Comment Text:
i0-001
COMMENT
CL-05521
From:
Sent:
To:
Subject:
Justin Monk
Monday, February 22, 2010 7:52 PM
secretary
CFTC Proposed regulations
To whom it may concern,
I am a currency trader and I have been trading for 2 years now. The currency market is the only place that I have
found that will allow me to make money with only $25. When I started trading I started with $50 and now I'm
putting my self through college with the money that I make. As you know school isn't cheap and with the job
market the way it is I can't find a job. Trading currency is the only way I have to make any money.
Spending time watching how money moves well relates it to water. When water meets a rock in the river it flows
not through it but around it. Water will flow with the least amount of resistance. When regulations like lower
leverage come into action the you will see the same with money it will flow with the least amount of resistance. I
have seen brokers in other countries offer up to 500:1 and allow hedging. A lot of US brokers have
been encouraging there clients to use NON US brokers. If leveraging changes to 10:1 this will require a minimum
investment of $10,000 for most brokers leaving a largely under served market for only off shore brokers. If that
happens you will see money move to those brokers and see more money move to other countries. Taking money
away from the US will not help the global economy. As the US stands as one of the worlds largest consumers moving
money out of this country is not the best idea.
While I do believe that 500:1 is a bit much due to the fact that most traders do not manage leverage well. I don't
think that requiring more money to invest is going to help current conditions. If you maintain up to a max 100:1
leverage and allow hedging for reasons of not just protecting current open positions but to allow and encourage long
term holdings of these currencies. While still being able to make money when you are waiting the the rebound. I
know that a plan closer to this will help keep taxable money in the US. I would really like to see the our money stay
in the US and I would still like to pay for school because I do not qualify for federal help.
Thank you for you time and consideration of this letter,
Justin Monk
