Comment Text:
i0-001
COMMENT
CL-05499
From:
Sent:
To:
Subject:
[email protected]
Monday, February 22, 2010 11:41 AM
secretary
Public Comment Form
Below is the result of your feedback form. It was submitted by
([email protected]) on Monday, February 22, 2010 at 11:41:17
commenter_subject: Proposed CFTC Regulation of Retail Forex
commenter_frdate: January 7th, 2010
commenter_frpage: RIN3038-AC61
commenter_comments: To whom it may concern,
I am writing this in opposition of the proposed
rules of RIN3038-AC61. The proposed limits on
leverage will severely hamper the chances of
individual retail forex traders to be able to
compete in the forex markets. Reducing the
leverage will not reduce the risk to these traders
because many of them will be compelled to move
overseas or will be forced to increase their cash
balances in unsecured forex broker's accounts.
Perhaps a solution could be to impose a 5-10% of
total equity stop on orders thus by ensuring that
no trader's losses grow by more than that. This
way you would not only enable traders with proper
risk management to strive, but would achieve your
goal of protecting the novice traders from
themselves.
Thank you for your time,
- Jeremy Hansen
commenter_name: Jeremy Hansen
commenter_withhold_address_on: ON
commenter_addressl: 736 W, 181st St. apt 2K
commenter_city: New York
commenter_state: NY
commenter_zip: 10033
commenter_phone: 9085313779
