Comment Text:
i0-001
COMMENT
CL-02474
From:
Sent:
To:
Subject:
Dale Pollett
Friday, January 22, 2010 6:29 AM
secretary
Regulation of Retail Forex
David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.,
Washington, DC 20581
I am writing to comment on the proposed regulations concerning retail forex trading (RIN 3038-AAC61). I am a retail forex
trader and believe that the proposed regulations that would subject leverage in retail forex customer accounts to a 10-to-1
limit would be bad for retail customers.
I have spent over three years learning how to successfully trade in the forex market by using the broker's free practice
accounts, and now that I am consistently making money, these proposed changes would place unreasonable limitations on my
ability to use forex trading to replace my current income stream. My current leverage of 100:1 has enabled my to slowly grow
my forex account to a place where I am able to withdraw funds on a regular basis to supplement my income. The proposed
change to a 10:1 leverage would force me to a slower accumulation of profits and would mandate that I leave profits in my
forex account in order to meet the new leverage requirements.
Please allow the retail forex customer to have the right to choose their own level of risk/reward by choosing their own leverage
limit. The proposed regulation would severely limit the ability of traders with a small account to be successful in the forex
market.
Please leave the leverage limits where they are and let customers choose the level of risk that is appropriate to their financial
situation.
Dale
Pollett,
Forex Trader
