Comment Text:
i0-001
COMMENT
CL-05069
From:
Sent:
To:
Subject:
James Miller
Friday, February 5, 2010 5:18 PM
secretary
Regulation of Retail Forex
To the Secretary of the CFTC
I'm new to the spot Forex market and have become very excited by
the opportunities this market creates for traders like myself to build
wealth through diligent market research and sound trading practices
honed over months and months of practice. This proposed legislation
will damage us severely because it removes a very viable means to
wealth building. We understand that as with any market, there's the
risk of fraud. It is regrettable that many potential traders don't
do their homework. They can have significant loss simply because they
didn't take the time to study and become knowledgeable with the market
they wish to enter.
But not all of us are that way.
I won't go on about the situations that led to the current
downturn our economy is in. Volumes will be written pointing fingers
in every direction. But what I'm asking is that the remedy enacted
not generate too much collateral damage on those who have the most to
gain from a strong FOREX market. There are tools being written and
tested that can change people's lives for the better by allowing them
to build wealth without having to be masters at the market. A small
amount of capital can turn to a huge resource and having the proper
leverage makes that happen.
I'm adding my voice in opposition to reducing leverage for U.S.
homed FOREX brokers to 10:1. It will hurt the common investor and
practically destroy the US retail Forex industry. Government should
foster industry growth, not destroy it.
James Miller
5306 Barbee Rd
Durham, NC 27713
