Comment Text:
i0-001
COIMMENT
CL-02962
From:
Sent:
To:
Subject:
Kirk Law
Friday, January 22, 2010 6:53 PM
secretary
Regulation of Retail Forex, Stongly Oppose
Hello,
I would like to add my 2 cents about the proposed change in the leverage of forex accounts. In
reference to RIN 3038 - AC 61
I believe the current level of 100:1 allows the small investors, such as myself, to participate in forex
trading and the change to 10:1 would eliminate me and most of the investors I know, since the average
account is approximately $3000.00.
I haven't traded real funds yet and only use demo accounts while I learn to handle risk and
flucuations in the market, I believe that is the key to successful trading.
I feel any changes to policy should be limited to education and access to trading accounts. What I
mean is new traders should be started in demo accounts and a monetary limit based on the individuals
education and experience. Then it's up to the person whether to be aggressive or conservative with their
money and they have to live with the results of their choices.
Vegas doesn't return any money that people lose. Indian Casino's don't return any losses. Particapants
have to become informed, educated and "live and learn" about the decisions they make. No one holds a
gun to any one's head and tells them to purchase lottery tickets, drop their coins in the slot machines,
play Blackjack, Poker or Craps. No one has came to my door to return the home I have lost in the recent
economic downturn. The individual has to be responsible for their own risk level. I think the only
responsibility of government is to make sure the game is not rigged and the deck is not unfairly stacked
against us. No Fraud by the brokers!
I have joined FXBOOTCAMP operated by Wayne McDonell to learn how to invest in the FX market
and manage the inherent risk. He stresses the use of demo accounts and tells everyone FX is not a get
rich quick vehicle and it's very easy to lose your money. Seek education and manage your money
wisely.
Thank You for your time in reading my opinion,
Kirk Law
Riverside,Ca
