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Comment for Proposed Rule 75 FR 3281

  • From: Kaleb Van Selus
    Organization(s):

    Comment No: 4262
    Date: 1/27/2010

    Comment Text:

    i0-001
    COIMMENT
    CL-04262
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Wednesday, January 27, 2010 12:10 PM
    secretary
    Regulation of Retail Forex
    Jan 27 2010
    Attn: All CFTC policymakers,
    As an independent small US based forex trader I strongly oppose the 10-1 leverage limit proposed in RIN 3038-
    AC61 pertaining to the Regulation of Retail Forex. I spent over a year creating and back testing my trading
    strategy. I fully understand the forex market and the risks involved, and do not need the CFTC protecting me
    from my trading decisions. This regulation would not only be counter-productive but in no way protect me or
    benefit me. The restrictions if passed would then force me to transfer my trading account to a non-regulated
    offshore FX broker exposing me to possible questionable practices.
    PLEASE ABOLISH YOUR PROPOSED 10-1 LEVERAGE LIMITATION. This portion of regulation in RIN 3038-
    AC61 will hurt US brokers and hinder small traders. Education of risk to new traders is crucial to protect traders,
    however, this regulation stifles traders abilities and potential.
    Thank you,
    Kaleb Van Selus