Comment Text:
i0-001
COMMENT
CL-02914
From:
Sent:
To:
Subject:
[email protected]
Friday, January 22, 2010 5:57 PM
secretary
Regulation of Retail Forex
Dear Sir/Madam,
These new regulations, specifically the new 10-1 leverage rule, I think is a bad idea. I speculate on the Forex, no
different than going to the racetrack or local casino. Nobody stops me at the door and makes sure I don't have too
much money in my wallet that I could Iose.(how long before that happens?) It seems that you want to protect us
from losing our money. I, and I believe most all Forex players know their risk, as do I when I bet the ponies or pull
the arm of a slot machine. But, with the Forex, my education far outweighs my knowledge at the track or casino.
When I place an order with my Broker, it is a gamble, but an educated risk taking on my part. My broker, and most
if not all brokers, offer free trading courses and training for anyone who logs onto their site. Most Brokers(if they're
reputable) need you to make a profit so you can live to trade another day, and they will make more profits. But my
risk/reward ratio will be destroyed ifa new 10-1 leverage rule is passed. My broker has a U.K. office, and I, as I
believe all Forex market players, will open an account outside the U.S. to get around this ruling. Thats not good
for anyone. I have a 401 k and other retirement accounts. That money is not at risk. The monies I have in my
Forex account are at risk, but I can legally find someplace to use it with much more risk. Please keep out of my
wallet. I'll be alright.
Sincerely,
Domenic Georgio
612 South St
Wrentham, Ma. 02093
