Comment Text:
i0-001
COMMENT
CL-00896
From:
Sent:
To:
Subject:
mills hollingshaw
Wednesday, January 20, 2010 1:05 AM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex
RIN[]3038-AC61
To Whom it May Concern:
My brokerage firm, Global Forex Trading, sent me an e-mail making me aware of
your intention to raise the leverage requirements to 10:1 from the current 100:1
and while you may see merit in this decision I could not sit by and not try to
prevent you from doing so. I trade with a very small account of $1,000 dollars of
which I've lost some of. I am obviously a novice at trading and as such losses are
to be expected. If you raise this to 10: 1, I will be completely out of this market
for some time and I think you will have seriously hindered many hundreds of
people who wish to try their hand at trading. I recognize that you all may feel
this is for our protection, and perhaps you've received e-mails and other letters
to that effect, but that is contradictory of this entire profession. This
is[]a
risky
market, that's the point, high risk, high reward. If someone puts all of their life
savings into an account and then unwisely trades it away, that is their poor
choice. People who can not accept the loss should never have risked their money.
I did lose some of my money when I started as the leverage was at 400:1 at the
time and I had not yet experienced loss on the scale I did. But I learned, as
should others if they risk too much. If one chooses to over-leverage themselves
that is again, their choice. We do not need so much protection. So please stop
mothering us and let the markets continue.
