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Comment for Proposed Rule 75 FR 3281

  • From: Noel Stenoien
    Organization(s):

    Comment No: 6288
    Date: 3/5/2010

    Comment Text:

    i0-001
    COMMENT
    CL-06288
    From:
    Sent:
    To:
    Subject:
    Noel Stenoien
    Friday, March 5, 2010 5:18 PM
    secretary
    RIN-3038-AC61 (10-1 Margin Proposal Forex)
    My Wife and I, Ages 72 and 75 respectively, have traded Forex for the past 5 years. We never invest
    more than 1% of our account on a single trade and use appropriate stop losses as protection. We have
    never had a significant account draw-down during this time.
    Trading Forex is more than a way of making money for us. It is an established medical fact that keeping
    your mind active with an interest that you enjoy is a hugh preventative of Alzheimer's disease.
    For us, it is a life saver.
    We could not comfortably increase our trading account ten-fold in order to trade as we do now, and
    lowering our transaction size to 1/10th of our current trade size would definitely limit the challenge and
    the stimulation of trading.
    To us, this is just another case of the Government knowing what is best for us and, like most
    government control matters, it will have unintended consequences. In our case, we will lose the
    enj oyment of trading, will stop trading, and will most likely become blithering idiots.
    Quoted statistics remind us that only 5% of Forex traders are successful. Successful means that they
    trade Forex for a living. There are a hugh number of us who could never make a living from our returns
    from Forex but have found a way of life that we totally enjoy. I can't quote a statistic but I would
    venture to say that it is a healthy number of us that fall in this category.
    Please don't "fix" something that doesn't need fixing.
    Noel and Jan Stenoien
    San Antonio, Texas