Comment Text:
i0-001
COMMENT
CL-05304
From:
Sent:
To:
Subject:
Andrew Seamans
Wednesday, February 10, 2010 2:11 PM
secretary
Regulation of Retail Forex (R1N 3038-AC61 )
Adjusting the forex leverage to 1:10 will destroy the US forex industry. One of the most enticing
benefits forex has to offer a trader is the 1:100 leverage. As you all know this enables a trader to do
more with less money. I am currently a college student who does not have large sums of money to put
into stocks, futures, commodities, etc., nor do I have the desire to do so. $5000.00 provides a sufficient
base for me to grow my account and put some money in my pocket. The $500/wk I am consistently able
to achieve would change to a measly $50/wk. THATS REDICULOUS. Why in the world would the
CFTC want to ultimately destroy the forex market for thousands of traders? Is it because many traders
are losing money and they want to protect them? Any conscious trader knows that they are going into a
trade knowing they have the risk of losing money. Nobody goes to Vegas to gamble without knowing in
the back of their mind that they could lose their money. In fact, when you hear the majority of folks talk
about Vegas, or Atlantic City, etc., they most commonly say something along the lines of, "I cant wait to
go blow $###.## on blackjack or poker this weekend." The point is, its the traders money, and its their
iob to educate themselves and create a desired outcome. Traders will just move their money overseas.
Why pull money out of our economy when its finally beginning to correct itself. Changing the leverage
to 1:10 is just another way gov't can further regulate. End of Story.
-Andrew S. (Maryland)
