10:1 Leverage Have Your Say (Offical Petition)

By now, you've probably already heard about the proposed rule changes being put forward by the CFTC. This proposed change seems to have everybody in a panic and it is not hard to see why.

It is very possible that these new rules may pass. The CFTC is flooded with complaints from disgruntles traders blaming their brokers for their own mistakes. So raising the bar as to what level of trader can enter the market will definitely positively impact on complaint numbers.

At the end of the day you can always open an account with an overseas broker. For example Swiss brokers are very well regulated as are UK brokers. However, none of us want to go through the hassle of changing.

I am a professional trader and I have been in this market roughly 6 years. In those 6 years I have always used 100:1 leverage, it is what I am comfortable with. My main broker is US based and I do not want to go through the hassle of switching because of a forced leverage change. If I wanted 10:1 I would ask for it. And that is the bottom line, if we traders want 10:1 we should have the freedom to ask for it just as we should have the freedom to ask for 100:1 leverage.

For this reason I have started a petition which you can sign. I will be forwarding this petition to Mr David Stawick, Secretary, Commodity Futures Trading Commission. So if you want to keep things the way they are please sign the petition below. (It is a digital signature so you just type in your name it takes 2 seconds).

http://www.petitiononline.com/cftcl101/petition.html

You can also have your say by using the page below to leave a comment directly with the CFTC:

http://www.regulations.gov/search/Re...00006480a803ff

There are several threads here discussing this topic, this thread is not intended to be for the discussion of this rule. However, If you do sign the petition please leave a reply to this thread letting everybody know of your support. Furthermore I know there have been a few petitions around but I have yet to see one with more than a handful of signatures. I can reach thousands of traders so the goal of this petition is to get at least 5,000 signatures.
 

I can't help but think that this 10:1 leverage is a hoax, a bit like the one about not having stop loss last year sometime.

You can't help? Not to be rude but why not? All you do is put your name and email into the petition form and you're done. You do not even have to put your real email if you're afraid of spam.

I agree, nothing to loose, 'signed' the petition, the more the merrier, I hope the urban mythsayers are happy now, but I won't be loosing sleep about it.

Thanks man lets get some more sigs up guys.

signed and commented.

Really happy to see people getting invovled in this. Spread the word y'all.

Thanks pip seeker!

We're picking up steam. 45 sigs and counting. Come on guys do your part and show the CFTC that we will not stand for their BS tyrannical rules. It takes 2 seconds to throw your name into the petition.

I am an Australian and I can use a non-US broker but eventually what happens in the US usually follows everywhere else. I am definitely opposed to changing the leverage from current permitted levels.

I have signed the petition

Signed, 86 @ the time. C'mon traders! lets see more.

(N.B. It's my understanding that the bigwigs have a 1000:1 rule when
it comes to unsolicited feedback from the masses -- i.e., when you write
an angry letter to a TV network, complaining that your favorite show
has been cancelled, the network assumes that 1,000 other people
(who didn't write in) feel the same way.

So, if the CFTC follows the same rule, roughly 390,000 traders are
represented by this online poll.) Those traders have accounts with
American brokers and, like me, will be forced to move those funds to
European or Asian brokers that offer 100:1 leverage.

THAT PETITION AGAIN:

http://www.petitiononline.com/cftcl101/petition.html

MY COMMENT:

I think it's absurd that legislators are trying to impose a regulation that
will prevent the little guy from taking the initiative to better his financial
circumstances. It's another way to shut out the working man and leave
the markets to the whims of the rich.

done

My signature has been entered. I believe I was one of the first to submit comments via e-mail. So I imagine my letter is at the bottom of the stack by now...but my comments were in weeks ago.

Good luck and let's see more signatures.

One more for the cause

10:1 is more than enough, for me anyway.


with a $10,000 account you can trade $10 a pip? that's plenty !

Hey Nick, thanks for helping the cause with this petition, I have sent the CFTC numerous messages over the last few weeks as well.

One thing -- shouldn't the title of your petition read a "MAXIMUM" not minimum?

Well, that's actually not a question, just trying to be polite. lol It definitely should read maximum as they are proposing to make 10:1 the maximum leverage one can use. Sorry to be so anal, but might have more credibility if stated correctly.

"Stop the CFTC imposing a minimum 10:1 leverage"

What about the ones that don't have the $10,000 to put up to trade? Like I mentioned in my comments to the ones planning this, us "little guys" to them, don't even exits so, what should it matter if our trading is taken away.

even if you start trading with $300. 10:1 gives you...something like 30c/pip. any good day trader who makes 100 pips can make 10% in one day....