Comment Text:
i0-001
COIMMENT
CL-02692
From:
Sent:
To:
Subject:
[email protected]
Friday, January 22, 2010 12:25 PM
secretary
Regulation of Retail Forex
All the years that I have been studying the market and all the losses that I took are finally paying off.
I come form a long line of family that have worked dead end jobs their whole lives. Trading stocks
and currencies opened a whole new world for me. I was building my wealth very quickly with
trading currencies. At the rate that I am building my wealth I will be able to pay off my parents house
by the end of the year which will be a nice Christmas present. However the only way I'm able to
build my wealth is by trading on 100:1 leverage. With this leverage I'm able, at the least, to double
my money every week. I've been very happy lately as all the years I've put in studying the
market were finally paying off. All this happiness turned to anger this morning when my broker
notified me of the new proposed regulations by the CFTC. The proposed max leverage is to be 10:1. I
am extremely unhappy with this new proposal for two reasons: 1. I will have to make a 1,000
pip profit to grow at the rate that I am now. 2. By lowering my leverage the CFTC is TELLING ME
HOW I SHOULD TRADE! IfI lose money due to taking to much risk it's my fault but it does not
mean I should not have the ability to take such a risk. 100:1 is perfect leverage for me and I do not
take it kindly by the CFTC coming in and telling my how I should trade. I count on the NFA and
CFTC to regulate my broker to ensure that they are in good standing and not screwing over investors
but I don't want them to tell me how I should trade. If this proposal passes I will have to take my
chances and try a broker that is not regulated by the CFTC meaning they most likely will be a bucket
shop who will take my money and I will never see it again, I hope the CFTC won't put me in such a
situation were I have to choose between practically no leverage or take my chances with an
unregulated broker.
Unhappy Investor,
Jokubas Simkus
P.S. My broker wanted me to add this id number: RIN 3038-AC61
