Comment for Proposed Rule 75 FR 3281
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From:
James Robertson
Organization(s):
Comment No:
1646
Date:
1/21/2010
Comment Text:
i0-001
COIMMENT
CL-01646
From:
Sent:
To:
Subject:
James Robertson
Thursday, January 21, 2010
9:08 AM
secretary
Regulation of Retail Forex
To Whom It May Concern,
I am writing this note in response to the open public comment period in
relation to the CFTCs plan to again increase leverage requirements with
regards to forex market trading on RIN 3038-AC61. The recent reduction
to 100:1, in my opinion was a good one as it pulled non-serious traders
out of the market. The 100:1 margin requirement is an excellent, sane
value and does not overly place the trading account in risk by only
requiring 1% of the account for margin. This allows trades plenty of
room to breath as the market makes it's normal changes over the life of
an open position. Increasing the margin requirement to 10:1 is a bad
idea. The margin requirement of 10% goes against most general trading
rules of not over leveraging an account. I never place a trade that
puts me at risk of over 5% of my account, including margin. How can I
do that if I risk 10% right off the bat? The CFTC is a good regulator,
but if you continue with the increase of margin requirements, then
myself and other traders will simply to go retail forex brokers that are
not regulated by you. This is not good economic policy and is a mistake.
Please leave the current 100:1 margin requirements in place.
Concerned Forex Trader
James Robertson
