Comment Text:
i0-001
COMMENT
CL-04878
From:
Sent:
To:
Subject:
[email protected]
Wednesday, February 3, 2010 9:13 PM
secretary
Regulation of Retail Forex
Dear Mr. Staywick,
This evening I received troublesome information from my Forex broker via email. I have been trading the Forex Market for five
years and feel that I have a good understanding of the markets pitfalls and accolades. I trade the Forex Market because of it's
high leverage and profitability with a low minimum investment. I am an American citizen that wants to use an American Broker. I
pay taxes and I want my government agencies here to protect my rights as a consumer. While I agree with some of your
recommendations the biggest problem with this government regulation is the 10:1 maximum leverage. I feel if you want to have
a maximum leverage it should be at least 200:1. I currently use 100:1 and feel comfortable with my leverage and trading
opportunities. If these regulations pass I will be forced to send my money overseas and risk my money not by over leveraging,
but by letting another government regulate my money. I feel many Americans will be forced to do the same thing. I currently use
Fxcm as my broker and I like knowing they are based out of New York. If there is ever a problem I have state and federal
agencies to protect my investments. In my opinion Americans that use overseas company's will encounter other problems and
will have nobody to hear there problems. There will be problems with tax evasion and foreign bank accounts. Also Fxcm will
see that more people will switch over to their other foreign accounts and ultimately cost fellow Americans there jobs when the
company transfers its headquarters overseas. The problem with corporate greed and leverage have nothing to do with each
other. I did not overextend my leverage or cause anyone else in the market to loose money. The real problem is people making
false documents and stealing from investors. Americans have the internet and other resources to research and understand our
investments and brokers. Some people do not do that and pay a price. For the rest of us who want to earn a living in this
country it becomes harder and harder as government regulations cripple the small investor. If this passes on the outside it will
look like you did a great justice for American Citizens. People who trade this market like myself will know the real truth about
the matter. I will continue to trade the Forex market regardless of these regulations. I will continue to use 100:1 leverage. We as
Americans cannot let corporate greed and bad investments terminate the rights of law abiding citizens who wish to better their
lives. Free enterprize has transformed this counties economy into the world leader it is. Let's move forward together to find the
best solution to these problems. The mistake of deleveraging the Forex market is a step backwards that we cannot afford to
make.
Sincerely,
Nikolas Gravanis
