Comment Text:
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COMMENT
CL-00888
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Martin Flynn
Wednesday, January 20, 2010 12:20 AM
secretary
Proposed changes to forex leverage
I strongly disagree with this.I myself as a Forex trader started off trading 3 years ago.At that time some
leverages were 500:1 which I thought was a way bit high.Now that the changes to 100:1 were
implemented I really don't have a problem with that.But changing it to 10:1 leverage would end and
waste all the time and devotion in the last 3 years I spent learning about this market and many others
also..I wouldn't be able to have the funds to trade no more at that rate of leverage and I'm sure people
that just started their trading being full time or part time with a profitable system to supplement their
income will have to call it quits as well.Instead of being able to trade a few hours a day and having time
with their families at home,now they must look for a 2nd part time job which they are not many anyway
that pay a decent amount.Also, if this rule does go into effect, it may hold back those new traders who
have developed a profitable system and the discipline to manage risk, but have low starting capital, from
getting their feet wet. In my opinion, this is a case of "over regulation," and that "education" for traders
is a better solution so that the few who don't know what they're doing with leverage doesn't ruin it for
the rest of us who do. The United States of America is the land of the free, where each forex trader
should be able to make their own educated decisions about their money and take responsibility for their
own actions.You want to do US citizens a favor?Talk someone into lowering Credit Card rates-29.99%
now there is something that needs to be regulated.Or How about getting thee Banks to lower the cost to
withdraw $10 at an Atm Machine.rve been robbed for anywhere between 2 dollars up to 4 dollard to
take out $10.What is that?I've heard about people robbing banks but this is pure Banks robbing
people.Imagine that $4 to get a lil piece of receipt paper.and a 1 second tranaction over phone lines.I ask
that the leverage be kept at 100:1.Othrwise I'm sure alot of Forex traders,myself included will be forced
to take out business overseas and take out chances will brokers that may not be under certain rules and
we would all that have more to risk than now.By keeping it 100:1 I believe you are protecting traders
rather to force them off to a broker in foreign country with no restrictions.
Martin Flynn
Ps.I have had wins and I have had losses but my trading overall is improving every day.
