Comment for Proposed Rule 75 FR 3281
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From:
Gaylon Vorwaller
Organization(s):
Comment No:
1759
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01759
From:
Sent:
To:
Cc:
Subject:
Gaylon Vorwaller
Thursday, January 21, 2010 11:33 AM
secretary
Sid and Kris
Regulation of Retail Forex
After reading the CFTC's article at
http://www.cftc.gov/newsroom/generalpressreleases/2010/pr5772-10.html
regarding RIN 3038-AC61, I wish to register my strong disapproval of at least part of the proposed regulation.
Limiting leverage to 10:1 would effectively cripple the small retail Forex trader's ability to profit enough to make
it worth trading with a U.S. broker, and the funds otherwise kept in the U.S. would have to be taken offshore it
order to make reasonable profits.
If a limitation of leverage is implemented, please consider Oanda's model of 50:1. This would limit the tendency
of unscrupulous brokers to prey on first-time traders, and at the same time allow the small trader to profit at a
reasonable level without having to overcome a very large capital barrier of entry.
Sincerely,
Gaylon Vorwaller
3735 San Viscaya Dr
Jacksonville, FL 32217
904-730-9950
