Comment Text:
i0-001
COMMENT
CL-08348
From:
Sent:
To:
Subject:
Eleanor Stanford
Wednesday, March 17, 2010 9:50 PM
secretary
Regulation of retail Forex
Dear Sir or Madam,
I just wanted to give you my take on this issue.
The CFTC says it wants to reduce leverage to protect retail traders from excessive risk-taking Come
on! Please don't consider us to be that naive. I suspect that at least one real motive behind this proposed
regulation is to protect special interests from CME.
If the leverage is limited to 10:1, the CME (Chicago Mercantile Exchange) would get a lot of new
business because it would still be able to offer higher leverages. A lot of retail forex traders would stop
trading, migrate to the futures markets, or move their accounts to U.K., where there's no such proposal.
It would be a loser for the USA.
We, as professional traders, do not need to worry about leverage because we manage our money in a
sane, conservative way. We're not gambling! We only consider trades when the odds are in our favor
and we carefully manage our risk. The truth is that lower leverage will not stop those traders who like to
gamble with their money, traders who lack a proper risk management strategy. They will just find
another way to gamble.
I see this proposal as an assault on the freedom of individuals to choose their desired risk...to
exercise their own judgement.
I left my parents' house years ago, thanks. I make my own decisions. I don't need the US government to
help me protect myself from myself. I take responsibility for my own actions and decisions. I resent this
government intrusion into my personal financial affairs and I will do whatever I can at the polls to keep
this from escalating any further.
Sincerely,
Eleanor Stanford
