Comment Text:
i0-001
COMMENT
CL-00356
From:
Sent:
To:
Subject:
Ted Ciporin
Monday, January 18, 2010 4:25 PM
secretary
Regulation of Retail Forex
Hello,
I had sent in an earlier email but it may not have been in the proper format, so I am sending this in what is
hopefully the correct way.
I am a full time forex trader, have had my struggles as anyone would have, but I have been profitable as a
trader for 2 1/2 years total. The recent regulation that limited forex leverage to 100:1 was not a problem for me.
However, if that drops to 10:1, it will most likely put me out of business as a full time trader.
I am not a gambler. I don't need the higher leverage because I like to take huge risks, because don't. But the
100:1 leverage allows me to trade profitably and responsibly, without requiring an unrealistically high amount of
cash in my accounts. If leverage drops to 10:1, the only way I could still trade as I do now, would be to get 10
times the cash I currently have.
I'm not too sure who this proposed regulation is supposed to help. But it will HURT the following: small traders
and their families, employees of forex brokers in the US (and their families), any related businesses and their
employees, the US economy in general, etc. If this 10:1 leverage regulation goes into effect, there will be a
speedy flight of money out of the US and into accounts of foreign brokers. Although I don't want to do that, have
been forced to make my own contingency plans along those lines already.
Thank you for taking my comments into consideration. I would be happy to comment further in the future if
that may prove helpful...
Sincerely,
Ted Ciporin
PO Box 1466
Salem, VA 24153
540-309-4697
[email protected]
