Comment Text:
i0-001
COMMENT
CL-03667
From:
Sent:
To:
Subject:
steven
Monday, January 25, 2010 12:42 AM
secretary
Proposed rules to limit leverage in forex
To whom it may concern:
The new proposed rules that would limit the leverage on forex traders, is, I believe, at the
least, misguided. If these rules come to pass, they will just drive traders to off-shore brokers
and remove the American trader from the protection of the CFTC and NFA.
This will, of course, also have the unintended consequences of putting American based
brokers and their employees out of business, which would naturally result in more job losses
and damage to our economy - something we certainly don't need right now. I can almost
understand a position of going against 400-1, as that leads to poor money management. But
please, leave 100-1 alone, so those of us who trade responsibly can make a living while at the
same time preserving jobs here.
If you pass this rule, all you will do is drive most of the current accounts into off-shore
brokers where the trader will actually be at more risk.
And by the way - what ever happened to my freedom to make financial choices for myself?
Since when did this become anybody else's business but mine? Frankly, I resent the intrusion
and will express my concerns at the ballot box.
I politely ask that you do not limit trade to 10-1.
Thank you.
Steven G. Taibbi
5 Mulberry Drive
HUntington, NY 11743
631-424-2577
