Comment Text:
i0-001
COMMENT
CL-05469
From:
Sent:
To:
Subject:
Steve Wallis
Saturday, February 20, 2010 10:02 AM
secretary
Regulation of Retail Forex
This email is in regards toRIN 3038-AC61. I am very much against these suggested new proposals that
CFTC is trying to impose on the FOREX market. Traders understand that there is risk involved when
trading anything. You need to leave the decisions on how we trade up to us. Eliminating high leverage
and hedging affect Forex negatively. Some of us, including myself, use those two features to be
successful in trading. You do realize that implementing these proposed changes is going to drive
FOREX traders overseas including myself? Do you think that is helping to protect them? Why don't you
try to just educate the new traders better rather than destroy the retail FOREX market with these
ridiculous rules? As I just stated, all I am going to do is move my trading account to a foreign based
broker that does not have to comply with these rules. Yes, that will put me at added risk but at least I
will have an opportunity to be successful with FOREX trading with them. I hope you open your minds
and realize the backlash you have created in the FOREX market with these proposed rules and will
listen to reason. It is not governments job to protect everyone from anything bad that could happen to
them. About the only thing government should be doing is regulating the brokers to make sure they are
actually properly funded to pay us our profits when we make them and that they do not manipulate
trades for their own good. Thank you.
Steve Wallis
