Comment for Proposed Rule 75 FR 3281
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From:
David R Pegler
Organization(s):
Comment No:
1002
Date:
1/20/2010
Comment Text:
i0-001
COMMENT
CL-01002
From:
Sent:
To:
Cc:
Subject:
David R Pegler
Wednesday, January 20, 2010 2:52 PM
secretary
Carol Stephens ; Curt Wehrley
; [email protected]; Christian Stephens
; Connie Johnson ; Karen D.
; Kiethd ; Jagman
; John Kicklighter ; diana
; Hawk Yama ; Matt
Townson ; Mike Pezonni ; Patrick W.
Lamm ; Paul Akass
Regulation of Retail Forex
RIN 3038-AC61
Dear Mr/Mrs Secretary
Leverage is not the reason people lose money trading Forex. This proposed reduction of trading
leverage is a complete regulatory over reaction. I
strongly disagree with this anticipated directive.
As
a professional forex trader and mentor to several hundred retail traders I can say first hand that
inadequate technical ability, a failure to exercise sound money management and poor trader
psychology are the predominant reasons retail traders lose money. Reduced leverage will only mean
people lose larger amounts of money as they try to match the 100:1 leveraged results. Additionally
this legislation will force more money to be traded in off shore accounts further depleting our US
markets.
I hope that common sense prevails and our current leverage parameters are maintained at 100:1.
Please accept this letter as my vehement opposition to RIN
3038-AC61.
I look forward to you
supporting this position.
Sincerely
David Pegler
