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Comment for Proposed Rule 75 FR 3281

  • From: Manuel Payne
    Organization(s):

    Comment No: 3555
    Date: 1/24/2010

    Comment Text:

    i0-001
    COMMENT
    CL-03555
    From:
    Sent:
    To:
    Cc:
    Subject:
    Manuel Payne
    Sunday, January 24, 2010 3:46 PM
    secretary
    Stawick, David ; Smith, Thomas J.
    ; Bauer, Jennifer ; Penner, William
    ; Cummings, Christopher W.
    ; Sanchez, Peter
    Personal Appeal AGAINST 10-1 Leverage Limit in Regulation of Retail Forex
    Proposal RIN 3038-AC61
    Good Day,
    This is my second email, the first being the "Form Letter" to let you know how many of us are against
    the 10-1 proposal.
    This email is personal. I just want to be heard and have you understand how impacting such a ruling
    would be to
    my livelihood and many others
    I'm sure.
    Very simply, as things are, with a $10K Forex account, I make a comfortable living with INTRA-DAY
    trading. With this proposed change, I would need a $100K account to trade with the same margin of
    confidence. Please realize that's not an easy (or wise) thing to do. rll accept some of your rhetoric that
    you may be wanting to help protect traders, but we all know the risks - just as race car drivers, scuba
    divers, and parachutist know what they are getting into. We are all big boys and gift!!!!! Fewer trades
    or more long-term trades is not what retail Forex is about, its the daily or even hourly challenge of
    recognizing what the markets have to offer and being good enough to come out ahead most of the
    time...we all know you can't "win them all" in trading.
    I imagine there are governing issues you face under the "commodity" umbrella and wish to improve the
    commonality of those rules and regulations, but is it really broken? Last summer the NFA "tweaked"
    things last year and now it's as though Pandora's box has been opened so you too have to get in and
    change something that has been fine for nearly 20 years.
    The cliche - "If it ain't broke, don't fix it" could never be so appropriately applied!
    PLEASE DO NOT
    PASS THIS PROPOSAL!
    Most Sincere,
    Manuel Payne
    Lebanon OH