Comment Text:
i0-001
COMMENT
CL-03197
From:
Sent:
To:
Subject:
Scott Tenczar
Saturday, January 23, 2010 10:02 AM
secretary
Regulation of Retail Forex
Hello,
I would like to express my opinion about the recent proposal to limit exposure to leverage in retail Forex
accounts.
Reference:
RIN 3038-AC61 the purpose of which is []to collect
~.e,~co~u.,~!t.,z.~.po.,~!~
in a minimum amount in order to
prudentially limit the leverage available to their retail customers on such transactions at 10 to 1 []
Please note that I
am strongly opposed
to this measure.
I am a retail trader with a Forex account in the range of $5,000. Your proposal is clearly aimed at
protecting me and those like me. What you need to understand is this:
I am fully aware of the risks associated with Forex trading. I not only embrace such risks, but rely on
them.
The Forex market (in it's present form) provides the "Average Joe" with his best, and perhaps his only,
chance for long-term financial security.
Look, what do you expect me to do? Just keep plugging away at work and dumping all of my savings
into the Retirement-Date fund in my 401k? That
might
work for my retirement, but what about college
education for my children? What about accumulating a down-payment for a house? What about the
ever-rising cost of healthcare?
I simply can't save enough to make it all work.
Please don't take away the one opportunity I have for a better life. Over-leverage in retail trading
accounts was not the problem that led to the financial crisis. It was the arrogance and irresponsibility of
senior financial executives. Unfortunately, the only thing your proposal will do is empower them further
by removing me and others like me from the market.
If you want to do some good, them muster the courage to challenge the big, institutional trading
firms...and stop picking on small, defenseless people like me.
Thank you,
Scott T.
Average Joe
