Comment Text:
i0-001
COMMENT
CL-00186
From:
Sent:
To:
Subject:
Merrill
Saturday, January 16, 2010 1:56 PM
secretary
Regulation of Retail Forex
From: Merrill Beck
To:
[email protected]
Sent:
Saturday, January
16, 2010
Subject: Regulation of Retail Forex
Hello,
My name is Merrill Beck. Iam currently trading the Forex market to supplement my income. If
the 10 to 1 leverage limit becomes law it will simply wipe out any chance of supplemental income,
an income I am planning to use as retirement income I believe the new regulation is important to
reduce or eliminate the scares that are out there but if the 10:1 rule is implemented to protect, it
will simply take away any chance of profits. Please refer to this article listed on this web page
http ://www.forexpeacea rmy.com/forex-foru m/forex-a rticles/8342-if-cftc-does-say-good bye-retail-
forex-usa.html
. If this is implemented then many will move offshore, taking precious capital out
of the US. In your attempt to protect the novice trader your plan will do serious damage
to thousands of successful traders who depend on trading as their primary source of income. A
better plan would be to NOT CHANGE THE LEVERAGE, leave the amount required to open a FOREX
trading account to $500.00 so the novice can learn without risking their life savings as it is now.
Upwards of 80% of new forex traders only are in for 3 months and do not persevere to learn the
intricacies of trading, they find they do not have the stomach for it for whatever reason. Those of
us who stick it out and learn to trade successfully and pay our dues would be devastated by a new
ruling on the leverage to 10:1. Alittle bit of regulation is good to stop thescammers but don't
take the guts out of the current system by changing the leverage. Thank you for your consideration
Merrill Beck
Vancouver, WA 98665
