Comment Text:
i0-001
COMMENT
CL-07597
From:
Sent:
To:
Subject:
Aaron Grommesh
Monday, March 15, 2010 7:51 AM
secretary
Regulation of Retail Forex
To whom it may concern,
I am Aaron Grommesh, a resident of Moorhead, Minnesota, and a small business owner, and I would like to express my extreme
disapproval towards the 10 to 1 leverage cap. Yes, it would help out inexperienced people and make it harder for people to lose
money, it would make it a lot harder for those who are making money to make money. All of the FORE× brokers go through a lot of
effort to make sure that everyone knows the risks associated with trading on the Foreign Exchange market. I have yet to be profitable
overall, but I knew the risks when I started trading Forex and I still trade even after losing a lot at the beginning. People should only
trade what they can afford to lose, and if they did so, there would be no need whatsoever to set a 10 to 1 leverage cap on Forex
market transactions.
Furthermore, setting a 10 to 1 leverage cap on Forex transactions would force many people to open foreign accounts and it would
make it easier for people to hide money earned from the Forex market from the Federal government, making it so people aren't paying
taxes on anywhere near as much money as they should.
The proposed 10 to 1 leverage cap is an all over bad idea.
Sincerely,
Aaron Grommesh
NO LOGO LLC
