Comment Text:
i0-001
COMMENT
CL-03311
From:
Sent:
To:
Subject:
Attach:
[email protected]
Saturday, January 23, 2010 2:59 PM
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 Robert
last name Glover
address1 615 Augusta Park
city Conroe
country United States
us state TX
zip 77302-3013
company
Several brokerages for Forex trading have written me to inform me that you are proposing a
change in the leverage used in trading forex from 100 to 1 to 10 to 1. I would appreciate it if
you would reconsider such a change. I am 63 years old and now retired. Had it not been for
Forex trading, I would never have been able to retire. I spent all my life working and saving
and investing. Through several reversals of the equities markets, my savings and retirement
plan are worth little more than the money I put into them. Trading the Forex has been my
salvation and will keep me off any welfare burdens with a comfortable remaining life.
Last week, my older sister had 2 strokes. She is paralyzed on her right side and unable to
care for herself. I immediately called one of my Forex brokers and opened an account for her
with money I am lending her according to IRS regulations. With the current 100 to 1 leverage,
I can manage the risk of trading with just an average positive trade percentage. I will trade
that account for her and hopefully, provide enough income to help her avoid a nursing home.
She worked all her life as a single mom of two and all her savings went into their care and
college. They are good productive people now but she has no savings and despite medicare
and a good supplement, she has no savings. Her children are willing to keep her in their
homes but need financial help to provide the additional nursing care. I feel l can provide that
through my Forex trading. However, a change such as you propose is a penalty to my trading
limiting risk/reward to such a level that I will be hard pressed to do so. I implore you, please
reconsider this change! I realize the market place has grown with many additional complaints
setting a burden on the CFTC but regulations, not penalties need to be established in this
market.
Thank you for your time and consideration.
Sincerely,
Robert M. Glover
