Comment Text:
i0-001
COMMENT
CL-00045
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Sent:
To:
Subject:
tareq alkoly
Friday, January 15, 2010 4:26 AM
secretary
Regulation of Retail Forex
Goodmorning
I want to encouage the CFTC on this new proposal regarding reducing leverage for retail forex from 100:1 to 10:1, it is a
good move from the CFTC i say this and i am a forex trader who lost alot in the past because of excessive leverage which
is only good for marketmakers and brokers, they want our money, if you check many retail forex brokers, they grew
dramtically recently they are rich now from our money, this is not trading this is gambling, if anyone wants to gamble he
can go to vegas.
Any successful trader dont need 100:1 leverage, 100:1 means that you double your account with 1% move in the currency
which happens everyday in general, or you lose your entire account if the currency moves 1% !, this is not trading no one
need this leverage. I posted your proposal link in forex forums and there is rage there about this new rule, they dont know
what is the best for them, if they are successful in their trading they will not mind such rule. Also i want to mention that
there is retail forex brokers representatives in these forums who are upset about this new rule and they keep telling us go to
the CFTC website and complain. You can see post # 3 in the link as a one example :
http://www.forexfactory.com/showthread,php?t=215917
Best regards
Tareq Alkoly
