Comment Text:
i0-001
COMMENT
CL-03449
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[email protected]
Sunday, January 24, 2010 1:59 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 Jeff
last name Alvarez
address1 2839 Degen Drive
city Bonita
country United States
us state CA
zip 91902
company
I am responding to the proposed legislation to reduce leverage in the U.S. retail forex
markets from 100:1 to 10:1.
I am an avid retail forex trader. I have worked hard learning how to trade this market the right
way and it provides a good supplemental income for me.
I do not feel that reducing the leverage would be a good idea, especailly for the small retail
forex traders such as myself.
I feel that I trade the "right way" and manage risk very well. I never risk more than 1% of my
funds set aside for trading. I manage risk well.
Keep in mind that some of us forex traders do have some of our trading funds in an FDIC
insured account and such a drastic change to the margin requirements would necessitate
moving most of our trading capital into the forex broker accounts, which are not FDIC
insured.
Again, these proposed rules would severely impact my ability to access the forex markets. I
am a trader who manages risk and trades the "right way." I do not feel that traders such as
myself should be so severly restricted because some traders who are irresponsible in terms
of managing risk.
Thank you for the opportunity to express my opinions on this matter. I look forward to the
CFTC making the right decision.
