Comment Text:
i0-001
COMMENT
CL-03566
From:
Sent:
To:
Subject:
Stawick, David
Sunday, January 24, 2010 4:39 PM
secretary
FW: Personal Appeal AGAINST 10-1 Leverage Limit in Regulation of Retail
Forex Proposal RIN 3038-AC61
From:
Manuel Payne [[email protected]]
Sent:
Sunday, January 24, 2010 3:46 PM
To:
secretary
Cc: Stawick, David; Smith, Thomas J.; Bauer, Jennifer; Penner, William; Cummings, Christopher W.; Sanchez,
Peter
Subject: 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 girls!!!! 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
