Comment for Proposed Rule 75 FR 3281
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From:
Jeff Powless
Organization(s):
Comment No:
865
Date:
1/19/2010
Comment Text:
i0-001
COMMENT
CL-00865
From:
Sent:
To:
Subject:
Jeff Powless
Tuesday, January 19, 2010 10:38 PM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
To whom it may concern,
Regarding "identification number
RIN
3038-AC61"
I have been spot trading on the foreign exchange currency markets for almost a year now. I am
opposed to any changes to margin requirements. I am a U.S. citizen, and Ivote.
I currently trade at a 1:100 ratio. I manage my risk by only trading appropriate lot sizes with
appropriate stop loss measures in place. Itry new strategies with a practice account before I risk
any real money. Icurrently use a legitimate, mainstream, United States-based broker. That will
change if you interfere with forextrading. I will transfer my equity toa non-U.S, broker. I pay all
of my taxes in full right now, and I will continue to do so with a foreign firm, but it will ruin many
U.S. brokers, and that is unacceptable.
I am an adult, and I know what the risks are to any trading situation, be it in equities,
commodities, or currency. Please leave things alone and let me trade. I don't need your agency to
protect me. I enjoy forex trading as a way to make a second income, and asa hobby.
Again, the rule changes you are proposing go way too far, and I am adamantly opposed to them.
Thank you for accepting my input. If you desire any insight about how an ordinary American
handles forex trading, even though it is on a small scale, please feel free to contact me. I will be
happy to answer any of your questions.
Sincerely,
Jeff Powless
31457 64TH AVE
Lawton, MI 49065
