Comment Text:
i0-001
COMMENT
CL-04765
From:
Sent:
To:
Subject:
Amir Goudarzi
Monday, February 1, 2010 10:03 PM
secretary
Retail forex leverage
Dear CFTC,
I am writing to complain about the leverage you are trying to remove from the foreign exchange market.
I trade the forex markets in my part time and my other full time occupation is a student. Removing the
leverage from the forex industry would be detrimental to my financial situation, as I would not be able
to make any money in currencies, essentially making me unemployed. I understand the leverage in the
forex market is quite high and is very speculative, but this would essentially destroy the retail forex
market and the large institutions and hedge funds would be the only players in the market. As you
already know, leverage is a double edge sword, people who don't understand it and use it irresponsibly
should not be allowed to utilize this powerful tool. In light of the past crisis, I think it would be wiser to
go after the real culprit, which are derivatives markets. To not be hypocritical would be to promote the
free markets and not regulate the forex markets, as these currencies are free floating and the market is a
powerful tool to make sure currencies float at the prices they are at. Although there are many forex
scams and scammers out there, the real trick to all this is education. As without it, people are clueless
and just want to make money, whereas with education, better informed people would make better
informed decisions, with scams and leverage. I appreciate your time.
Sincerely,
Amir Goudarzi
