Comment for Proposed Rule 75 FR 3281
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From:
David S Basford
Organization(s):
Comment No:
1865
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01865
From:
Sent:
To:
Subject:
David S. Basford
Thursday, January 21, 2010 1:54 PM
secretary
Proposed New Regulations for Foreign Currency Transactions
Dear Sir or Madam:
am writing to object to the proposal to lower Forex leverage from its current 100:1 level.
am one of many individuals who earns his or her living from trading the Forex market. It is my only source of
income.
I do not have enough of an asset base to trade stocks or options for a living. It is the leverage available in the
Forex market that allows me and countless others to earn enough to pay our bills, and build a future.
Proper training, education, and discipline are the key to properly trading the Forex market. This includes always
observing rule # 1 ... always trade with a stop loss! Lowering available leverage to 10:1 will not prevent investor
losses; nor will taking away leverage altogether.
In conclusion, please leave Forex leverage at its current 100:1 level. Reducing it will crush the ability of small
investors to earn a living. And alternative job prospects for 50-year-old individuals such as myself are nearly
impossible to come by.
Sincerely,
David S. Basford
