Comment for Proposed Rule 75 FR 3281
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From:
Fritz Lindstrom
Organization(s):
Comment No:
2090
Date:
1/21/2010
Comment Text:
i0-001
COMMENT
CL-02090
From:
Sent:
To:
Subject:
[email protected]
Thursday, January 21, 2010 6:44 PM
secretary
Against Ten to One leverage for spot forex.
To whom it may concern:
I am a retail trader and I am strongly opposed to the 10:1 leverage proposal by the CFTC. Such a rule
would create a substantial barrier of entry for
new and aspiring traders. Traders are better protected by placing less money in an account as there is
less money to be lost by fraud or by bad trading
decisions. Spot forex is the most liquid market making it easier to enter and exit trades with less
slippage than other markets. Also Ten - One leverage
would effectively lead to smaller profits/losses at full leverage than stocks or futures. This is unfair to
forex traders trying to live the american dream. This
proposed leverage limit would also destroy many good viable american brokers who would lose many
traders.
Finally,
the chief role of Gov't is to
protect people
from others who would violate their
rights as opposed
to
protecting
individuals from themselves.
Thank you,
Fritz Lindstrom
