Comment Text:
i0-001
COMMENT
CL-03756
From:
Sent:
To:
Subject:
Jared Austin
Monday, January 25, 2010 11:04 AM
secretary
Regulation of Retail Forex
Dear Mr. Secretary;
I am writing this letter concerning identification number RIN 3038-AC61. As a small FOREX
speculator these rule changes would greatly affect my abilities to participate in an exciting market
environment that, while seen as dangerous by some, is very rewarding. I feel that these changes are
made to protect the small investor from them self, something that appears CFTC does not think they will
do on their own, however, the responsibility lies squarely on the investor/speculator to be well informed
of the risk involved within any investment, not just FOREX. I feel that this is a "band-aid" solution to a
bigger problem which is people just want to get rich quick, and while that can be a strong motivator to
enter into any market, people that are going to be losing money quickly within the FOREX community
because of 100:1 leverage are going to be the same people that jump on the gold/oil/etc, bandwagon that
the market is always experiencing.
Please think of the small investor that is making informed decisions and is aware of the risk involved
before thinking of instating these rule changes, while the market is fraught with peril, not everyone can
be saved from their own stupidity, no matter how hard you try.
In closing I would like to leave an analogy:
Those that continue to speed will continue to get tickets, the NTSB doesn't force the auto makers to limit
the speed/power of the engine.
Sincerely,
A small FOREX investor.
Jared Austin
