Comment Text:
i0-001
COMMENT
CL-07760
From:
Sent:
To:
Subject:
Nell Duffy
Tuesday, March 16, 2010 1:11 AM
secretary
Regulation of Retail Forex
Dear Sir,
Istrongly opposethe CFTC proposal to limit leverage in retail forex customer accounts to 10-to-1, A 10-to-1 leverage limit would require
me to deposit a huge amount of additional capital that I simply don't have. Retail forex traders have been attracted into this field
precisely because of high leverage and potential high returns. The vast majority of us writing to you to protest were once beginners but
have developed trading and risk management strategies enabling us to continue trading successfully. Any newcomers to forex trading
have to realize this is the only way to survive. Limiting leverage is no sustitute for gaining that trading discipline. The discipline comes
from the fear of losing "big". Limiting the leverage requirement may mean newcomers won't lose the house on one trade but it still
leaves the possibility of losing it brick by brick.
Sincerely,
Nell Duffy
