Comment Text:
i0-001
COMMENT
CL-03745
From:
Sent:
To:
Subject:
Brian Ocello
Monday, January
25, 2010 9:59 AM
secretary
Regulation of Retail Forex
David Stawick,
Secretary,
1155 21st Street, NW,
Washington, DC 20581
Dear Mr. Stawick,
I am writing to express my deep concerns in regards to the new rules (RIN 3038-AC61) being proposed for
Forex trading. I find this a great threat to an individual in the beginning stages trying to build a trading
career or a way to build a retirement. The current leverage allows for individuals just starting out to be able
to implement strategies with smaller dollar amounts when they would otherwise be excluded because of
higher margin requirements. Everyone breaking into this financial realm understands the risk and
the margin requirements are strictly adhered to. The rules are very clear and unless someone is completely
reckless the safeguards are in place for the general public.
Why does the government have to blindly step in when the do not understand what they are doing to
responsible citizens. Even if you do the math the equation works out the same with the higher leverage
amounts. Yes you can lose more than you have on margin but every experience I have had or seen others
experience, the broker places a margin call and or liquidates the account if it starts to go negative. In fact
with higher requirements individuals stand the chance to lose greater amounts of money because of the
larger dollar amount.
Please reconsider that you are hindering a large amount of people from being able to have the freedom to
make the choice with the financial tools available. We are able to think for ourselves and do not need a
government intervention. What we do need is someone to be an advocate for the little guy and not take
away the opportunity to invest our money in ways we believe will benefit in the long run with smaller dollar
amounts.
Thank you,
Brian Ocello
