Comment for Proposed Rule 75 FR 3281
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From:
Allen Blasdell
Organization(s):
Comment No:
2523
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02523
From:
Sent:
To:
Subject:
Allen
Friday, January 22, 2010 8:50 AM
secretary
Regulation of Retail Forex
Dear Sir, Madam.
I am a Retail Forex Trader who makes my living from trading Forex.
A couple of months ago regulations were introduced that prevented
me from "hedging" in Forex markets.
I have no idea whom the regulations were intended to help, certainly not
me as it eliminated one of my trading strategies completely.
You are now proposing a change of monumental proportions that will effectively
eliminate 90% of retail Forex Trading.
Why??
Is it really YOUR responsibilty to protect people from themselves?
I do think that the availabilty of 500:1 leverage is, and always was, somewhat
irresponsible but no broker "makes" anyone take
500:1.
It's an individuals choice!!
In my view 100:1 is a sensible level and anything less than this will dramatically affect
my trading and I know that of many many others.
10:1 will put me out of business, and for what reason??
Please do NOT implement this proposal to reduce leverage to 10:1
Regards
Allen Blasdell
