Comment for Proposed Rule 75 FR 3281
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From:
Dave Barnett
Organization(s):
Comment No:
1522
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01522
From:
Sent:
To:
Subject:
Dave Barnett - Property
Thursday, January 21, 2010 3:41 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Dear Sir / Madam
I have been an active forex trader for the last 2 years, I have spent many thousands of pounds on training
and I am just getting to the place where I am starting to make consistant profit and can start raising my
stake. I have mananged my risk over the last 2 years by being able to stake between $0.25 and $0.01 per
point with a fairly low account balance to cover the margin.. You reduced the leverage last year to 100:1
and luckily I have sufficient funds to handle this 400% increase in required margin.
To further reduce the leverage to 10:1 a tenfold reduction and a 1000% increase in leverage would mean
that the funds required for me to operate an account in the US would be too much, I would close all
accounts and have to trade purely from the UK.
You would be excluding the retail customers that surely this scheme is inteded for.
I hope that you listen as I have put a lot of time and money into this.
Kind Regards
Dave Barnett
100 Belgrade Road
London
N16 8DJ
United Kingdom
+44-7719-868746
