Comment Text:
i0-001
COMMENT
CL-03243
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[email protected]
Saturday, January 23, 2010 11:59 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 Gerry
last name Stanton
address1 781 Montana Vista Drive
city Palm Desert
country United States
us state
zip 92211
company none, retired
Good morning ladies and gentlemen,
I am 62 years old. My wife and I are retired. I don't have a pension because I've been self-
employed most of my career. Therefore we have to live on our investment income. As you
know all of our investment porfolios have lost 30-50% per annum the last few years. As a
result I've been looking for a 'business' to start where I can risk small amounts of money with
the potential of gaining better than average returns( 1%-3% interest rates in banks, term
deposits etc.).
In the last 3 years I've been studying how to trade Forex. If I learn it correctly I believe I can
generate a new income stream for my wife and I. But, in my opinion, I can't generate a
decent income i.e. with low risk, unless I have a leverage of 100:1 with a broker, to gain
better than average returns.
Trading Forex is NOT a get rich quick scheme however I believe most 'new' traders think it is
and therefore don't approach it like a new BUSINESS that takes learning, investment and
time to get positive results.
Because a lot of 'new' traders are not getting 'rich quick' and are losing money they choose to
blame brokers, vendors etc. but certainly not themselves.
Changing the leverage ratio from 100:1 to 10:1 would completely ruin my plans to try and
generate a decent new income ( with low risk and better than average return) for my wife and
I in our retirement.
PLEASE do not penalize those of us who are approaching Forex trading like it's a new
business to learn ( and not a get rich quick scheme). I believe an individual should be
responsible and accountable for their choices\decisions. "Don't blame the brokers if you lose
money because you were irresponsible" is my philosophy.
I believe Retail Forex trading (with 100:1 leverage ratio) presents an opportunity to exercise
some independence to generate some meaningful income for oneself.
Thanks for taking the time to listen and please leave the leverage ratio as it is.
Regards
Gerry Stanton
