Comment Text:
i0-001
COMMENT
CL-04609
From:
Sent:
To:
Subject:
Derek Pacuk
Saturday, January 30, 2010 6:04 PM
secretary
New 10:1 Leverage proposition (Against)
To VVhom it May Concern,
Hello...I just wanted to take a couple minutes to share my thoughts about this new leverage
proposition (10:1). Honestly, I feel that this proposition will be extremely detrimental to the US
retail Forex industry. Based on what I've read, it would be bad for all retail traders (both the
professional money, and the "small guy" like me). I absolutely love trading Forex, but if this
leverage proposition passes I would feel as if I'm losing my job (in fact, the industry as a whole
would suffer major employment problems, or lack-there-of). It's my belief that many
individuals, including myself, will be forced to seek alternative (off shore) brokers. This is not
something I would look forward to, but I would do it if need be. In fact, I don't need
astronomical leverage to trade Forex, but retail traders like me need enough in order to
compete in this market. Personally, I don't use leverage greater than 100:1 ...this is my ideal
level. I'm sure there is a (behind the scenes) reason for this proposal; however, the passing of
this proposal will ultimately lead to a collapse of the entire industry. I'm quite positive that I
don't need to tell you this, but the professional companies will find it very difficult to make
profits if the individual traders, such as myself, suddenly vanish. Do I have a say in this? Is
there a link you can send me where I can vote, or do I have to write to my
Senator/Congressman? Nevertheless, I felt that it's my duty as a fellow trader to put in my two
cents worth. Needless to say, I am against the leverage proposition. I would very much
appreciate if someone could get back to me with information regarding any further actions that
I may take. Thank you very much for your time and help.
Derek
