Comment Text:
i0-001
COMMENT
CL-02321
From:
Sent:
To:
Subject:
Lee & Ann
Knackstedt
Thursday, January 21, 2010 10:16 PM
secretary
Regulation of Retail Forex
Dear Secretary,
I am writing in response to proposed legislation on Regulation of Retail Forex (RIN 3038-AC-61) to reduce the maximum
leverage available to retail forex traders from 110:1 to 10:1. As a Forex trader, I handle the trading size appropriate for my
account, as all brokers have options for managing your risk, and traders are responsible for their accounts. Additionally, as
the accounts are margin accounts, there is a limited risk of loss to the participant in Forex trading.
I have been blessed to be able to earn my income from Forex trading, but this legislation would basically reduce my trading
income by as much as 90%, impacting my ability to trade as a form of employment. I sincerely urge the CFTC to review the
risks posed to traders in any trading environment, and keep the current leverage ratios at the current level of 100:1. Changes
to reduce this level will impact day to day traders such as myself, but will likely do little to affect currency fluctuations that
appear to be the primary concern of lawmakers in congress. The alternative would be for currency traders such as myself to
move my account to an overseas broker who is not limited by these rules, as capital and funds are easily transferable across
borders.
Again, I sincerely hope that the CFTC realizes that these rulings affect peoples lives, and will likely not affect any real
change.
Sincerely,
Lee Knackstedt
