Comment Text:
i0-001
COMMENT
CL-04181
From:
Sent:
To:
Subject:
Michael Meek
Tuesday, January 26, 2010 10:33 PM
secretary
Re: Regulation of Retail Forex
On Thu, Jan 21, 2010 at 2:55 PM, Michael Meek wrote:
To the CFTC,
My wife and I trade the retail Forex market and have for several years. We are middle class
Americans, that have a need to look for ways to create a retirement. Last year's economy, saw some 7
trillion USD losses in wealth and millions of jobs lost. Americans are "starting over" at ages when that
task seems daunting and the options few. One of those options is the retail Forex market. This is not a
market for cowards or the fool hearted investor. Trading this market requires skill, knowledge, and
intestinal fortitude to make and keep gains. Regulation is beneficial to close loopholes and keep
unscrupulous brokers away and we appreciate your hard work in that area. However, this 10:1
maximum rule would essentially end all of our hopes for much of a retirement. We would be taking
our moneys overseas in hopes of creating some lasting retirement income with little or no prospects.
This ruling would cost tens of thousands of American j obs and further weaken the US economy and
relative strength of the USD.
We strongly ask that you
do not
put into affect this 10:1 regulation, or any other reduced maximum
on risk. Let the investor be skillful, knowledgeable, and risk his own hard earned money as free
Americans.
Thank you for this opportunity to voice our opinions.
Sincerely,
Michael Meek
