Comment Text:
i0-001
COMMENT
CL-04805
From:
Sent:
To:
Subject:
CG
Tuesday, February 2, 2010 10:35 PM
secretary
"Regulation of Retail Forex"--Please hear me out!!!
No! No! No! Please keep the 100 to 1 leverage. Don[]t kill my career as an independent
trader. 2 points I[]d like to make:
1. After ! got laid off in 2006, ! came across the forex market knowing that ! don~t have
to put down a whole lot money and can still make some decent profit thanks to the 100 to 1
leverage. It took me nearly 2 years of learning the currency [] s market, testing strategies and
figuring out rules to follow that yield consistent pips... (! admit that when ! started out, !
had lost some money but that was never due to the leverage. It was due to the fact that !
traded against the trend and didn.t put a stop loss and let the trade go further and further
against me). After all the trials and errors, I~m finally able to get the hang of things. More
months than not, I[]ve managed to live off of the mkt to pay all my bills. Active trading is
my bread and better. It suits my personality. I put down $1000 (1 standard lot), which is
10% of my account value. My profit target is 20-25 pips and ! only risk 15 pips! My
success rate is around 70-80%.
Because of the leverage, I ~m able to live my life. I~m so grateful for the leverage in
the forex market because I don~t have enough capital to play the stock mkt on an active
basis due to the day trading rules. If you take away the leverage, I [] d have to have 10 times
the trading capital to do what I do now. Where do you want me to get all that money?
2. If you think that decreasing the leverage can protect those [] clueless [] traders who
have no idea what they are doing, ! urge you to think again! ! don~t think you can ever
prevent people fl:om committing [] financial suicide ~. Anyone in their right mind know that
trading is a risky business and that leverage is a double-edge sword. Unless all they think
about is getting rich overnight, which is not being realistic. Allow me to say that those
people deserve to lose all their money. Don[]t blame it on the leverage. It's unfair to take
away the leverage just because some people misuse it.
Once again, please keep the 100 to 1 leverage. Don[]t kill my
career as an independent trader. That would be too cruel.
Sincerely,
Claire Gilleland
Union City, CA
