Comment Text:
i0-001
COMMENT
CL-05129
From:
Sent:
To:
Subject:
William Bereki
Monday, February 8, 2010 12:27 AM
secretary < secreta ry@ C FTC. gov >
"Regulation of Retail Forex"
Dear CFTC,
I would urge government to
"LEAVE IT
ALONE".
I have been trading the Foereing Exhcange Markets for over 6 years and stocks for 10. I have never
believed in using anything over 10:1 anyways. I don't have millions of dollars in my account like some
large traders, so I have to arrange my trades through a broker, In this case a retail forex broker.
My concern is this, If the 10:1 law passes there will be a mass exodus of traders flocking over seas, and
this will close down the retail brokers in the US. Some of them will probably shut down (including mine)
because they cant keep up with costs and minimum capital requirements. Leverage and hedging has
been there sales pitch for years and has enabled the smaller trader to thus have the "liberty" to trade
along side of the big guys. This in my opinion is crucial because it promotes
entrepreneurship
and
economic growth.
As an American it leaves me with a sinking pit in my stomach thinking about
taking my hard earned money and shipping it over seas to brokers in other countries for whom I have
no idea what types of laws or governing bodies they adhere to. Not to mention encouraging job loss
here in the states while promoting new jobs abroad. This economy is recovering form a recession and
can use whatever edge it can get.
I understand that you want to "protect us for ourselves" and i am glad that the government is here BUT,
trust me when I tell you this, the traders who blow up their accounts are just to dam lazy to take the
time to study how this business works. I have seen it happen for years these guys come and go. Just as
it takes a doctor 10 years of studing, or a vetranarian 4 years, it also takes many years for someone to
become a trader. I can assure you this disillusion is no fault of the broker in my honest opinion, it is the
laziness of the individual trader. In a way this is good because it weeds out the serious traders like me
from the over night get rich gamblers.
Retail trading is becoming huge. Please do not let the big boys have all the pie. We live in this country
because we have the
freedom
to chose. Patrick Henry once closed with the old famous line "but as for
me give me liberty or give me death. I couldnt agree more. If what the government fears that people
will make bad decisions, whats going to happen when the laws over seas no longer protect American
clients, talk about fear. From a traders perspective I would just like your to remember price signals and
responses of the marketplace do a better job of allocating resources more than any one of us can
imagine. Please take not of the words that are In bold. In case you missed them they are:
Amercian
Liberty
Entrepreneurship
Economic growth
Freedom
"LEAVE
IT
ALONE".
Thank you for your time, and god bless America.
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