Comment Text:
i0-001
COMMENT
CL-00071
From:
Sent:
To:
Subject:
kevin johnson
Friday, January 15, 2010 11:06 AM
secretary
REGULATION OF RETAIL FOREX (10:1 LEVERAGE)
RIN 3038-AC61 ........... High leverage is one of the key characteristics of forex trading. If this (10:1 LEVERAGE) proposal is
implemented, it will practically KILL the American forex industry, as traders will move their business elsewhere.
As i have already done by moving my fxcm account to fxcm UK. i have been trading forex for over 7 years and it is my
main source of income the last 2 years, i only recently moved my account overseas because of the new 2009 US regulations.
With an account with high leverage i only have to put a small amount of my total trading capital in my account (1/20th). When
the US leverage requirements were changed in 2009 i would have had to put more of my total trading capital into my account
to hold the same positions raising my total exposure/risk. These newer 10:1 requirements wont effect me because i have
already moved my account to the UK but they will force more serious traders like myself to finally make the move overseas
and out of the United States altogether.
Theres an old saying "money is alot like people it tends to go wherever its treated best" and as of late that has not been the
United States.
