Comment Text:
i0-001
COMMENT
CL-01224
From:
Sent:
To:
Subject:
[email protected] <"[email protected]">
Wednesday, January 20, 2010 9:47 PM
secretary
Regulation of Retail Forex
Dear Secretary of CFTC,
I am writing to register my opposition to the 10:1 margin rules that are currently being considered within the Farm
Bill. Let me use my story. I have been trading Forex live sporadically since 2003 alternating live with paper
trading. Yes, I have lost a few dollars and made a few but, I have always had the freedom and right, as every
American should, to trade unrestricted by those who think I am too stupid to participate in this market. The
limitation to my ability to trade responsibly is being threatened by those who wish I and my "small capital account"
cohorts would just go away so they could have exclusive right to trade as they please with reduced scrutiny and
transparency. Ironically, they would be using 401K and savings funds supplied by the small retail investor as their
capital base. With these 401K funds in aggregate, they may meet the new standards and maintain their ability to
trade and take a middleman slice of what I can now earn for myself. Please don't take away my ability to
maximize my portfolio growth but, ejecting me from this investment vehicle.
The reasoning that increasing this threshold is for the protection of those who could be burned is perverted. By
raising the threshold in the US, I and my companions will move capital offshore and trade in unrestricted
jurisdictions. This will cause more harm to the little guy this regulation claims to be protecting. When that capital
goes offshore, there is less to employ the little guy and it begets more of the knee-jerk, poorly deliberated policies
that we now see are hurting this country's ability to get past the current economic slump and power up the always
successful, capitalist machine.
I ask that you consider that the politicians in Washington do not pay your paycheck, I do. As a concerned
customer, I am recommending you keep my patronage by putting aside this 10:1 margin ration "Regulation of
Retail Forex" and work more intently on leveling the playing field with the transparency which has been promised
by this administration. I thank you for your past, current and future efforts to make Retail Forex a place where I
can still create the American Dream for me and my family.
Subject:
Regulation of Retail Forex
Identification number: RIN 3038-AC61
Thank you,
RD Watkins
Robert D. Watkins - Sr. Project Manager
Project Management Professional (PMP®) PMI credentialed &
CompTIA Project+
TM
certified
Cresaptown, Maryland 21505
Phone: (301) 259-1617
Email: [email protected]
Linkedln: http://www, linkedin.com/in/rdwatkins
p.s. Who drafted this legislation within the Farm Bill to hide it anyways? If I
knew who the author was, I could respond directly to him/her and stop this
at the source. Where's the Transparency????i0-001
COMMENT
CL-01224
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