Comment Text:
i0-001
COMMENT
CL-03915
From:
Sent:
To:
Subject:
Shelley Bakon
Monday, January 25, 2010 9:00 PM
secretary
Regulation of Retail Forex
Dear Sir:
I would like to add my opinion to the fray. I am totally opposed to the changes in leverage in the retail
Forex market.
Your statements seem to indicate that you care for the helpless. Well I am one of those people and
happen to be both old and handicapped. I do not need parents at my age. In a shocking move my
parents forced me to look after myself when I hit 21. What you are forgetting in the most basic fashion
is that you are not responsible for adults. They are responsible for themselves. I have frankly made
some awful mistakes. They were mine to make, my responsibility, and not yours.
Trading Forex can be a disaster or it can be wonderful. I have experienced both sides of that now.
When I did not do well, I took the responsibility of getting educated. I am just now starting to move out
of that education phase and understand that although I am in a risk filled environment, if I manage my
money correctly, my emotions correctly and my trading system correctly, the statistical odds present
themselves in my favor.
Forex is one of the few places left for a person who desires to start a business on a shoestring and work
themselves up.
Recently the
leverage of regulations
is making things more and more difficult for the retail trader. FIFO
is ridiculous, and why prevent hedging? I use it on
rare
occasions for the purpose of creating additional
profits, not to protect a position.
These regulations, including the present proposal, is driving business out of the United States. I belong
to a few Forex groups and have seen mass exiting of the US markets by clients. This is not good for US
business. It is also driving Forex brokers themselves out of the US. In short, without intending to be
rude, regulations like these are literally
stupid
Thank you for your time,
Shelley
