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Comment for Proposed Rule 75 FR 3281

  • From: G F
    Organization(s):

    Comment No: 3222
    Date: 1/23/2010

    Comment Text:

    io-ooi
    COMMENT
    CL-03222
    From:
    Sent:
    To:
    Subject:
    Attach:
    [email protected]
    Saturday, January 23, 2010 10:59 AM
    secretary
    Public Submission for 2010-00456
    Public Submission for 2010-00456.zip
    Please refer to the attached file.Please Do Not Reply This Email.
    Public Comments on Regulation of Off-Exchange Retail Foreign Exchange Transactions and
    Intermediaries:
    Title: Regulation of Off-Exchange Retail Foreign Exchange Transactions and Intermediaries
    FR Document Number: 2010-00456
    Legacy Document ID:
    RIN: null
    Publish Date: Wed Jan 20 00:00:00 EST 2010
    Submitter Info:
    first name G.
    last name F.
    address1 Barnes Ave
    city Bronx
    country United States
    us state NY
    zip 10467
    company
    I make a living from trading Forex and the propsed rules would devastate my ability to make
    any money to feed my family. THis is not a game in these hard economic times. As a retail
    trader, I have accepted the risk associated with using high leverage which is how I have
    manged to have the same opportunity to make money as big businesses and institutions. I
    beseech whoever is considering reducing leverage requirements to NOT do so as it would
    eliminate the ability of traders like myself to earn a living at all. This is not fair since each of
    us is responsible for how we use money management to control the inherent risks associated
    with Forex trading. Leverage has aalready been reduced from 200:1 to 100:1 which has not
    affected our ability to continue making money. However, the current proposal for 10:1 would
    simply remove the ability of full time traders to make money at all. DO NOT tamper with the
    livelihoods of people that trade Forex for a living in this country. Thank you.