Comment Text:
i0-001
COMMENT
CL-03977
From:
Sent:
To:
Subject:
Colin Rich
Tuesday, January 26, 2010 3:32 AM
secretary
Regulation of Off-Exchange Retail Foreign Exchange Transactions and
Intermediaries,
Dear Sir,
I have recently been informed of the proposed intention to change the leverage for forex trading from 100% to
10%.
I am appealing against this change because of the undue hardship such would make to my life. I am 70 years of
age, and I earn my income as a retail client on the forex market. I have a limited capital which I have only recently
learnt how to use on the forex market. If the margin is increased from 1% to 10% I will have to withdraw from
trading.
When I see the total industry that has grown with many retail traders around the world especially with training and
tools that have been developed, I have been shown how to trade, I believe that this industry will collapse. I also
believe that with higher volume of traders will ensure a true market price will be reached.
The banks have done so much damage to our markets that the whole world has had a tsunami go through it to try
and correct the fair market, and I believe that retailers may be able to prevent future collapses.
Thanks you for letting me submit my opinions, I hope that it may prevent my rights from being eroded.
with regards,
Colin Rich
147/758 Blunder Road,
Durack,
Brisbane,
QLD 4077
Australia.
email colin [email protected]
