Comment Text:
i0-001
COMMENT
CL-03508
From:
Sent:
To:
Subject:
Dan Giddens
Sunday, January 24, 2010 11:55 AM
secretary
Comments Regarding the Proposed Change in Leverage Requirements
Mr. Stawick,
I rarely provide inputs to something like this, but feel very strongly about the proposed changes.
I have been a currency trader for five years and have not had a profitable year yet. But what keeps me trying is
the challenge of the profession and the potential rewards to a "little guy" like me. Changing the leverage
requirements will place a very high demand upon me for deposits. I agree that reducing the leverage will have a
net effect of eliminating a lot of people, maybe people that shouldn't be trading to begin with, but I'm not sure
that's the role of the CFTC. I have read where 90% of the complaints resonate from small traders but that still
doesn't ring true as the solution is to get rid of them.
As I mentioned, I have traded for five years, unprofitably, but I have yet to have lost money that I couldn't afford
to lose. I have never lost more that I can afford to pay. In other words, a margin call simply closed my account
not created a burdensome debt. Another feature of currency trading that I like.
Thanks for listening to my rambling thoughts. I would appreciate your consideration in not making these
changes.
Thanks, Dan Giddens
