Comment Text:
i0-001
COMMENT
CL-00054
From:
Sent:
To:
Subject:
Gregory Weiner
Friday, January 15, 2010 9:13 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Hi, I am writing to you regarding the CFTC's proposal to limit the US
forex market to 10:1 leverage.
I would appreciate it if you heard my plea before proceeding with this
regulation, as it will gravely affect
my life and disable me from continuing my higher education.
I am a US citizen currently working on a masters degree in cultural
anthropology in Japan at Tokyo University.
Japan has very limited financial resources for students, and it is up
to me to pay for my education in full with my
own funds. I began forex trading several months ago using my own
personal savings after my research became
too intense for me to do any other type of work outside of the home.
I can do forex from an internet connection anywhere, so it perfectly
accommodates my career as a student,
and will continue to do so after I go on to my phd in another country,
hopefully England. It is actually the only
type of profession I can think of that enable students like myself to
take advantage of education opportunities
around the world in order to enrich themselves while supporting
themselves at the same time.
I am not looking to "get rich" trading forex, but it allows me to make
a modest living using leverages between
20 and 100. In fact, I most often trade with 50 leverage, and am
always careful not to overinvest more than 5
to 10% of my total margin in any one trade. However, since I
regularly withdraw from my online account to pay
the daily cost of living, I never have vast sums of margin deposited,
making leverage sizes greater than
10:1
an
absolute necessity. I believe responsible consumers can do this
themselves, and it is unfair to destroy my hope
of continuing my academic career and the dreams of other people around
the world because of a few
irresponsible individuals.
I have several friends who also rely on forex for achieving other more
important goals in their lives. One friend
of mine has to stay at home every day to take care of his father, who
is chronically ill, and it is the only possible
way for him to make a living this way.i0-001
COMMENT
CL-00054
I am perfectly happy to pay taxes on my forex earnings and follow
other record keeping requirements like any
legitimate profession, as long as the leverage requirement is kept at
a level that does not make forex trading on
the retail level an impossibility for ordinary people like myself.
Thank you for listening.
Sincerely,
Greg W
