Comment Text:
i0-001
COMMENT
CL-02948
From:
Sent:
To:
Subject:
Steven Boyls
Friday, January 22, 2010 6:27 PM
secretary
Regulation of Retail Forex
1:~,: RIN 3038-AC61
Dear Secretary,
I am writing to let you know that I am against the proposed change in margin for the retail Forex market
from 100:1 to 10:1. The main effect
that this change will be to drive the retail forex traders to overseas brokers. If this rule is enacted that
will be my plan of action. This plan in margin
will also destroy the retail market in this country. This will add additional job losses to an already poor
economic environment.
I have been trading the FX market for the last 7 years and the last 3 years full time. I don't keep huge
amounts of money in my account. I keep a base
amount in the account so I can trade. Any profits I make are used to pay bills. I was laid off from my
job several years ago and would have a hard
time finding a job in my field as a software engineer. I can more money trading than I can writing
software. 95% of my fellow traders are in the same
position as I find myself. We would be forced to move our accounts overseas. This will do nothing but
hurt a struggling U.S. economy.
As a trader I hope that you will see that this is an ill-conceived idea and you will drop your plans for the
rule change.
Regards,
Steven
Boyls
[email protected]
Mac OS X rules!
