Comment Text:
i0-001
COMMENT
CL-08063
From:
Sent:
To:
Subject:
Dan Morganti
Tuesday, March 16, 2010 9:37 PM
secretary < secreta ry@ C FTC. g ov >
Regulation of Retail Forex -leverage limitations
Dear Sir or Madam,
Regarding proposal RIN :~0:~8-AC61; I'm a non-affiliated, U.S. based retail forex trader and I am
STRONGLY OPPOSED to any reduction in the leverage offered by retail forex brokers.
I'm fully aware of the risks involved in leveraged trading, but with proper money management and
a discerning method of choosing trades I've never had a margin call. Forextrading is an integral
part of my investment strategy and reducing the leverage I can use would greatly hinder my
progress in achieving my financial goals.
Changing the available leverage to 10:1 from 100:1 would only serve to force me to move my
forex accounts away from U.S. brokers to brokers based overseas potentially exposing me to more
questionable practices which is in direct opposition to the stated goals of U.S. regulators. And I'm
sure many other traders would also move their money to foreign brokers, weakening the U.S.
brokers, some to the point of failure. Ican't imagine that driving U.S. brokers out of business isa
goal of the CFTC.
RIN :~0:~8-AC61 is a short sighted proposal with many potential unintended consequences.
So, again, please count me as one who is
very much opposed
to any reduction in leverage
offered by U.S. based retail forex brokers.
Thank you for your attention.
Dan Morganti
[email protected]
310.251.3588
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