Comment Text:
i0-001
COMMENT
CL-04177
From:
Sent:
To:
Subject:
Gopal SHENOY
Tuesday, January 26, 2010 10:09 PM
secretary
Ref. Your New proposal # R1N 3038-AC61
Dear Sir/madam,
I [] m a small retail forex trader who has taken the time to learn how to be a
successful trader. I was disappointed with the rules from the NFA last year. They
won []t help traders be safe but, rather, keep traders from utilizing some strategies
that could make for successful trades. Your new regulations regarding FIFO method
does not protect the small traders but makes their trading life miserable as many of
the correct trading procedures involve closing out the latest trades first to realize the
profits.
And now you propose (RIN 3038-AC61) to tighten one of those regulations further
by limiting our leverage to 10:1. All that will do is hurt the small traders, those with
under $10,000 in their accounts[] most of the traders we know.
would be so great that these traders would be risking most of their account on one
small trade. It[]s ridiculous!
Anybody who trades must assume the risk and take personal responsibility
for their own accounts. For those of us who have taken the time to learn correctly,
we should be able to choose the amount of leverage appropriate to our account
size, desired risk based on our trading strategy.
These unnecessary regualations are going to drive all small individual traders to the
Forex brokers located offshore, whose govt. does not saddle their small traders with
all these unnecessary regulations that do not help them a bit but instead hurts them
a lot.
I don []t have a problem with your proposals to regulate forex brokers, .i[~.t..r..o..d..u.£.i.r~.g..
brokers and anyone else who is selling forex products or services to retail traders.
We all know that[]s been an unregulated field. But to hamstring individual traders
with rules that will do nothing to protect them and will only limit their ability to trade
is just wrong.
I urge you to reconsider your proposal to limit the leverage available to us retail
forex traders. Spot forex is a wonderful market to trade. Please don []t ruin that for
US.i0-001
COMMENT
CL-04177
Sincerely,
Gopal Shenoy
15072 67th Place North,
Maple Grove, MN 55311
Phone # 763-559-1436
