Comment Text:
i0-001
COMMENT
CL-08505
secretary
mguile: charter.net
Mr. David Stawick March 18, 2010
Secretary CFTC
1155 21st Street, N.W.
Washington, DC 20581
Subject: Regulation of Retail Forex (RIN 3038-AC61)
Dear Sir,
I am in favor of the proposed regulation to prevent fraudulent practices in the
Forex Market. However, I feel that the proposal to impose a 10:1 limit on
leverage will prevent small retail trader, as myself, from trading in the United
States and force us to open accounts off-shore.
Trading off-shore would make the U.S retail Forex Market uncompetitive
causing the United States millions of dollars in trade revenue. This may cause
many U.S. retail Forex trading jobs moving offshore.
The proposed leverage prevents the small trader from gaining access to a
market where we could profit from and improve our financial situation.
With proper money management, it should be up to the individual trader to
determine the proper leverage that is suitable for his or hers situation.
As a U.S. citizen, I would like to continue my trading in the United States and
support my fellow Americans, especially in these difficult times.
I encourage the CFTC to drop the recommendation in regard to revising the
present leverage requirements.
Respectfully submitted,
Michael C. Guile
502 West Thompson Road
Thompson, CT 06277
