Comment for Proposed Rule 75 FR 3281
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From:
Dustin Wixom
Organization(s):
Comment No:
1681
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01681
From:
Sent:
To:
Subject:
Dustin Wixom
Thursday, January 21, 2010 10:00 AM
secretary
Regulation of Retail Forex
I wanted to comment on the possible change in leverage from 100:1 to 10:1 (RIN 3038-AC61). I am not a
professional trader, but I enjoy watching the market and trading. I don't have a lot of spare money laying
around and the leverage on Forex trades is the main reason I am interested in Forex as opposed to stocks or
some other investment. I put money into an IRA and mutual funds each month. Forex trading is my high risk,
high reward investing.
If you change the leverage amount and the required margin amounts, I will be basically unable to trade or at
least handicapped to the point where I would not want to do it any longer. I think it will drive people to use
foreign accounts and hurt U.S. businesses. I am unaware of a legitimate reason to make this change. I do not
need someone to manage my risk for me. I know the risks and rewards that are available to me.
If you are worried about people losing money and not understanding the inherent risks of such a high leverage,
it would make more sense to require some type of training course to educate new traders. Punishing everyone
to make novice traders' money more safe makes little sense. I hope this does not happen and that I am allowed
to trade as I want. I understand the need for most of the regulations listed as part of the changes, but the
change in leverage will handicap Forextraders in the U.S. like myself. I can manage my own risk and don't need
someone to do it for me.
Dustin Wixom
