Comment for Proposed Rule 75 FR 3281
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From:
Joshua Kenney
Organization(s):
Comment No:
3093
Date:
1/23/2010
Comment Text:
i0-001
COMMENT
CL-03093
From:
Sent:
To:
Subject:
Joshua Kenney
Saturday, January 23, 2010 12:44 AM
secretary
10:1 forex
leverage proposal
Hello,
I would like to express my opposition to the 10:1 leverage
proposition. I think it is too far of a drop from the now standard
100:1.
I think that cutting it in half (50:1) would be more than
acceptable and would not make such an extreme adjustment. Taking it
down would hurt the big traders risk taking, but taking it down too
far and to extreme levels would essentially eliminate much of the
retail traders in the U.S.
I am a trader and I enjoy trading. I trade forex because I don't have
a lot of money to trade. But that means I don't lose a lot of money
either. Under current rules I can start trading with $500 and usually
make an extra $100 per month to help with necessities. Under new rules
I would have to put up $5000 to make that extra $100. That doesn't
sound like reducing risk to me. I ask you to please consider adjusting
this proposal to a less extreme change.
I have read the other forex proposals for regulation and I support those.
Thank you,
Joshua Kenney
