Forex Traders Unite to Oppose 10:1 Leverage Cap

The U.S. Commodity Futures Trading Commission (CFTC) recently proposed broad regulatory changes that include reducing the current leverage available to forex traders from 100:1 to 10:1.

So far, over 7,000 traders have expressed their strong opposition to the proposed leverage change.
Your opinion matters. The time to act is now!
The close for comments is Monday, March 22, 2010. Simply email your comments directly to the CFTC at: [email protected] and include 'Regulation of Retail Forex' in the subject line of your message.
You can also submit your comments by any of the following methods:
Fax: (202) 418-5521
Mail: David Stawick, Secretary
Commodity Futures Trading Commission
1155 21st Street, N.W.,
Washington, DC 20581
Courier: Use the same as mail above.
HOW WOULD THE PROPOSED CHANGE AFFECT YOU?

Max leverage under current regulations
100:1 leverage (one percent)
1 lot (100,000)
Margin requirement: $1,000
Maximum leverage under proposed changes
10:1 leverage (10 percent)
1 lot (100,000)
Margin requirement: $10,000



I am a below-average-incomed person who trades with minimal capital, therefore this rule will definitely impact myself as I need to fork out more capital.
Means, only well-to-do people can afford to learn forex trading, but not everyone.


I hope to bring this to everyone's attention. Ideally, everyone feedbacks to [email protected] to oppose 10:1 leverage.

is this for real ? like an official statement ?

if this were true, then forex would be accessible once again only to the wealthy and banks

http://www.forexfactory.com/showthread.php?t=215827

Max leverage under current regulations
100:1 leverage (one percent)
1 lot (100,000)
Margin requirement: $1,000
Maximum leverage under proposed changes
10:1 leverage (10 percent)
1 lot (100,000)
Margin requirement: $10,000

The above is to trade a full lot. I am not thinking that anyone is saying you need this in your acct to learn to trade. I believe that those micro accts in use will still allow you to have a $100 acct - just your max wil be 10:1 leverage. I don't agree w/ regulation - but i believe there is disinformation out there or many that are not thinking it thru.
And the thought your gonna live off of an acct that is less than 50K is ridiculous anyway. Get real, keep your job and quit thinking that the world is against you poor $100 acct holders.

to who? lol. they dont care about your opinion. every citizen in the united states could say they were against killing puppies, but the government would go through with it anyways if they thought it would help the greater good.

that being said, just dont trade with a US broker, or open an account wiht an overseas branch of a US broker. FXCM and Interbank both have UK offices. the CFTC and NFA regulations only apply to AMERICAN brokers. you live in singapore, so just find a broker there or open a UK account. it's not the end of the world people. use your heads.