Comment Text:
i0-001
COMMENT
CL-06871
From:
Sent:
To:
Subject:
James None
Friday, March 12, 2010 6" 56 PM
secreta ry < secreta ry@ C FTC. g ov >
'Regulation of Retail Forex' Proposed changes to FX rules
Dear Sir/Madam,
I am really confused to why the Govt feels the need to change regulation RIN :~0:~8-AC61
People dont need regulation in regards to this, but what they to need is EDUCATION. What the
Govt will end up doing is forcing people to send their money out of the US to countries where this
law is not enforced. There for forcing Brokers to shed staff as the work is not there for them.
When I mentioned education, would it not be better to make a law to protect traders who dont
know what they are doing by legislating that they must complete a approved forex course. Why
people loose money in FX, is that alot of them, dont take the time to learn how the market works.
Much the same as reading a book on how to fly a plane, and dont get professional instruction, so
what happens is they crash and burn.
The same happens with the Forex market, if you dont know how it works, then of course you will
crash and burn and loose your money. Ididthis at first, then ifound a reputable instructor, and
now I am a highly succesfull trader.
yes I agree protect the beginners, not by making the leverage 10-1
as this will only make it worse, as money will flow out of the country by the millions, lots of job
losses in the broker markets, and or some people who do have money to trade this way, and STILL
dont have the education, will loose money FASTER due to this rediculous leverage.
I know of at least 20 traders who have taken their money off shore, after the regulations for
hedging. This new rule if it is passed, will devistate the forex industry in the US.
Lets get smart, make people get educated FIRST BEFORE they trade the markets live. We dont let
our kids drive a car, until they have had professional lesson on how to Drive, that is our protection
for them. Lets do the same for trading the markets.
In the end, we are adults and if an adult gets stupid with their money and trades the market
without knowing what they are doing, then its just the same as them making a choice to get into a
car, driving fast, and knowing they have no brakes. They will crash.
Lets have a sensible solution to this problem, EDUCATION is the key, not uneducated legislation
make by people who are not traders and dont understand the markets.
thanking you
James W
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