Comment Text:
i0-001
COMMENT
CL-04112
From:
Sent:
To:
Cc:
Subject:
Jerri Johnson
Tuesday, January 26, 2010 4:45 PM
secretary
Jerri Johnson
Regulation of Retail Forex
I'm a small retail forex trader who has taken the time to learn how to be a successful
trader. I was disappointed with the rules from the NFA last year. They won't help
traders be safe but, rather, keep traders from utilizing some strategies that could
make for successful trades.
And now you propose (RIN 3038-AC61) to tighten one of those regulations further
by limiting our leverage to 10:1. All that will do is hurt the small traders, those with
under $10,000 in their accounts--most of the traders I know. Margin requirements
would be so great that these traders would be risking most of their account on one
small trade. It's ridiculous!
Anybody who trades must assume the risk and take personal responsibility
for their own accounts. For those of us who have taken the time to learn correctly,
we should be able to choose the amount of leverage appropriate to our account
size and desired risk.
I don't have a problem with your proposals to regulate forex brokers, introducing
brokers and anyone else who is selling forex products or services to retail traders.
We all know that's been an unregulated field. But to hamstring individual traders
with rules that will do nothing to protect them and will only limit their ability to trade
is just wrong.
I urge you to reconsider your proposal to limit the leverage available to us retail
forex traders. Spot forex is a wonderful market to trade. Please don't ruin that for us.
Sincerely,
Jerrilynn Johnson
3638 Xerxes Ave N
Minneapolis, MN 55412
612-529-3539
[email protected]
