Comment Text:
i0-001
COMMENT
CL-06717
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omodara babatola
Wednesday, March 10, 2010 9:22 AM
secretary
Regulation Proposed by CFTC concerning Retail Forex Business
MY OPINION .doc
DEAR SIR/MA,
KINDLY FIND THE -iTCHED COPY OF MY OPINION CONCERNING THE CFTC PROPOSED 10-to-1 LIMITATION.
THANK YOU.Regulation Proposed by CFTC concerning Retail Forex Business
MY PERSONAL OPINION
My personal opinion concerning the proposed regulation of CFTC on
enforcement of 10:1 limitation instead of the current 100:1 leverage requirement;
the research conducted to protect the numerous consumer from loosing their
limited capital was an excellent one and worthwhile.
Tactically putting a restriction to entering into the business by the ill experience
traders is another fantastic one.
But, the new system will make numerous to loose so much than what they would
have lost if they handle the trade themselves. I was ones victim. Imaging people
or team who contribute their capitals to give to someone to trade with on their
behalf, if the business fail, it may led to a serious blood shed riot which I don't
pray for.
Furthermore, there can never be any professional if no one have never be a
beginner, this system might make the beginners to, loose interest in the business
even it will get to a time that it may become very difficult to get o successor even
where the business is currently yielding a very fantastic result.
IN CONCLUSION;
Let the current 100:1 system be.
I m still a beginner, I lost money into it which I hold no one responsible for.
I later
realized my mistakes, went to practice and leant better and now ready to do a
serious business. In fact, the trading is already in progress.
I would device the CFTC to advocate that people should be knowledgeable
enough before going to it.
Check the broker's platforms from time to time to ensure compliance to the
global standard because some are truly making many prospective traders to loose
their monies and causing real efforts frustration.
Some do restrict traders from making use of good opportunities whenever such
emerges.
Long live CFTC and the entire personnel behind the organization.
Thank you.
Omodara Babatola
o_babtee2001 @yhoo. com
