Comment for Proposed Rule 75 FR 3281
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From:
Paul Onakoya
Organization(s):
Comment No:
909
Date:
1/20/2010
Comment Text:
i0-001
COMMENT
CL-00909
From:
Sent:
To:
Subject:
Paul Onakoya
Wednesday, January 20, 2010 3:34 AM
secretary
Regulation of Retail Forex
RIN 3038-AC61
To whom it may concern,
I'm against the CFTC's proposal to change the maximum leverage to 10% (10:1). The retail forex industry has become what it
is today because of the volatility and volume of trading. These factors are a direct effect of the large number of forex traders.
This proposed change will greatly reduce the number of traders and will doom the market.
It is the responsibility of traders to understand the risk involved with forex and to management that risk appropriately. This
change doesn't help with risk management, but eliminates a lot of low capital traders that might have good risk management
skills.
