Comment Text:
i0-001
COMMENT
CL-06305
From:
Sent:
To:
Subject:
Curtis Gibbs
Friday, March 5, 2010 6:48 PM
secretary
Regulation of Retail Forex
To the U.S. Commodity Futures Trading Commission,
I am writing in regards to the proposed specific regulation for the limitation on leverage by Forex retail
companies.
I have recently opened an account with a Forex retail company, and having only a year of experience
trading stocks. I was very optimistic of my chances for eventually making a living trading both stocks
and Forex currencies. And with only a limited budget, I thought the Forex leverage amounts was one of
the best opportunities for quickly adding to my income that I could have ever found. It is much less
expensive than trading futures with a futures exchange. This being something that I would like to have
the opportunity to do also. However, I could not possibly afford it at this time. It just requires to large of
a deposit to get started. And with a futures exchange, even micro-currency futures are expensive to
trade and use the wider dealing spread. Making it difficult to see how this is a better alternative to the
less expensive currency trading with the Forex retailers that use the tighter dealing spread. And most of
all, I was able to open an account with a $250 deposit.
However, I personally hope that the Forex industry could be made as legitimate as possible with
helpful regulation for Forex customers. And if there is a change made to the leverage amount allowed,
it should be reasonable amount that does not interfere with traders having the best opportunity possible
to trade foreign currencies.
Sincerely,
Curtis Gibbs
