Comment Text:
i0-001
COMMENT
CL-02838
From:
Sent:
To:
Subject:
dan slayden
Friday, January 22, 2010 4:20 PM
secreta ry < secreta ry@ C FTC. g ov >
To: secreta [email protected]
There is absolutely no reason for the government to make it harder for people below the median
income to make money in the forex spot market. You claim the reason for adding the limitations on
leverage that brokers are willing participants in providing is because of clients (traders) losing
money. First off if you wanted to really limit their losses you could make the clients choose what
level, if any, leverage they want. Also another good practice, if you choose to begin regulating a
"free" market would be to stop the brokers from trading at all. There is no inherent reason why
clients should lose money in a electronic, strait through processing broker that has no interest in
the market direction. Providing the means to make money on investments is not a constitutional
mandate and therefore the government has no footing in this matter in the first place. There are
laws in place already that prohibit fraud, organized crime, money laundering, and general
financial brokerage laws. Here is another idea, if you want the risk to be limited for clients, require
insurance on the brokerages, that the client's money be returned in case of insolvency and in case
of fraud. (bonded)
The biggest underlying problem that the government has identified has been a simple case of no,
not fraud or deceit, but of clients not taking responsibility for the risk of thousands of dollars in an
investment account properly. Forex is a business opportunity, regardless of what the IRS says and
should be taken on seriously. That means an abundance of study, including at least months of
DEMO trading in a pseudo-account. I am not a paid lobby Representative of any kind, please take
my letter as a plea to allow United States citizens the right, and unrestrained ability to make
money in an fair, legitimate and ethical environment.
Daniel Slayden
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