Comment for Proposed Rule 75 FR 3281
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From:
Scott Blackwell
Organization(s):
Comment No:
1929
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-01929
From:
Sent:
To:
Subject:
Scott Blackwell
Thursday, January 21, 2010 3:17 PM
secretary
Regulation of Retail Forex
To Whom It May Concern,
It has come to my attention that the CFTC has announced a proposal to drastically lower Forex leverage
from 100:1 to 10:1 for all NFA and CFTC regulated Forex firms. I would like to express my displeasure
with this proposal. I am a seasoned forex trader and currently enjoy the 100:1 leverage that is allowed
on Forex accounts. I have been trading Forex since 2004 and wouldn't be able to profit as much with the
lowered leverage amount. Currently, I can have a low dollar account and make good-sized profits
without risking too much money. This leverage allows the everyday person access to a good trading
market. Without this leverage, the low-income investor wouldn't have a good method to invest their
money with reasonable returns. If you are looking for ways to protect the consumer to not lose too
much money, then you should limit the leverage on inexperienced traders or even new accounts and
have people sign a consent form if they report more experience to request more leverage. This proposal
would drastically reduce my profits on Forex and effect my livelihood as well. Please reconsider this
proposal and put in protections for those of us who are responsible leverage traders. Thank you for
considering my concerns.
Sincerely,
Scott Blackwell
