Comment Text:
i0-001
COMMENT
CL-06835
From:
Sent:
To:
Subject:
Kyle Eidson
Friday, March 12, 2010 10:50 AM
secretary
Regulation of Retail Forex
I am a foreign currency trader in the here in the US and am VERY concerned about the proposal being considered
by the CFTC.
The total benifit of 10:1 leverage to the average retail trader in FX is zero. none, zip. Leverage is what makes this
senario work for the average trader who doesn't have deep pockets.
I make my living trading currencies and this new leverage rule would make it virtually impossible to be successful.
Less leverage means that to make any money a higher percentage of my account would have to be at risk and I
would have to literally take chances to make a living and sooner or later I would be caught in a mistake and be
wiped out.
Leverage, if used correctly, gives me the chance to have a successful trade and keep the risk low.
The only benefit of low leverage is to the large banks and institutions who have accounts in places where the
leverage is much higher and they couldn't care less about your new rule.
Lastly, and I know you have heard this from all of us, we will just take our business off shore. Where there is a will
there is a way and I will find that way. I have family in other countries as do many of us and we will find a way to
trade off shore.
So why don't you concentrate in cleaning up the retail forex industry, get rid of all the under funded bucket shops,
clean out the fraud, theft and graft by the scam artists that riddle the forex market, thereby actually making it a
safer place to do business and really doing something good for a change. We don't need your help or protection
from ourselves, we need help dealing with the criminals in this business, so get off our backs and be part of the
solution and not part of the problem!!!!!!!!!!!!!
Kyle Eidson
Kyle Eidson
Santa Ana CA, 92705
[email protected]
