Comment Text:
i0-001
COMMENT
CL-02782
From:
Sent:
To:
Subject:
Piazza Lawrence
Friday,
January 22, 2010 3:18 PM
secretary
Regulation of Retail Forex
Dear Secretary,
I am writing to voice my opinion regarding the proposed changes to
leverage in the retail FOREX exchange for traders such as myself. I
am referring specifically to identification number RIN 3038-AC61.
The risks of trading in any market are inherent to the nature of
trading and specifically the FOREX exchange. Investors should be free
to determine the amount of money they choose to place at risk in the
FOREX markets as any restrictions, although intended to limit the
downside, significantly limits the upside potential. The new proposed
rules essentially concentrates wealth to only traders and
organizations that possess enough capital to influence the markets
rendering small traders such as ourselves limited profit opportunity,
essentially keeping us economically disadvantaged.
Individuals who trade in the F OREX accept the risk of this market and
should be remain as adults in their decision making regarding how much
capital to risk. An attempt to "protect" us is tantamount to limiting
our ecomomic opportunities that could come from a successful trading
strategy with emphasis on risk management.
I would encourage you to resist this trend in government to over-
regulate thereby thwarting the very economic engine that creates
potential profitable opportunities who accept the risks of trading for
the possible reward of a nimble strategy. Please keep the 100:1
leverage ratio intact.
Sincerely,
Lawrence Piazza, individual small FOREX trader
