Comment Text:
i0-001
COMMENT
CL-08524
From:
Sent:
To:
Subject:
Dwight Crosier
Thursday, March 18, 2010
5:32 PM
secretary
Regulation of Retail Forex
Hello
As a retail forex investor I'd like to express my appreciation for the many successful enforcement actions you've pursued over
the years. Those who prey on the investment public seem to grow in numbers every day. Its reassuring to know there exists
an agency such as yours that looks out for us. I applaud you for finally bringing some standards to this unregulated market.
I'm sure the new regulations you've proposed will make it much more difficult for some of these con-men to operate.
I support those new guidelines which attempt to rid the market of the dishonest individuals who prey on everybody,
especially the new and sophisticated investor. BUT I trust my own judgement when putting my own money on the line. I am
well aware of the risks involved in forex and I always practice sound money management to avoid large losses.
The proposal I wish to question is the one regarding the change in leverage to 10:1. I realize the current 100:1 can compound
losses for those not using good judgement. However, all the reputable brokerages, webinars and teachers I've dealt with
always put an emphasis on the need for proper money management. I find it easy to keep my losses small. In contrast, I
understand 100:1 can be used the the futures market where losses can be much higher than those in forex.
If the change in leverage is implemented I suspect there may be thousands of staff involved in forex trading that will lose
their jobs. We have already lost millions of workers to overseas competition. Our economy is in terrible shape. More job
losses will only compound the misery and lead to even more reduction in tax revenue for the government.
All my associates have told me they will have to shift their accounts off shore to continue trading profitably. There are
certainly risks in trading forex in the U.S., but I fear that opening an account in a foreign country poses many dangers. There
will be less regulation and probably lack of an agency such as yours to investigate fraud, misrepresentation and outright theft.
Keep up the good work.
Best Regards,
Dwight Crosier
Dwight Crosier
Richfield UT, 84701
TALKTODC@MYWAY. COM
