Comment Text:
i0-001
COMMENT
CL-03225
From:
Sent:
To:
Subject:
John Wade
Saturday, January 23, 2010 11:09 AM
secretary
10:1 Forex Trading Leverage
Dear Commodity Futures Trading Commission,
Trading the markets, whether its the Stock Market, Bond Market, Futures, Forex or options is truly
the last bastian of financial opportunity where a country boy from Tennessee has the same opportunity
to reach his financial goals as an Ivy League trader in the pits of Chicago or New York. The traders I
know and have spoken with are very intelligent, for the most part very well educated and most of all
very motivated to reach their financial goals and dreams of being financially independent. Most
independent retail traders spend literally thousands of hours getting in "screen time" in front of their
computers and doing research on money management and risk/reward ratios. Small traders know that if
they dont follow strict risk rules and money management rules they will not survive to trade another
day. We as traders do NOT want the government to regulate how much, how often or how large we
trade. For those traders who do trade too large and " blow out " their accounts, in most cases this is
probably one of best lessons a trader can learn. You can bet when they scrape together another trading
nest-egg that money management and trading risk rules will be followed .Its not the government's place
or in this case, the CFTC's place to dictate how large a trader trades. It's up to the individual trader. If
he wins big great. If he loses big thats the risk he takes and a lesson learned. Trading is one of the last
forms of pure capitalism left and Obama is trying his best to take this opportunity and freedom away
from traders slowly but surely. There are a lot of professional traders that would never trade more than
10:1 leverage on their trading accounts, but the choice is up to them and needs to continue to be just
that, " their choice ", not the CFTC's choice, not the governements choice and certainly not Obama's
choice ! I just wanted my voice as a small independent trader to be heard. " I do NOT want the CFTC
to limit leverage to 10:1 ". Once this does go into affect, whats the next limitation ? You can only trade
Tuesdays and Thursday from 7pm-10pm ?
I mean where will it all end ? By making leverage limitations you may very well be taking money away
from small traders and this in turn hurts the economy because their will be less disposable income
because in affect you will be limiting traders income. I vote " NO " to 10:1 leverage limitation. The less
government regulation we have the better.
Sincerely,
John Wade
