Comment Text:
i0-001
COMMENT
CL-02504
From:
Sent:
To:
Subject:
Todd Smedstad
Friday,
January 22, 2010 8:17 AM
secretary
Regulation of Retail Forex RIN 3038-AC61
To Whom It May Concern:
Re: Regulation of Retail Forex RIN 3038-AC61
I as a Retail Forex Trader, I should be given the freedom and right to
choose the amount of leverage that is appropriate for my own
individual desired risk, and that this basic principle of 'choice' is
in jeopardy by the proposed CFTC regulations.
Furthermore, the proposed new regulation will actually do more harm
than good. I earn a good income trading Retail Forex through a
reputable broker that is an NFA member. Without the current leverage
made available to traders like myself, that income no longer exists as
I could no longer place significantly profitable trades with a 10:1
margin. In this economy, I need this income.
Implementing a 10:1 margin requirement effectively takes me out of a
good income stream immediately. My family cannot afford to lose this
income at this time. Please do not implement this new 10:1 margin
requirement.
Sincerely,
Todd Smedstad
36721 Park Place Drive
Sterling Heights, MI 48310
