Comment Text:
i0-001
COMMENT
CL-06284
From:
Sent:
To:
Subject:
Jeffrey Richard
Friday, March 5, 2010 5:02 PM
secretary < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
Re: RIN 3038-AC61
TO: David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.,
Washington, DC 20581
Dear Mr. Stawick,
I would to state that I am strongly against the proposed rules that would subject leverage in retail forex customer accounts to a
10-to-1 limitation.
This rule would eliminate the forex trading opportunity for many individual traders that have a limited capital base, and
therefore favor only high net wealth traders or institutional traders.
If the concern here is to protect novice individual retail traders, I would suggest a better course of action would be having
Forex brokers offer "mini lots" ($10,000 lots using 100:1 leverage) as their default for new customers, and recommend they
not move to full $100,000 lots until after trading experience has been gained.
Thank you for your consideration of this matter.
Sincerely,
Jeffrey Richard
Grand Rapids, MI
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