Comment Text:
i0-001
COMMENT
CL-02821
From:
Sent:
To:
Cc:
Subject:
Steve Chaples
Friday, January 22, 2010 3:54 PM
secretary
[email protected]
Regulation of Retail Forex
David Stawick
Secretary, Commodity Futures Trading Commission
1155 21st Street, N.W., Washington, DC 20581
secretary@cftc, gov
Fax: (202) 418-5521
Dear Mr. Stawick
Purpose (January 19, 2010)
I am writing to you regarding the Regulation of Retail Forex Trading, RIN
3038-AC61
htt p://www, cftc.g ov/n ews roo m/g e n e ral press re leases/2010/pr5772-10.html
Request
I ask that you do not pursue restrictions on the leverage options available to Forex traders.
Risk
The Forex market and Forex brokers with whom I have become familiar are extremely clear and redundant on the
potential for risk when trading such leveraged instruments. All marketing materials, advertisements, teaching
materials, and instructors always repeatedly make this clear. They all reinforce the need to focus on risk as
Priority Number One. Focusing on profit is secondary ... because if you focus on risk, then the profits will accrue
naturally. To quote a phrase, "Winners focus on how much they might lose. Losers focus on how much they might
win." We can foolproof any business only to a certain extent, and then there will always be those whom there is
just no way to protect from themselves.
Job Creation
With the proposed regulated leverage, significantly fewer people will be able to trade Forex effectively. The ability
to trade the Forex markets with the current multi-tiered leverage regulations provides a wide range of jobs:
brokers, traders of many income levels, instructors, asset managers. And each instructor creates new jobs for
many more individuals. And with more people employed as these Forex Traders, then more people are spending
money and thus stimulating the economy by empowering other businesses such as those involved in sales and
services.
I ask that you reconsider any thoughts about creating leverage restrictions. I ask that you choose NOT to create
leverage restrictions, and that you choose to continue with the multi-tiered leverage options with which we
currently trade (January 19, 2010).
Steve Chaples
