Comment Text:
i0-001
COMMENT
CL-07462
From:
Sent:
To:
Subject:
Shane Ragone
Sunday, March 14, 2010 11:39 AM
secretary
Regulation of Retail Forex
Hello,
I would like to express my concern with the proposal to limit the forex leverage to 10:1 under RIN 3038-AC61. As a
smaller trader I have enjoyed trading in the retail forex market under the current leverages. If this proposal passed,
I will have no choice except to move my money to an overseas broker. I understand what your are trying to
achieve, but what you are failing to take into consideration is that this is my money. If I choose to place trades at
the current leverages it is I, and not you who take the risk. I earn my money, I place trades when I choose and I
should be the one who decides the amount of risk I should be exposed to. If I win a trade, great; but if I have a
losing trade, it is completely my fault and I certainly don't need an overseer babysitting me in regards to my
financial security.
In today's economy, passing regulations such as this will certainly have a detriment on U.S. employment due to
brokerage closings. I would rather trade through a U.S. firm, but if the 10:1 leverage proposal passes, I will not
hesitate to close my account and move my dealings to a market who actually respects the decisions of its' traders.
Shane
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