Comment Text:
i0-001
COMMENT
CL-00634
From:
Sent:
To:
Subject:
Marty Crawn
Tuesday, January 19, 2010 2:02 PM
secretary
Re: Regulation of Retail Forex
Regarding Proposal Identification Number: RIN 3038-AC61
To Whom It May Concern,
I was recently notified about proposed regulation # RIN 3038-AC61, and am exercising my right to voice my
position on the matter. The component l'm most concerned with is the 10:1 leverage threshold.
If you authorize the passing of this bill, then my trading-derived income will suffer greatly as a result of this new
leverage cap. I rely on these funds to support my family financially, as well as prepare for my own retirement.
The trading strategies I use are safe, well thought-out, and present low-risk/high reward outcomes (while
keeping below 25:1 leverage, which is not even close to the 100:1 to 200:1 levels most brokers support right
now).
In other words, l'm an honest and integrity-driven forex trader who takes a highly ethical and professional-grade
approach towards trading. I find it HIGHLY UNFAIR to be penalized in any way for other people's lack of trading
education and poorly managed position sizing.
Please understand I am not opposed to regulation, as long as its presents fair-balanced solutions for
consideration and sincerely welcomes and wants the input from those who it'll affect most (in this case, forex
traders). When it steers away from this course, such regulation then becomes corrupt and self-serving.., quite
the opposite of what government was originally designed to do (which is to simply protect people, NOT limit
their potential).
Like anything in life, if you abuse something in a way in which it was not intended to be used, then the results
will be horrifying. For example, I know a person who was highly fascinated by fireworks. He would light the fuse
while having the firework in the palm of his hand, and wait until the fuse was almost gone before throwing it in
the air to explode. He, like most people, knew better than to take that kind of risk. It was common
understanding. However, despite the warnings and danger, he proceeded to light and throw fireworks in this
manner.
The end result? He eventually blew his thumb off, due to a quick-burning fuse that triggered a premature
explosion.
My point is...
It was HIS CHOICE to take such risks, even when he knew the likely dangers of not playing it safely (i.e. lighting
the fireworks on the ground, then standing back a safe distance while watching it take off).
Although the end result was horrifying, it was HIS CHOICE.
If a similar regulatory bill was passed for fireworks as the one you're proposing for forex trading, then this
person would have been thrown in jail or something.., simply by lighting it in his hand and not on the ground.
While you may not agree with this individual's way of having fun with fireworks, he was and STILL IS in the righti0-001
COMMENT
CL-00634
to do it this way if he chooses. Let him live with the consequence, not others.
Same thing here.., let those who are irresponsible with their capital suffer the consequences, and those who
ARE responsible continue trading and profiting from the foreign exchange market as they always have. It's
about CHOICES and EDUCATION... nothing more, nothing less.
Again, government should provide guidance for its people... NOT limit their potential in any way (which is what
your proposed bill will do).
To conclude, I kindly ask you not to pass this bill. It's going to hurt honest and responsible traders more so than
those who utilize poorly leveraged strategies.
Do not enforce a 10:1 leverage maximum. Let traders be responsible for their own goodwill and financial future.
Thank you in advance.
Sincerely,
Marty Crawn
New Jersey
martycrawn @optonline.net
