Comment Text:
i0-001
COMMENT
CL-07549
From:
Sent:
To:
Cc:
Subject:
[email protected] on behalf of
Muhammad Chaudhry
Sunday, March 14, 2010 11:49 PM
secretary
[email protected]
Ref: VOICE and OPINION Related to Forex
Attn: David Stawick
Secretary
Commodity Futures Trading Comission
Subj ect: Leverage in retail Forex customer accounts
Mr. Secretary
I am not going to take much of your time.
Note: I DO NOT support the new proposed leverage on forex customers accounts.
Trading is a profession and a individual choice that we make to become one. Leverage is a tools which
should be utilized with a responsible behavior and skills. If people lack them we should educate them.
Changing the leverage will not stop people from being GREEDY.
View Point:
1 : First of all, everyone in the United States must have a choice to chose the leverage under the offered
leverage by the institutions. 1:100 MAX.
2. As a trader I understand that leverage does play a big role but at the same time disagree. "Money
Management", "Risk Management" and taking healthy risks is what plays a big role in trading. One's
success and or failure is based upon their level of education and understanding / experience not leverage.
No one comes and interferes with me except my personal greed and inability to educate myself before
making choices. So, people taking a huge risks ...because they are trying to get rich fast and knowing
that this is not what they shouldn't be doing is an individual choice not a choice of a government and or
the leverage.
3. I have chosen trading as a profession after loosing my 3 businesses in last 2 years that took me 5 years
to established. All my savings went into the river of this economic crisis. I made the decision to be a
business owner not the government and or regulatory board. Institutions closed the credit markets which
lead to the general colpase of small business industry. Cutting the leverage will do the same it will
drastically make the forex market unattractive for US residents (Small cap).
If you really have to stop something then stop unethical and misleading institutions and individuals out
there that rip the people's hard earned money everyday buy scamming and offering products that havei0-001
COMMENT
CL-07549
no future. Have you thought about that? FOREX shows a light and hope to people and it is REAL not a
scam. Helping reduce a scam should be the proposed legislation not cutting a leverage that offers hope
and light to people trading from home.
Freedom of CHOICE. WE the People should have the right to make our choices based upon our
interests and ability and should be liable for our own mistakes.
Cutting the leverage is like eliminating a tool that smart and educated people use to help others and
themselves to gain equity.
Once again I strongly appose "leverage in retail Forex customer accounts
would be subject to a 10-to-1 limitation,"
which means 10:1 leverage would be the maximum amount allowed for Forex
traders in the U.S.
Have a great evening.
Best
Muhammad Chaudhry
Managing Member
Global Equity Group Ltd.
Tel: 801-557-0113
www.globeq.org
Note: We strictly follow ICC rules of trade and UCP600 banking rules.
DISCLAIMER: Sender is not a United States Securities Dealer, Broker or US Investment Adviser.
Global Equity Group Ltd. as of this is working under the Exemption from Registration as a Commodity
Pool Operator Under CFTC Regulation 4.13 and Exemption from Registration as a Commodity Trading
Advisor Under Section 4m(1) of the Commodity Exchange Act (CEA), 7 USC 6m(1),
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