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Comment for Proposed Rule 75 FR 3281

  • From: Adam Smith
    Organization(s):

    Comment No: 6590
    Date: 3/8/2010

    Comment Text:

    i0-001
    COIMMENT
    CL- 0 65 90
    From:
    Sent:
    To:
    Subject:
    [email protected]
    Monday, March 8, 2010 6:32 PM
    secretary
    Public Comment Form
    Below is the result of your feedback form. It was submitted by
    ([email protected]) on Monday, March 08, 2010 at 18:32:25
    commenter_subject: Regulation of Retail Forex
    commenter frdate: 3/8/2010
    commenter_frpage: 1
    commenter comments:
    Hello,
    I wanted to tell you please let us manage our
    money and our developed learning curves. We
    couldn't find any jobs around here in USA,
    trading/investing is the only way. IF people are
    unacknowledged, then they have to pass hours and
    trading lots before they can register for any USA
    forex brokers, but changing the leverage to 10:1 is
    unacceptable because we couldn't afford to trade
    that much, it will sink people budgets much more
    than 100:1 because of the margin, if its 100:1 and
    it wont take out thousands of dollars like 10:1,
    please give people the opportunities to learn and
    turn their lives around if they traded properly and
    stay on 100:1 to invest and get more return, I am
    sure that the traders will upgrade the leverage
    when they are ready!
    You cant just change the leverage if your not a
    trader? If your a trader, you will know how we
    feel!
    There are direct sales marketing, people lost
    money with it - same as Forex - gambling- lotteries
    -
    those are the same, let us manage our money since
    we are American and we require our freedom to do
    anything to allow them to change their lives. They
    worked hard to pay America debt like taxes and we
    are in the war right now. Imagine if you changed
    the leverage to 10:1 and most business will leave
    to over sea and there will be no more taxesi0-001
    COIMMENT
    CL- 0 65 90
    available for USA, meaning USA will not have more
    money to pay off the debt and is making a longer
    way to pay off the debt. If you don't change the
    leverage, business will stay and bring in more
    traders and they DO offers courses for
    inexperienced traders and the FOREX brokers
    websites has "RISK DISCLAIMER" banners just like
    Direct Sales Marketing companies- "*These
    statements have not been evaluated by the Food and
    Drug Administration. This product is not intended
    to diagnose, treat, cure or prevent any disease."
    You can warn people about FOREX better than
    changing the system such as leverage.
    Please give us a chance to keep 100:1, I love
    FOREX and I trade for living, but if you change it
    to 10:1, then I will be drowning into debt and what
    if i couldn't find a job then I will be out living
    on the street - suffering.
    I didn't want this to be changed cuz I worked
    long time to develop my learning curve, and did
    practiced with demo accounts for MONTHS before I
    feel satisfied to do live trading. You should
    promote "RISK DISCLAIMER" BETTER so people can read
    before doing real trading.
    I got to say that " I AM A PROUD AMERICAN and DON'T
    TAKE MY FREEDOM AWAY FROM ME!
    Much Respect
    -Adam "Smitty" Smith
    commenter_name: Adam "Smitty" Smith
    commenter addressl: 32 Overlea Dr
    commenter_city: Springfield
    commenter state: ma
    commenter_zip: 01119