Comment Text:
i0-001
COMMENT
CL-04799
From:
Sent:
To:
Cc:
Subject:
lee cowell
Tuesday, February 2, 2010 5:44 PM
secretary
Justin LeBlang ; Alpari (US), LLC
; Rusty
Regulation of Retail Forex
To whom this matter concerns...
ID # RIN 3038-AC61
This matter concerns the proposed regulation of limiting maximum leverage on the
forex to 10: 1. We'd like to know WHO has come up with this preposterous idea and
even more importantly, why? Look. If people are so naive that they cannot determine
their risk level what business is it of THEIRS to be trading in the first place.., and
what business is it of YOURS to remove the remaining traders rights to determine
their own risk? Thus there has to be another reason (which is probably profit
motivated) for people NOT related to the traders themselves.
Regulations on top of more regulations is all we seem to get out of you people. First
you remove the right to hedge (there is of course workarounds for that.., simply open
two accounts) last year and now this! Well we'll just move our accounts to a non
CFTC/NFA broker(s) if this is the case (example MIG). Thus there are ALWAYS
workarounds to asinine regulations that does NOTHING to
protect
anybody!
Let us ask you something: WHAT is the best method of protecting one's assets in
regard to ANY broker, regulated or otherwise? Give up? Well the answer is this...
FREQUENT withdrawals. Yep.. take a few days off each month and get your coins
atta there.
Forex traders need this about as much as attempting to swim
the English channel with a concrete block firmly affixed. Pass
this thing and brokers such as MIG will be very busy indeed.
Thus you will essentially hit the delete key on USA retail forex
trading. We'll simply move out of the country (and be forced to
give up
on our favorite USA based brokers). We WILL do what
we hafta do to remain in business! This is NOT the only
industry being regulated out of business in this country. So
how about halting this practice of
squeeze!
Your continued
excuses
for absolutely unwarranted regulations is the
[]protection[] of john q. While in fact you're only interest is
protecting special interest groups (that tend to lose a very small
percentage of their total GREEDY profits) without this
regulation.
You (and all recipients) have my permission to copy this at willi0-001
COMMENT
CL-04799
with no prior approval from me.
Sincerely, Lee Cowell
5616428858 (voice)
