Comment Text:
i0-001
COMMENT
CL-01319
From:
Sent:
To:
Subject:
Jeff Worthington
Wednesday, January 20, 2010 10:40 PM
secretary < secretary@ C FTC. g ov >
CFTC leverage regulations
To whom it may concern,
Hello, I have recently found myself aware of a potential new regulation in order that would limit
forex traders to a maximum of 10:1 leverage. As a trader who makes a living off of the forex
market like many others who have put alot of work and effort into becoming successful at forex
trading, this regulation seems rediculous. Hounestly, what is happening to our economy?
Regulations like this serve no interest in any traders/brokers, and it will cause myself and many
other traders to do business elsewhere overseas. The fact is, 10:1 leverage for every trader would
not improve anything, traders would still be able to make as much profits by trading more capital.
I personally think that the CFTC should make it a regulation that every forex trader has a choice
between 1:1 - 1:100. I personally use 1:100 and know that most others use 1:200 and even
brokers offer up to 1:700 leverage. These high leverages are being used by those traders who earn
multi millions to even hundreds of millions. I think by regulating all these HIGH leverage brokers
and instituations, bring them down to 1:100 and allowing traders to also choose that amount. Im
sick of the innocent traders who make a living using 1:50 and 1:100 to have to give up their
income that they worked so hard for when those so called "big fish" out there are the ones take
advantage of the system. The people shouldnt have to pay for this. Regulating the forex market
down to 1:100 is a much more resonable decision, or else most traders like myself will find
themselves doing business in Austrailia, Europe, or even Canada.
I am truley up-set about our economy and our American Banks that are losing our precious tax
dollars everyday.
Jeff WOrth ington
Windows Live Messenger makes it easier to stay in touch -
learn how!
