Comment Text:
i0-001
COMMENT
CL-03457
From:
Sent:
To:
Subject:
Archie Archie
Sunday, January 24, 2010 4:17 AM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of retail forex - RIN 3038-AC61-.
Good day to you,
It has come to the notice of almost everyone involved in the retail forex business that some new
rules are being proposed for the proper regulation of the forex industry in the U.S.In as much as
some of these rules may be helpful to the the industry,some of it pose a great threat that may
entirely distabilize the forex market completely causing loss of jobs and lack of interest for the
forex market.
The one i am most concerned about is the proposal for maximum leverage to be reduced to
1:10.This is not only not fair but would make people loose money after a few pips has been
lost due to margin call requirements set by the brokers in line with the newly proposed
leverage.In other words not giving individual clients the opportunity to make any gain in the event
the trader in question made the right choice in the first place but has not been given the
opportunity to be succesful at that trade and all because of the new proposed leverage.You are
going to find that it is going to be very difficult for individuals to trade the market with small
amounts as it would proove imposible to make money since there is practically no leverage to allow
any money making avanue.
I personaly think that in as much as the governtment would want to see to it that people stop
loosing money in the forex market it is also quintessential to let individual traders aware of the fact
that they need to know what it means to trade the market before going into it as it is not a quick
money making venture but rather an investment scheme aimed at increasing liquidity through a
well reaped and thought strategy,- and that would not be gotten on the streets but in places menat
to teach these things-.
The forex market like the stock market or the futures market are all investment schemes.It is for
those who have studied the art of trading otherwise one is guaranteed of loosing a lot of money
and even possibly the whole capital invested.I do hope that you would take seriously this mail as it
affects millions of traders out there.Thankyou for your time and hope that you would reconsider
your stands in the subject matter.
Regards,
Ephraim Archibong.
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