Comment Text:
i0-001
COMMENT
CL-02935
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Jo & Jamie
Friday, January 22, 2010 6:17 PM
secretary
Regulation Of Retail Forex - From Jo Woodland
I am against the proposed 10:1 leverage limit for forex traders. I am a trader and I only trade at 1.5 - 2% risk of
my account. So 10:1 leverage in that regard isn't too concerning as l could reduce to risk to around 1% of my
account balance which would fit within the 10:1 leverage. But what I am really concerned about is because of
that 10:1 I would have to keep ALL of my trading funds in my brokers account, i.e. my account is around
$10,000, so I trade at $10 a pip but because of the 10:1 leverage I would have to keep all $10,000 in my
brokers account as margin.
How is that protecting me? I only want to keep Approx 25% of my account max with my broker - what if they
go under and take all my $10,000 with them? This is increasing our risk not protecting us.
I think 50:1 leverage would be a better compromise, some of the novice traders will have to reduce their risk,
but it will also enable those of us who already trade at low risk to not have to keep all our account money with
our brokers as margin.
Please reconsider.
Jo Woodland
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