Comment Text:
i0-001
COMMENT
CL-00321
From:
Sent:
To:
Subject:
GARY ALTRICHTER
Monday, January 18, 2010 12:40 PM
secretary
Regulation of Retail Forex
CFTC,
I have been a full time forex trader for over 5 years. I started with a mini account
and just $500. I now have over $500,000 in my forex accounts. I could never
have pursued this career if I was saddled with 1:10 leverage because I could
never have even opened a tradable account with only $500.
I trade from four accounts. They all used to be with U.S. brokers. After your last
two rule changes I moved two of my accounts overseas. If the new leverage rule
is implemented I will move my remaining two accounts overseas. I am just one of
many thousands of forex traders who will be forced to do this in order to keep
trading.
This is a sad situation, being an American who can't even trade with an American
broker because of the ill conceived CFTC rules. If the rules were good rules, the EU
brokers and banks would have adopted them because they have always been
better regulated than American brokers and banks. Some EU retail brokers have
had such an influx of American clients that they have closed their services to
Americans because they can't keep up with the demand as more and more
American traders seek the more sensible offshore trading regulations.
I would think that as a government agency your goal would be to set rules that
support individuals to earn a good living and though that to support the U.S.
economy.
Gary AItrichter
GARY ALTRICHTER
[email protected]
EarthLink Revolves Around You.
