Comment Text:
i0-001
COMMENT
CL-04204
From:
Sent:
To:
Subject:
Carolyn Ashauer
Wednesday, January 27, 2010 12:53 AM
[email protected].
Regulation of Retail Forex
Dear Sir or Madam,
Re: RIN 3038-AC61
I am writing to protest your proposed move to change the present Forex leverage on accounts
from 100:1 to 10:1. I didn't like your recent change of doing away with the 200:1 that you
made last year but changing to the proposed 10:1 on a mini account, or a standard account for
that matter, would make it next to impossible to even make a trade. VVhat has happened to
our free country where we have the opportunity to make choices that will give us the
opportunity to gather wealth and learn to trade the foreign currency market? Some regulation
is necessary to protect traders but this is not one of them.
Education is the key and you cannot force every person who aspires to trade in this market to
seek it out. There will always be fools who risk their entire savings in a gamble and forego
starting with a small account. There are those of us who practice our trades on the demo
accounts before trading with money, taking our lumps and learning as we go.
I believe that if your proposal becomes law, there will be a mass exodus of traders from this
country opening accounts off shore. I will be one of them. Your proposed law will strangle
this industry in the US. It will amount to fewer traders using the services of the brokers in this
country. That will result in loss of jobs. It seems to me that your job is to strengthen this
market, not decimate it.
Please reconsider what you are doing. Anything less than the 100:1 ratio is entirely
unacceptable. I request that you preserve this financial market with the present ratio.
Respectfully,
Carolyn Ashauer
