Comment Text:
i0-001
COMMENT
CL-08606
From:
Sent:
To:
Subject:
Tom Woods
Friday, March 19, 2010 12:38 PM
secretary
Regulation of Retail Forex
March 19, 2010
Mr. David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.
Washington, DC 20581
RE: RIN 3038-AC61 (Regulation of Retail Forex)
Dear Mr. Secretary,
The best way to learn is by making mistakes.Those who survive the Forex trading learning process have truly
earned it. The market filters out those who have not. Individuals are responsiblefor their own decisions when
trading. It is part of the challenge.
The path to financial freedom is elusive, especially for the average citizen. One of the few ways to financial freedom
is risk management andproper use of leverage. It has taken me seven years of hard work, study and considerable
expense to become a successful Forex trader and investor.
The leverage change from 200:1 to 100:1 in 2009 was difficult, annoying and frustrating forcing hundreds of
thousands of traders like myself tocome up with even more capital to maintain current Forex positions. A change to
10:1 would effectively take us out of profitable trades and shutdown the American Forex industry.
Not only would a reduction in leverage kill any hope of retirement and true financial freedom for traders and
investors like myself, the profits andthe taxes on those profits that contribute to the economy when unemployment
is at depression-era levels would also disappear.
When the individual is empowered for success, those around him or her prosper, and by extension, our country.I
know I speak for tens of thousands of successful traders and investors, those who are currently working hard to
become successful and those whohave yet to discover the exceptional, unique and life-changing benefits Forex
trading offers for those who are willing to work for it.
Please do not change the Retail Forex leverage requirements from current levels.
Regards,
Tom Woods,
Forex Trader and Investor
Minneapolis, MN 55443
