Comment Text:
i0-001
COMMENT
CL-03720
From:
Sent:
To:
Subject:
Nicholas Chin
Monday, January 25, 2010 7:59 AM
secretary
Reglation of Retail Forex
Your ref: ID # RIN3038-AC61
Dear Sir/Madam,
I am a foreigner and I chose to open an account with a American company for too many good reasons. My friend also opened
one and more will do so.
Education and information is the key to over-leveraging ,not regulation. E.g ¯ take 4% of capital and divide by a stop loss of
say 40 pips and one can set the $ made or lose/pip. If you require brokers to inform and train traders on risk management,
these traders will also learn to apply this new skill in financial matters in their lives like mortgage and car loans
¯ People will just by-pass them and CFTC may find itself wasting American taxpayers money. It is not easy to run such a big
and complex country like yours. I admire President Thomas Jefferson and your founding fathers: brave enough to let the
nation learn through their mistakes so that they will become the #1 nation as you are still today.
My view is foreigners and Americans will close their accounts and shift them to regulated European countries of which there
are so many available therby defeating the purpose of regulation. Small traders lose small amount in eyes of big players but
to the retail traders small loses is big. Losses is a good teacher and disciplinary authority. I support your stand that should be
some authority figure and regulations but educating them also present an authority figure that make them think hard about
what they are doin. this way America grow stonger in all aspects. A financial crisis does not crippled USA, it will ONLY
make it stonger, don,t react you have always responded. Carry on..
