Comment Text:
i0-001
COMMENT
CL-04615
From:
Sent:
To:
Subject:
Rob ert Kennedy
Saturday, January 30, 2010 7:14 PM
secretary
Regulation of Retail Forex
Dear Secretary,
this letter is in response to the C.F.T.C.'s request for comments regarding ID # RIN 3038-AC61.
Sir, I am a retail forex trader residing in the United States, who would be unable to participate in this
extremely liquid market
if the proposed changes to leverage requirements are implemented. I have a small mini-account with GFT and
a micro account with FXCM
and I have been a market participant on a part-time basis, for one year.
The Declaration of Independence states that all men are endowed with the right to
Life, Libertyand
the
Pursuit of Happiness.
I am an Operation Iraqi Freedom veteran, having served in Ramadi, Iraq from 2005-2006, so I have personally
sacrificed to protect American
citizens from terrorism. I did not fight for freedom abroad to have my
freedoms or the pursuit of my dreams regulated out of existence by the
government and the people which I
serve. We are in a capitalist society with free markets. Yes, there is some regulation to protect citizens from
unscrupulous acts by corporate entities. I understand that is the purpose of the CFTC with regard to
Commodities and Futures trading.
I believe that the CFTC wishes to protect participants from being under-capitalized in a market where
large corporate banks, hedge
funds, and Central Banks move the direction of a currency pair. I know
that the size of the positions that I take are microscopic compared to
the entities mentioned above, however, as a market participant in a capitalist society, I choose the amount of risk
that's appropriate for me, in a given trading situation. I do not wish the government to dictate how large my
account should be, to access this market. I understand the risks
associated with trading FOREX and both of
my brokers provided risk disclosure statements on both of my applications. They also provide risk
statements every time I watch a training video or access their websites.
From my statements above, it's quite obvious that I wish the Commission would leave the margin
requirement for retail forex traders as it presently stands. If the Commission wishes to impose regulations,
perhaps the focus should be on unscrupulous Forex brokers which are under-
capitalized or use shady
business practices. Retail traders should not be penalized for having a small account. Every trader has to start
from
somewhere. In America, economic opportunity should not be limited to individuals with large
ban krolls.
Thank you for the opportunity to air my views regarding this subject.
Sincerely,
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