Comment Text:
i0-001
COMMENT
CL-01873
From:
Sent:
To:
Subject:
Ed McGann
Thursday, January 21, 2010 2:00 PM
secretary
Regulation of Retail Forex
Dear Sir or Madame:
I am a retail forex trader and your recent proposals have some good changes and some not so good
changes.
The change I am strongly against is the change in leverage for a retail trader. While I understand the
reason to reduce this leverage so that the riskiness of a trade can be reduced, this change will have
unintended consequences for me and many of my follow traders..
I earn my living from trading and this change will significantly impact my ability to feed my children.
Trading the forex took me years of training and learning and I practice good money management
techniques which help insure my continued success.
I don't believe the government should make changes that impact citizens ability to earn an income.
While some inexperienced traders lose money, the government should not enact rules which impact
those that have learned to do trading the correct way.
Measured risk and acceptable return is the only way traders can survive and those that do not take the
time to learn this craft should not should not cause the playing field to be changed because the impact of
these changes will not stop untrained and inexperienced traders from losing money it will only reduce
the amount of the loss.
Therefore, making this proposed change will not achieve its objective in making the trading in FX less
risky and will seriously impact traders that make up the majority of the trades.
Thank you,
Edward McGann
