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Comment for Proposed Rule 75 FR 3281

  • From: Kirk H Stem
    Organization(s):

    Comment No: 3545
    Date: 1/24/2010

    Comment Text:

    i0-001
    COMMENT
    CL-03545
    From:
    Sent:
    To:
    Subject:
    Kirk Stem
    Sunday, January 24, 2010 2:27 PM
    secretary
    Regulation of Retail Forex
    Dear Mr. David Stawick,
    As an individual Forex trader I urge you please DO NOT change the leverage from 100:1 to
    10:1 (RIN 3038-AC61). It would totally ruin and eliminate the individual Fforex trader in the
    United States. Yet the rest of the world would be able to continue to trade the purest of all
    markets, the Forex. The Forex market has been very successful in policing itself and no one is
    in danger of losing more than their account and typically gets the trade(s) closed by the
    broker when the trader's margin level is hit versus other Future instruments where you can
    lose more than the account balance. A blanket type of ruling would be short sided. Again
    please DO NOT change the leverage from 100:1 to 10:1, it would eliminate the individual
    trader and kill a lot of dreams. Please contact me if you would like to discuss this from a
    newly successful Forex trader that this would eliminate. We did not cause the financial crisis
    and should not be lumped in with it. Thank you for listening.
    Take care,
    Kirk H. Stem
    5743 Sentinel Drive
    Raleigh, NC 27609
    [email protected]
    919.302.1590