupid traders and that is all that this proposal is going to do is
breed a larger amount of people that should not be in the business in
the first place.
Today there is a greater supply of competent private education sources
for traders than ever in the past to help them educate themselves and
ALL OF THESE first and fore most teach risk management hence the
tools are already in place for those that do their homework in learning
how to be a trader and how to manage their margins and risk levels
without some moron in Washington telling them how to I might add!
G. Your proposal is sooooooo incredibly non-functional in practical reality
it is not funny. Only a bureaurat with his head firmly planted up his ass
could come up with something so fucking stupid and out of the zone of
reality. Yes the retail forex trading market has grown exponentially
over the past ten years. Gee I wonder why that is??? Might it be due
to a new novel concept called the Internet perhaps you fools in
Washington have heard of it???? Well those of us out there in the real
world have not only heard of it but discovered that we can now trade
like an institution now that we have on-line platforms from all over the
fucking world to use. Now that is where the joke of this whole story
there-in lies. I ask you one elementary question, why should or would
a trader like myself allow a bunch of brain dead fools to come and
destroy our businesses when we can simple click a mouse a few times
to move our business and assets to elsewhere in the world that has
respect for our inalienable right to conduct our business as we see fit
rather than by some over paid fat cat fool in Washington? You think
the US industrial machine has problems with outsourcing and all
manufacturing moving off shore well that is nothing compared to the
shit storm you are going to stir up with your moronic ideas. With typical
outsourcing it can take years for a US corporation to move off shore
however in today's digital age that is nothing compared to the speed
that funds can and will exit from US based brokerage accounts it will be
so fast and vicious it will have your heads spinning. You will have
many brokerage firms firing most of their staff as their funds on deposit
disappear in a puff of smoke and I might add when you piss the
customer like me off you NEVER, NEVER, NEVER get another chance
we are gone for ever. The only thing your stupid proposal will create
here will be a total blood bath of this industry, US based jobs provided
by this industry will dry up by a minimum of 75% as the smart money
flees the sinking ship!!!!!!
H. To be equally blunt, to fit in with the rest of my message, I saw this
coming with the type of stupid rules being imposed upon me by theNFA back in August. When some group of all knowing all seeing fools
start to tell me how to run my business and how they are removing
valuable tools that I need to function my business because they know
better than me then I say it is time to relocate to friendlier more
intelligent jurisdictions. If you should take your collective heads out of
your ass for long enough (not very likely) you might actually realize that
there is dozens of locations outside of the US that are more than glad
to handle my accounts and earn fees from me without interfering in
how I run my business. All this accomplished with a few clicks of a
mouse, no brick and mortar type of business problems to resolve in this
type of move and all done at the speed of light. Hence I exited the
good old communist state of USA back in October as I refuse to have
assholes like you run my business for me. Now I was in the first wave
and many of your fellow American traders have not had such a violent
reaction to the first onslaught of unacceptable changes but this new all
out attack on the traders' rights will not be acceptable to the majority of
such and they will simply drop off of your radar. Their money and the
jobs it produces will be gone forever!!! WELCOME TO THE
INFORMATION AGE! !!
My final big issue is to question even what are you think you are really
trying to accomplish here in the fist place other than to piss off the
traders hence destroying an entire industry? What is it you fools think
you are accomplishing that can't be described as fixing what is not
broke? I have another suggestion for you, why not take the man-hours
of your employees and start working on fixing the huge problems you
have created in the international financial markets. Have you thought
maybe you should look at solving the real problems of the consumers
at large and the entire USA economy? Your fuck ups created by Wall
Street have caused huge damage all over the world as your lack of
regulatory authority have been demonstrated by wonderful examples of
what Enron and the sub-prime fiasco have caused to financial markets.
When you fix these problems that obviously scream out for more and
much tighter regulation of the big fish (thieves of Wall Street) then and
only then those of us small fish that you want to regulate to death might
consider your regulation or opinion of any relevance what so ever. You
bureaurats have sat on your asses while the investment bankers
created phony Enron paper that then had their retail arms sell that
same crap onto the suspecting public and you did zip to stop it or fix it
after it happened when even the most basic of financial moron could
figure out there was something seriously wrong in the regulation of
securities off of Wall street. Not a single person even tried over this
conflict of interest and scam, my isn't that effective regulation to protect
the public???? No in effect you have protected the perpetrators of
these scams not the victims of such. If that was not bad enough now
they have done the same dam thing all over again but on a much more
ambitious scale to flog the same type of crap paper, being sub-primes
to victims all over the world, all under your so called regulation. To
say the least Washington should be embarrassed about what they
oversaw and regulated with the same effectiveness as hiring a fox toguard the chicken coop! Now why don't you fools go work on
something big that clearly needs fixing but has not been fixed yet! Hell
it is not even being discussed as to how this happened or why this final
gargantuan fuckup even occurred off of Wall Street in the first place.
Hence it is going to happen again and the bankers and brokers
(thieves) of Wall Street will continue doing the same shit AND YET
YOU HAVE THE AUDACITY TO THINK YOU HAVE THE RIGHT OR
ABILITY TO TELL ME HOW TO MANAGE MY MONEY!!!!!!!! That is
one real sad, sad, sad joke!
This proposal is nothing but a bad joke that only a fool would follow in the first
place and that is all that will follow this new method all the real players are
going to become ghosts just like I have done.
This reminds me of a something Einstein said, "Only two thing are infinite the
universe and the depth of human stupidity and I have some doubts about the
universe." Well your proposed changes certainly prove he was right on the
depth of human stupidity.
Join the real world with the rest of us and garbage can this garbage!!!
With total disgust and amazement,
Trevor Chilton
Costa RicaPlease find attached a response to this ridiculous legislation.
