Comment for Proposed Rule 75 FR 3281
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From:
Paul Langley
Organization(s):
Comment No:
1433
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01433
From:
Sent:
To:
Subject:
Paul Langley
Thursday, January 21, 2010 12:52 AM
secretary
Regulation of Retail Forex
I was asked to include this identification number:
RIN 3038-AC61
I will be brief, as I know you're being bombarded with emails.
I have been trading forex for years. [] I know that there are many people who use too much leverage in
trading forex. [] These are the people I call "gamblers". [] They're looking to strike it rich, quickly and
with very little effort. [] Quite frankly, losing money in this scenario is hopefully a good learning lesson.
On the other hand, there are those of us who rarely use more than a 2:1 leverage. [] We are the long-term
"investors". [] But, when the markets are moving against you, you need "room to breathe". [] This is
especially the case with certain currency pairs (i.e., GBP/USD) which bounce around a lot.
So, it is my hope that we can keep the 100:1 leverage. [] Please do not drop to 10:1. [] This would not
stop Forex trading. [] This would only stop forex trading in the US. []
Thanks,
Paul
