Comment for Proposed Rule 75 FR 3281
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From:
Vincenzo Canova
Organization(s):
Comment No:
1596
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01596
From:
Sent:
To:
Subject:
Vincenzo Canova
Thursday, January 21, 2010 7:49 AM
secretary
Regulation of Retail Forex
Greetings,
I am a forex day trader here in the US and I would like to comment on the proposed changes to forex
leveraging. I do agree that 100:1 and greater leveraging is a trader trap, so thank you for looking to
correct this. However, 10:1 would only hurt US brokerages, drive US dollars to overseas accounts, and
in effect, shut down smaller retail traders. If I am not mistaken, 50:1 leverage is available on CME
currency futures. Why not make this the same maximum leverage for all forex trading? I currently
trade at 50:1 and I find the risk management to be a "goldie locks" type of environment. 10:1 would
only confuse traders. They would start increasing their position sizes, further confusing their risk
management, and this would only play into the hands of the retail forex brokerages. It is hard enough
trading - please do not do this to us!
Thanks for your consideration.
Vincenzo Canova
[email protected]
2513 Retrievers Ridge Rd
Richmond, VA 23233
804.539.6303
