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Comment for Proposed Rule 75 FR 3281

  • From: Darren Tseng
    Organization(s):

    Comment No: 4829
    Date: 2/3/2010

    Comment Text:

    i0-001
    COMMENT
    CL-04829
    From:
    Sent:
    To:
    Subject:
    Darren Tseng
    Wednesday, February 3, 2010 4:49 PM
    secretary
    Regulation of Retail Forex
    RIN 3038-AC61
    Hello,
    My name is Darren Tseng and I have been a forex trader for 4 years. I'm an undergraduate at the University of
    Massachusetts Boston and I believe that decreasing forex leveraging to 10:1 will be a huge detriment to my life. The
    only income I receive is from forex trading and I need it to survive and finish school so that I can go forth with my
    start up that I am working on. I am also a young entrepreneur working on a start up non-profit charity organization.
    As a trader, I understand the risks of high leverage and how it can wipe out traders, but this is due to their lack of
    education and ultimately their responsibility. Since I have started trading I've never wiped out my account through
    over-leveraging positions. Also if this were to occur, traders would move their accounts overseas. Wouldn't this also
    be detrimental to taxation?
    Thank you,
    Darren Tseng