Comment Text:
i0-001
COMMENT
CL-01881
From:
Sent:
To:
Subject:
Justin Abell
Thursday, January 21, 2010 2:20 PM
secretary < secretary@ C FTC. g ov >
Regulation of Retail Forex
RIN 3038-AC61.
Although regulation is usually ment to protect the people of our free nation, in this case it is
actually limiting us in comparison to the rest of the world. When regulations are imposed to protect
the rights of investors in the NYSE, all partys wishing to participate in that forum must play by the
same rules all over the world. This is because the NYSE is singularly a United States exchange, this
allows the regualtions to level the playing field and help avoid unfair practices, that when regulated
properly actually aid the people. However due to the nature of the Forex Market, these same
regulations are putting Americans, who are supposed to live in the freeset county in the world, at a
substantial dissadvantage limiting our ability to participate in a GLOBAL forum when compared to
every other nation in the world. While it is true that some persons wishing to trade in the Forex
Market are highly suseptable to the impact of using leverage, most persons who trade the Forex
Market for their lively hood, know how to properly manage their money to drasticly reduce the risk
involved while sustaning a loss. Limiting the leverage will not decrease the amount lost just the
percentage of the persons total account balance. A 50 pip loss on a 100k lot is still the same no
matter how much you put up to secure it. I do not believe that the proposed regulations are going
to benefit the American people, if this regulatory agency is concerned about the peoples money
than they need to limit everything, i know of car companies that sell vehicles that once driven off
the lot lose their value by over 20% which equates to a very large loss in a short time, however i
do not see anything being done about that, its just understood. This agency should, instead of
limiting the rights of those who have paid their dues and are approching the Forex Market with a
reasonable and professional demer, educate the uneducated who for one reason or another have
overlooked every reputable organizations warnings about leverage being a risk and how to more
safely navigate the use of leverage. It is not fair and just to limit the rights of all because of the
few. While i do not wish to compare trading to gambling, no one will stop a person from placing a
$100,000 bet on a horse or a table game in which he is entierly up to chance and will most likely
loose, knowing full well in advance how much he can stand to loose if hes wrong. In conclusion I
do not feel that any government or private agency has the right or the power to limit the ability of
its citizens to participate in a GLOBAL market that is thought to be pure because no government or
agency has the power to manipulate it to their will, which actually makes it the safest market to
invest in. Since no American agency can create a level playing field for the entire world in the
Forex Market, it is unfair and unjust to limit American People from being able to participate in the
Forex Market in the same manner as the rest of the world.
Justin Abell
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