Comment for Proposed Rule 75 FR 3281
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From:
Glenn D Woolum
Organization(s):
Comment No:
1625
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01625
From:
Sent:
To:
Subject:
Glenn Woolum
Thursday, January 21, 2010 8:40 AM
secretary
Proposed Forex 10:1 Leverage Restriction R1N 3038-AC61
From:
Glenn Woolum
To:
[email protected]
Sent:
Thu, January 21, 2010 8:37:44 AM
Subject:
Proposed Forex 10:1 Leverage Restriction RIN 3038-AC61
(resending to include reg
#)
Dear Secretary,
In light of the fact that there is little evidence that restricting leverage on forex traders to 10:1 would produce any
positive benefit for the industry and seeing that it would negatively impact traders, I think you should not restrict
leverage beyond 100:1.
I can easily trade multiple contracts with a 1 Ok account trading futures, yet you are saying there is some hidden
virtue in restricting leverage on the spot market to 1 lot. This conclusion is dubious at best, and unfair to an entire
segment of the currency markets, and overly restrictive to individual traders, and detrimental to forex brokers.
We have seen the phenomenon of "mommy government" coming at us in many forms. "Take your medicine. It's
all for your own good." With help like this, who needs enemies? I will thank the government to step aside and
allow capitalism to work for a change. That's the kind of changes I'd like to see. Eventually, you will too, but
hopefully before you destroy the free markets with onerous restrictions.
Sincerely,
Glenn D Woolum
Professional Trader
