Comment Text:
i0-001
COMMENT
CL-02690
From:
Sent:
To:
Subject:
Bret Waddell
Friday, January 22, 2010 12:21 PM
secretary
Regulation of Retail Forex
Identification number: RIN 3038-AC61
Regarding your proposal of 10:1 leverage in the retail forex market: If your intention is to make the Retail Forex
Market an extremely unattractive investment with the net result that 90% or more of traders will leave the Forex
market all together or trade Forex only with offshore Forex brokers, than you are on the right track. I have been
trading in the Forex market for over 5 years now, using forex accounts with 400:1 leverage and have been
extremely successful. Unfortunately, the new rules which have been introduced by your office and the NFA this
year: The first in first out rule, no hedging rule, max 100:1 leverage rule have already destroyed my trading
strategies and I have moved ALL of my forex accounts offshore in order to be able to trade successfully as I have
over the past 5 years. I know many other traders who have done the same. Lowering the leverage to 10:1 will
only cause the majority of traders still with US brokers to also move out of the country with their trading. If other
countries follow suite, I will not be able to turn a profit with Forex and will be out of Forex forever and extremely
angry at the CFTC, NFA, and anyone else who has had a hand in completely screwing up the Forex market.
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