Comment Text:
i0-001
COIMMENT
CL-05666
From:
Sent:
To:
Cc:
Subject:
Jim Barker
Monday, March 1, 2010 10:31 PM
secretary
[email protected]
Regulation of Retail Forex
Dear Secretary Stawick,
I am writing this email in regards to RIN 3038-AC61. As I understand a
most serious ramification of this proposal by CFTC is that it intends to
reduce the maximum leverage rate from 100:1 to 10:1 and I am greatly
opposed to that idea.
Let me start by saying that I am quite familiar with what can happen
when leverage is wielded irresponsibly. I personally experienced
a very painful, self inflicted, negative outcome in early 2000 from
the result of some S&P 500 index futures trades I made at the time. I
learned from that experience that if you improperly wield leverage it
can be detrimental to an investment strategy.
Having said that, since that specific incident I have also learned
that if used properly it can make possibilities reality and can only
exist with a leveraged tool such as forex trading. I have very
recently changed my short term investment strategy from commodities
and futures to forex for this very reason. I greatly appreciate
the flexibility that this market provides for me and my family.
I think this part of the proposal should be stricken from consideration
because it is not the government's job to save people from themselves.
In attempting to do so you limit those people who have invested
time, money, and considerable resources from profiting from their
hard earned lessons.
I truly hope that common sense regarding this matter prevails as
people's confidence in the government's ability to exeercise
common sense is fading in my opinion.
I greatly appreciate the fact that I even have an opportunity
to express my concern in this matter and sincerely hope it can
make a difference.
Regards,
Jim Barker
