July 17, 2011
I believe the overconcern regarding the "danger and risks" in Retail Forex trading is unwarranted and unnecessary. I have been trading retail Forex for over five years now and during my entire trading career, I have never met ONE firm that had engaged in fraudalent or unethnical activities or practices. Instead they have always forwarded courteous and helpful customer service, patiently answered all my questions and tried to resolve issues for me. I am sure unscrupulous brokers do exist in the Retail Forex industry but they are definitely a minority as in all other financial markets such as the stock and mutual fund industries. Just as you regulate and NOT ban stock trading and mutual fund investing all together just because of a few "bad apples", you should do the same to the Retail Forex industry, regulate but NOT ban it. I mean we have witnessed history's most largest Ponzi scheme fraud created by Bernard Madoff in the Hedge Fund industry and you didn't even consider banning investing in Hedge Fund, it's utterly unfair and unethical to want to ban Retail Forex, a vibrant and promising financial market that is actually creating jobs and is relatively immune from foreign competition from countries like China? Banning Retail Forex will be killing off another profitable economic activity and US cannot afford to do that.
I hope my comments can be taken into consideration and be considered seriously in your decision-making to not banning Retail Forex.