Font Size: AAA // Print // Bookmark

Comment for Proposed Rule 75 FR 3281

  • From: Gregory Weiner

    Comment No: 54
    Date: 1/15/2010

    Comment Text:

    Gregory Weiner
    Friday, January 15, 2010 9:13 AM
    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
    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
    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.
    Greg W