Comment Text:
i0-001
COMMENT
CL-07184
From:
Sent:
To:
Subject:
[email protected]
Saturday, March 13, 2010 5:47 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Hello,
It has recently come to my attention about RIN 3038-AC61 and the
Hideous 10:1 Leverage change
proposal. This proposal in my mind is just ridiculous. How is the average investor ever going to get
ahead if the investor has to pony up $10,000 per lot when it used to only be $1,000? Yes, leverage can
be a bad thing but it can also be great! We, as investors, are more than aware of the risks involved with
retail forex trading. The risk statements are posted everywhere, and are a part of the brokerage sign up.
We are all very aware. Investing is risky, no matter the venue. You can not eliminate all risk. Trying to
do so by reducing the leverage will not help!! The risk will remain but will not go away. It seems the
CTFC is trying to stop Americans from investing and creating a better life for themselves.
You must
stop trying to protect investors from themselves!!
We understand the risk. If you reduce the leverage,
then Americans will seek brokerages from other countries. These brokers will benefit, while you create
an environment that shuns American brokers. None of this creates a better environment for American
investors or brokers! Allow the investor to pick their desired leverage and set fourth the documentation
that does not hold the brokerage liable for investor losses.
Regulate the brokerages to insure a level
playing field for investors, then leave us alone!
You must not make this change!
Stop trying to protect investors from themselves!
How it should be:
1. Allow investors to pick their desired leverage. (10:1 to 500:1)
2. Set fourth the documentation to not hold brokers liable for investor losses.
3. Regulate brokers to insure a level playing field for all investors.
4. Stop trying to protect investors from themselves. We understand the risks!!
Thank You for listening!
I really do find this proposal ridiculous!
Robert Spencer
Investor.
