Comment Text:
i0-001
COMMENT
CL-03532
From:
Sent:
To:
Subject:
damon j acobucci
Sunday, January 24, 2010 1:32 PM
secretary
regulations of retail forex
Sirs,
I had to write and inform you of my opinion and feelings about your newest forex regulation
proposal. It is absolutely ridiculous and Is a serious infringement on the citzens personal freedoms.
Requiring more capital to trade at a lower leverage is something you should be levying on the Banks and
Institutions that caused the current financial meltdown and crisis, not at forex retail traders who are
trying to make a profit from a financial vehicle that gives us an oppurtunity to contribute to our own
financial success. This is nothing more than stepping on the little man. If you want to lower the leverage,
to protect the inept trader from financial suicide. It wont help him or her. It will only let the suicide take
longer. The rules are plainly spelled out my every major broker. Dont risk funds you can't afford to lose.
You are squashing the american dream for the retail trader. The forex market offers us the American
Dream. To accumulate wealth through hard work and dedication to a chosen field. In my opinion, and
the opinion of all the forex traders that I personally know. You have already done more than enough in
police-ing the forex arena. The futures Market is who you need to turn your attention to. The one's who
traded in derivitives and Mortgage securities and caused our country's current Pre-depression status that
we find ourselves in. Forex traders didn't ask for and recieve bailout money, and didnt ask the taxpayers
to pay us ridiculous bonuses for melting down the U.S. economy. I hope you take this letter and the
letters of the scores of fx brokers and traders you receive seriously. I hope you will see the error in the
policy's you are trying to impose on ordinary citzens trying to get ahead and support our family's and
stop trying to impead our progress to protect the profits of future's traders who resent our participation in
the market. This smacks of gross misuse of power. You should protect the country from those that are
abusing other peoples money, not those who are merely trying to manage their own. We dont need your
help in this matter.
Damon Jacobucci retail forex trader
