Comment Text:
i0-001
COMMENT
CL-00135
From:
Sent:
To:
Subject:
Charles D. Sims
Friday, January 15, 2010 10:15 PM
secreta ry < secreta ry@ C FTC. g ov >
Regulation of Retail Forex
Hello,
My name is Charles Sims. Iam 69 years old and retired. My retirement income is derived from
being a retail trader in the FOREX market. If the 10 to 1 leverage limit becomes law it will simply
wipe out my income. Then What? After savings are gone I could ask the US Government for
assistance, or I can move my trading account offshore to avoid the regulation, taking precious
capital out of the US. The rest of the regulation requiring registration is great but you'll kill an
industry and the lives of many retail FOREXtraders if the leverage is reduced to 10 to 1. In your
attempt to protect the novice trader your plan will do serious damage to thousands of successful
traders who depend on trading as their primary source of income. A better plan would be
to NOT CHANGE THE LEVERAGE, just set the amount required to open a FOREXtrading account
to something like $5,000.00 instead of the few hundred dollars most brokers will accept for new
accounts. This will stop the novice from losing his $500.00 and still protect my rights as an
American to pursue my lively hood and not require me to move my small trading account out of
the US or, even worse, trust some investment banker to do it for me. Alittle bit of regulation is
good to stop the scammers but don't take the guts out of the current system by changing the
leverage. Just for once, try to bea good government, and protect my rights, instead of taking
them away. Thank you for your consideration
Charles D. Sims
Sugar Land, TX 77478
Home 281 242-3311
Fax 281 494-3311
Cell 713 248-2012
