SniperForexTrader

Hello All,

This is my response sent to the CFTC regarding the new changes they want to implement in Forex:

Regulation of Retail Forex?
From: Max Ramirez (max_ramirez@sniperforextrader.com)
Sent: January 23, 2010 12:23:39 PM
To: secretary@cftc.gov

RIN 3038-AC61

To Whom it may concern,

I have recently received the news that new rules regarding the limitation of leverage brokers can offer to their clients will be limited by the CFTC to 10:1.

I’ve been trading for over a year and a half in the Forex market and since the very beginning I learnt that this market is 100% speculative, no warranties are given and risk is very high.

With this principle in mind I’ve been studying and developing skills and methods to become profitable.

As me, thousands of traders around the globe are very educated as how this market works, leverage is a main part of this market, not everyone will have thousands of dollars to start trading even if a demo account is used at the beginning.

The fact that few hundred dollars are the munimun capital required in a 400:1 leverage or just a thousand dollars are required in a 100:1 leverage makes this market very attractive and profitable for many people with dreams of financial freedom.

Forex is all about freedom, freedom to become rich, freedom to take risks in live, freedom to trade with limited risks!.

Where the US goes the rest will likely follow, I live in Canada and Forex is my passion, if leverage is limited to 10:1 this desicion will simply destroy the retail market.

I invite you to reconsider your position, listen to traders, and take the leadership that US is supposed to take.

Regards,

Max Ramirez,
www.sniperforextrader.com

As many of you already know, the regulatory body in the the US the CFTC wants to apply new rules regarding leverage in the forex market, those new rules will limit the ability of a trader to enter a position in the market.
Basically the new rule is:

“to collect security deposits in a minimum amount in order to prudentially limit the leverage available to their retail customers on such transactions at 10 to 1”

Meaning that your minimum capital to open a position will be $10,000!…

If you are a retal trader and are looking to become financially free by trading the forex market, if you have alreay spent hundreds of hours studying, analyzing the market and want to express your dissatisfaction regarding this new rules please send an email to:

secretary@cftc.gov
in the subject use: “Regulation of Retail Forex”
and in the body of your email mention: RIN 3038-AC61

Help us saving the retail Forex market, my dreams, your dreams depend on it.

Regards,

Max Ramirez