Comment Text:
i0-001
COMMENT
CL-05032
From:
Sent:
To:
Subject:
Philip Warburton
Thursday, February 4, 2010 10:39 PM
secretary
Regulation of Retail Forex
I trade forex at 400:1 leverage on a micro account. I am not a
billionaire banker so I can't afford to trade at 10:1 leverage and
still have a broker. Micro forex is an avenue for people like me to
learn charting with minimal risk, far more inexpensive than paying for
college finance courses (with a guaranteed 100% loss on principal).
As a complete novice I have lost a total of $10 in the last month, and
the knowledge I have gained by losing that $10 is worth it. It is not
the job of regulatory agencies to save investors from themselves,
especially when the total losses are limited as they are in forex
micro lots.
I was prompted to write this by an email from my forex broker (FXCM)-
but if you want to do something to benefit people, how about making
them give the clients fair withdrawals. They will only pay me by check
and they charge $10 for the withdrawal, which is a lot considering
that it represents quite a large gain on a micro account.
