Comment Text:
i0-001
COMMENT
CL-02386
From:
Sent:
To:
Subject:
Morgan Hill
Friday, January 22, 2010 12:17 AM
secretary
CFTC Regulations on Retail Forex Transactions (Farm
Bill
2008)
To David Stawick and The Office of Commodity Futures Trading Commission:
I am a Forex retail trader. I understand the dangers of leverage and
the benefits. What the administration is proposing goes FAR beyond
any consumer protection.
Before I go further let me iterate the following:
I do (vaguely) support the measures on disclosure, registration, and
general procedural changes on the brokerage side.
Now, I take issue on one specific proposal:
The use of leverage being reduced to 10:1 Maximum.
This measure should be left up to the brokers and more specifically
the clients and retail traders. We are not playing with tax money,
unlike big banks, we are investing according to our own tolerance for
risk/reward; such is the AMERICAN WAY.
I urge you to reconsider the proposed amendments and remove the
amendment calling for a drastic reduction in leverage by 10 fold! If
enacted this will cause further job cuts and shrink the Forex
industry. Let individual decisions decide on leverage, not
bureaucratic regulation in this arena.
Thank you for the common sense,
Morgan Dale Hill, MBA
Analyst and Forex Trader
