Comment Text:
i0-001
COMMENT
CL-03411
From:
Sent:
To:
Subject:
MM
Saturday, January 23, 2010 10:03 PM
secretary
Regulation of Retail Forex
ID No. RIN 3038 AC61
Mr. David Stawick
Secretary - CFTC
Dear Sir,
I'm writing to oppose CFTC's proposed regulation to limit retail Forex traders leverage to 10:1, from the
current 100:1.
CFTC has done a fantastic job in educating American public about risks in trading Forex market. As such,
traders follow your advice and use only "risk capital" to trade. By nature, trading Forex is speculation, rather
than investment, there's no need for the government to play the over protective parent role. Treat us adults
as adults, please.
Retail traders should have
the freedom to
choose and adjust their individual leverage level to suit their
own situation. The current 100:1 structure is working just fine. I personally seldom use even a 20:1 leverage,
but it's extremely important to know that I have the extra buying power available ifI so desire. As we traders
fully understand the risk and fully capable of managing trading risk, it is totally unnecessary for the
government to over protect traders by administratively lowering the leverage.
If CFTC still makes 10:1 effective, you can expect tens of thousands of American traders (me included)
to
take
their business overseas. We will continue to trade electronically in the U.S., just not with a U.S.
broker, under CFTC regulations. Talk about a new type of outsourcing - jobs, services, capital, and
tax
revenues.
Is this really what CFTC wants to achieve, in this
bleak economy?!
As an immigrant, I came from a communist regime to America for freedom and the opportunity to do
whatever I choose to do, to realize my American dream. It is so anti-capitalism and un-American for
anyone trying to
limit people's opportunity and make decisions for
them, by depriving the most
cherishable value America has to offer: freedom of choice. Even
communist countries will not
interfere
how people conduct their trading business these days! It is totally wrong to even think about
micro managing things along those lines in America.
Thank you for your consideration.
Sincerely,
Mike Morris
[email protected]
