Comment Text:
i0-001
COMMENT
CL-07746
From:
Sent:
To:
Subject:
RALPH LUFT
Monday, March 15, 2010 11:47 PM
secretary
Regulation of Retail Forex
As a very small Forex account trader I realize I mean little in the big picture of any potential regulating of the retail Forex
industry. I do, however, utilize my freedom to trade retail Forex as an additional income source, and one that will play a large
part in my upcoming retirement. Especially considering physical challenges that have come about with age that affect my
ability to continue in my present career. Add to that the fact that my personal investment in real estate has lost 30% in value
since mid 2007 and I am especially concerned about my "freedom to choose" in trading retail Forex if certain regulations are
implemented.
In particular I am concerned with any further regulation affecting leverage or margin in my trading account. I am all for
regulating brokers and protecting the public from dishonest and fraudulent practices, but reducing leverage on my account
below 100:1 would make it virtually impopssible for me to trade profitably. I am also convinced that enforcing leverage as
low as 10:1 would put my broker's US operations out of business along with most if not all other US based brokers. I was not
happy when the NFA mandated 100:1 leverage and eliminated hedging because it negated successful trading methods I had
utilized for the last 3 years. I fail to see why Forex would not be allowed at least the same leverage options available in the
Futures market which has a much greater potential risk than Forex where I can only lose what I choose to have in my
account.
I feel that the proposed regulation 5.9 mandating leverage and margin will drive US brokers outside the country in order to
stay in business, and as a customer who wants to maintain his choice in trading retail Forex I see no choice but for me to
move my account overseas as well. I hope that serious research and consideration will be given this matter before enforcing
regulations which will have such a dire affect on myself and many thousands of others in this country.
Thanks you for your time and consideration.
Ralph A. Luft
RALPH LUFT
Everett WA, 98204
ralph@llappraisals, com
