Comment Text:
i0-001
COMMENT
CL-03821
From:
Sent:
To:
Cc:
Subject:
mdorsey mdorsey
Monday, January 25, 2010 4:16 PM
secretary
[email protected]
Regulation of Retail Forex
To Whom It May Concern:
I am 57 years old and a "forex trader" in training. I was introduced to forex trading in November 2005.
As a customer of FX Solutions, I have used practice accounts to test the many methods for trading the
Forex. In addition, I have three "small" live trading accounts, all under $500 each. Recently FX Sol
reduced it's leverage options from 400:1,300:1 or 200:1 to 100:1 and gave ample notice for this change.
I adjusted my leverage amounts accordingly in my practice and live accounts. However, as an individual
trader with a lot of faith in Forex trading and limited trading capital, there is no ample amount of time
that could accomodate a 10:1 only leverage amount. My trading friends and I are proud of our abilility
to participate in one of the largest markets in the world and have only traded discretionary income. If the
CFTC imposes a 10:1 leverage on Forex trading accounts, that would essentially make it impossible for
many of us to participate in this lucrative market. I feel as strongly about my ability to trade my own
investment dollars as handing it over to investment firms, etc. to earn interest on my behalf while
charging me service fees, etc. The Forex can be a life saver for many but not if the leverage amount is so
stringent that there is no room for error in what we know is a very volatile market. I am sure there are
individuals who will abuse any process or program that is offered, but I do not believe that is the
majority. A fair chance to win is needed in order to make it worth all of the time and effort it takes
to trade the Forex.
Sincerely,
Margaret A. Dorsey
