Comment Text:
i0-001
COMMENT
CL-02123
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Sent:
To:
Subject:
Attach:
James Harrison
Thursday, January
21, 2010 7:16 PM
secretary
; [email protected]
considerations of leverage for forex trading
james.vcf
Dear Sir and or Madam,
The idea of creating a new ruling to only allow 10:1 leverage on Forex
accounts seems rather ridiculous to me. I cannot think of a logical
reason for you to allow this ruling to come into effect, unless you are
somehow under the impression that by allowing more money to flow
offshore that the United States will somehow benefit. More and more
people are finding the Forex a great way to create income and generate
wealth and thereby create more jobs and ways to pay more taxes, yet by
your retaining this crazy ruling this will simply force, law abiding
citizens to simply move more of their money offshore to avoid the crazy
rulings that the CFTC has started to become more and more famous
or
maybe infamous for.
It is almost a question of why would you wish to do this or maybe a
better question that could be asked would be who benefits from this type
of ruling? Could it be the stock brokers or hedge funds or maybe some
private entities. I do
not
know, except that I do understand that this
type of ruling does not help the small retail trader not the medium
trader in any way, nor does it protect them from harmful types of
trading behavior it simply makes them wonder what the heck is going on
and then move their money to another country.
In short, don't make this ruling
for 10:1
leverage a new requirement
for
Forex traders, if you do it only hurts us all!
thank you for your time and consideration.
James Harrison
James Harrison
Professional Trader and Mentor in the Forex
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