Comment for Proposed Rule 75 FR 3281
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From:
Darell Shaffer
Organization(s):
Comment No:
2895
Date:
1/22/2010
Comment Text:
i0-001
COMMENT
CL-02895
From:
Sent:
To:
Subject:
dr. darell shaffer
Friday, January 22, 2010 5:33 PM
secretary
Proposed Retail Forex Regulations
Sirs,
I strongly oppose the proposed retail forex regulation, specifically the proposal to limit leverage to 10 to
1.
This will possibly protect a small number of foolish people from their own impetuousness and lack of
seriousness about the business of trading.
It will also completely end retail forex trading as we know it in the United States and drive forex traders
to move to overseas accounts.
I trade forex for a living. I have acquired my skills honestly, through hard work, study and diligence.
Rather than slapping a crippling
restriction on the industry, why not produce a 10 minute video about the dangers of excess leverage and
the importance of risk management,
and require brokers to include the video as part of the process of signing up for a new account? That way
"newbies" could be protected from
their ignorance of the dangers, and those of us who have mastered the market and make our living at it
can continue to pursue our valid careers.
regards
Darell Shaffer
retail forex trader
