Hi everyone
I just got a nice comment to a post made here CFTC Forex Proposal; US Retail Market to Disappear? that I thought could be of your interest.
The author, Mr. Jeff Langin founder of the 1000 Pip Club, states that the answer to the CFTC leverage cut proposal could be right next door, in Canada.
Looking forward your comments
Francesc
……………………………..
CFTC Proposal - Jeff Langin Letter To FXDC
February 4, 2010
Foreign Exchange Dealers Coalition (FXDC)
Re: CFTC Proposed Retail Forex Regulatory Changes
To Whom It May Concern.
My letter to you addresses both your concerns as well as the concerns of the CFTC.
I have read the complete script of the CFTF proposal and find a distinct lack of positive direction within its contents.
Clearly, investor protection and integrity in the Forex Industry is of utmost concern to all of us.
The CFTC has stated the need to protect Forex investors and has complained of the numerous occasions in which fraudulent actions by unscrupulous/unregulated brokers have caused massive losses by retail traders.
We all favor of a cleaner industry but as it stands the good intentions of the CFTC proposal, rather than making the Forex less hazardous, would likely cause irreparable harm.
As you aware, the first rule of risk in the Forex market is that a trader should never trade with any more capital than he/she can afford to lose. Contrary to its objectives, the principle flaw of the CFTC 1:10 leverage proposal is that of seeking to ward off risk by blatantly disregarding the industry’s first rule of risk.
I live in Canada. I’m a Canadian by birth and as such I have little to gain or lose as a trader by the CFTC proposal. However, I also have many friend and colleague traders who are Americans. Many of them look to me for leadership regardless of their citizenship or mine.
What is the answer to the CFTC proposal? Where is the solution that will help the CFTC, Brokers/Dealers and Investors alike?
I respectfully suggest the answer may be closer than you think. In fact the answer may be right next door to you, in Canada. Please consider in your thinking that Canada has an organization called IIROC (Investment Industry Regulatory Organization of Canada. IIROC is a model which you can use to counter the CFTC proposal and stave off what could be a catastrophe in the making!
I urge you to read about IIROC and Forex regulations in Canada and/or Contact Mr. Bob Wong, Vice President of MF Global Canada at 1-800-268-9294.
Sincerely,
Jeff Langin
Forex Trader and Educator
……………………………..
Related posts:
- The Answer to the CFTC Proposal Could Be in Canada, Says Jeff Langin Hi everyo
- CFTC Proposal. Andrei Pehar Creates The TradersAlliance To Protect Traders Rights Hi everyo
- CFTC Proposal. Dirk Du Toit Expands On His Controversial View About Leverage We have a
- CFTC to limit leverage; The debate with Andrei Pehar and Dirk du Toit Wednesday
- CFTC rules against Forex.com and E-Trade, while dismisses FX Solutions Hi everyo
Related posts brought to you by Yet Another Related Posts Plugin.
