Fighting Proposed CFTC Forex Leverage Restrictions

[Trader4Life]

As many of you probably know, the CFTC is preparing again to limit Forex - hot on the heels of its last round of restrictions just a few months ago. They want to restrict leverage to 10:1, and if they do it this time you can be sure they'll push to do it again in the not too distant future.

I hope everyone here takes a few minutes to let the CFTC know we don't like the direction it's going in by signing the Petition Online petition against it. If the CFTC really cares both about traders and about the liberty we're supposed to enjoy in the "Land of the Free," the obvious solution is to have brokerages take signed declarations from their clients attesting to their recognition of the fact that the government has identified high leverage trading as high risk. But to take the leverage away completely is wrong on many levels and about as un-American a policy as I can think of. Note that you don't have to take a lot of time with a complex registration process on Petition Online - just three quick fields and email link verification afterward and you're done.

As Joe said there is a war on youth in this country, and this regulation will harm those of us who are young, who don't necessarily have large capital bases with which to trade and have to use higher leverage in order to obtain decent returns. We need to unify in defense of our rights. And lest you think you can just transfer to brokerage based in another country, while that may work for now we saw that when the CFTC reduced leverage, its British cousin reduced leverage in a similar fashion. I wouldn't be surprised to see the same thing happen this time around since the US likes to bully allies into adopting its regulations, so either we speak up to keep our rights or we're going to steadily lose them at home and most likely across the board.

[Trader4Life]

And for those who are listening, here are links to the proposed regulation and the comments that have been submitted regarding it. Note that any comment you submit will be posted in its entirety for the public - including your email address - so use a throwaway address unless you don't care about privacy and spam.

http://www.cftc.gov/lawandregulation...ules/index.htm
http://www.cftc.gov/lawandregulation...10/10-001.html