Comment Text:
i0-001
COMMENT
CL-06693
From:
Sent:
To:
Subject:
Aequitas Finance
Tuesday, March 9, 2010 4:23 PM
secretary
Regulation of Retail Forex
As a successful forex trader, I am rigidly opposed to the proposal to limit leverage ratios in retail forex
to 10:1.
2 years ago I was laid off from my job as an engineer. I could not find work anywhere, and still have
been unable to. But the extra time I had on my hands allowed me to invest my time and savings into
full-time retail forex trading, a pastime that I had always been successful with.
My savvy as a trader in those 2 years since being laid off has allowed me to earn more per year trading
forex from home, then I ever earned in engineering. But I, as many other traders do, need more than
10:1 leverage to continue being successful. I have been so successful at it that I have returned to college
to get a master's in finance, in hopes of pursuing forex permanently as a profession.
A 10:1 leverage ratio is very restrictive and will force smaller traders out of retail forex, who otherwise
would not be able to provide enough capital to make up for the loss in leverage, in order to continue
generating sufficient returns. Many traders such as myself rely on retail forex trading to provide for our
families in these difficult economic times. For the CFTC to limit leverage to 10:1 is equivalent to taking
the bread from my mouths of my children. I am hurt and dismayed that the very government who is
unable to fix our economic woes or create more jobs, would be willing to cripple the most viable
economic advantage available to me and tens of thousands of other retail forex traders.
Please, do not limit forex trading leverages to 10:1!
Jon Lee
1106 Hunt Club Lane
Valrico FL 33593
630-890-8819
