LIGHTSPEED - STAY AWAY - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


LIGHTSPEED - STAY AWAY
Updated: Views / Replies:2,572 / 10
Created: by TheDude Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

LIGHTSPEED - STAY AWAY

  #1 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 156 received

LIGHTSPEED - STAY AWAY

So I opened a small account with lightspeed for buy & hold with some spare cash.

I buy some stocks with the idea of just picking up the dividend - more of an investment over time. If I turn out to be a good stock picker, I'll add to the account (it turns out I'm not!)

I do however place some GTC stops in case they puke as I bought on margin.

Six months later I log to see where I am, only to find all my GTC's were cancelled by Lightspeed!!!


WTF!!!

They can give no explanation other than 'Sh!t happens' or words similar to that.

In my thinking this is utterly negligent of them as I could have ended up owing them money equivalent to the amount I originally posted with them.

Does anyone know if this would be a valid case with the SEC? I havent lost any money, but to my thinking, a broker has no right to adjust or cancel orders unless they will somehow affect the integrity of the firm or other clients accounts.

Reply With Quote
The following 3 users say Thank You to TheDude for this post:
 
  #2 (permalink)
Quick Summary
Quick Summary Post

Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

 
  #3 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,368 since Jul 2012
Thanks: 1,130 given, 4,339 received



TheDude View Post
So I opened a small account with lightspeed for buy & hold with some spare cash.

I buy some stocks with the idea of just picking up the dividend - more of an investment over time. If I turn out to be a good stock picker, I'll add to the account (it turns out I'm not!)

I do however place some GTC stops in case they puke as I bought on margin.

Six months later I log to see where I am, only to find all my GTC's were cancelled by Lightspeed!!!


WTF!!!

They can give no explanation other than 'Sh!t happens' or words similar to that.

In my thinking this is utterly negligent of them as I could have ended up owing them money equivalent to the amount I originally posted with them.

Does anyone know if this would be a valid case with the SEC? I havent lost any money, but to my thinking, a broker has no right to adjust or cancel orders unless they will somehow affect the integrity of the firm or other clients accounts.

I've heard of brokers automatically cancelling orders at month or quarter end, so maybe that is what happened. I've also gotten notices from other firms, stating "due to xxx, all GTC orders will be cancelled this Friday and must be re-entered."

In any event, you luckily lost no money, so I doubt the SEC or anyone else would care. If they did, they'd probably focus more on you - an investor buying on margin but not checking the account for 6 months - they might question your suitability to trade, more than they'd care about Lightspeed.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
Reply With Quote
The following 2 users say Thank You to kevinkdog for this post:
 
  #4 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 156 received


kevinkdog View Post
I've heard of brokers automatically cancelling orders at month or quarter end, so maybe that is what happened. I've also gotten notices from other firms, stating "due to xxx, all GTC orders will be cancelled this Friday and must be re-entered."

In any event, you luckily lost no money, so I doubt the SEC or anyone else would care. If they did, they'd probably focus more on you - an investor buying on margin but not checking the account for 6 months - they might question your suitability to trade, more than they'd care about Lightspeed.

Fair point; If they sent me a notice stating that orders needed re-entering, or could be cancelled, or similar. Needless to say, they never.

What if I had entered a GTC around 1 Std Dev, then the order is cancelled with no warning or notice, and the next day the stock (or other asset) plunged through the price, only to find say 12 hours later that I'm now deeply in the red? I dont think this is an unrealistic scenario.

The fact I never lost money is immaterial. I dont think the time period or distance from the NBBO is relevant either given the above scenario.

It's the issue of a broker cancelling orders with out any notice, or not having the infrastructure to be able to honour orders that is the real issue.

It could have caused a loss and therefore deterred an individual from putting up risk in the US equity markets. The job of the SEC is surely to ensure a fair and orderly market exists so that individuals and firms can have the confidence to put up risk. If they let fly-by-night cowboys like Lightspeed exist with such practices, are they doing their job? It is not the job of the SEC to dictate trading practices or behaviour so long as it doesnt interfere with a fair orderly market.

Reply With Quote
 
  #5 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: various
Favorite Futures: futures
 
Posts: 2,368 since Jul 2012
Thanks: 1,130 given, 4,339 received


TheDude View Post
Fair point; If they sent me a notice stating that orders needed re-entering, or could be cancelled, or similar. Needless to say, they never.

What if I had entered a GTC around 1 Std Dev, then the order is cancelled with no warning or notice, and the next day the stock (or other asset) plunged through the price, only to find say 12 hours later that I'm now deeply in the red? I dont think this is an unrealistic scenario.

The fact I never lost money is immaterial. I dont think the time period or distance from the NBBO is relevant either given the above scenario.

It's the issue of a broker cancelling orders with out any notice, or not having the infrastructure to be able to honour orders that is the real issue.

It could have caused a loss and therefore deterred an individual from putting up risk in the US equity markets. The job of the SEC is surely to ensure a fair and orderly market exists so that individuals and firms can have the confidence to put up risk. If they let fly-by-night cowboys like Lightspeed exist with such practices, are they doing their job? It is not the job of the SEC to dictate trading practices or behaviour so long as it doesnt interfere with a fair orderly market.

Sounds like you should file complaint with SEC. I hope it works out for you. Please keep futures.io (formerly BMT) informed about it. I'd be shocked if they do anything at all, but to your point - this is something they should protect people about.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread

Last edited by kevinkdog; October 1st, 2013 at 03:54 PM.
Reply With Quote
 
  #6 (permalink)
Hyde Park,
Chicago, Illinois
 
Futures Experience: Intermediate
Platform: Tradingview.com
Broker/Data: Optionhouse
Favorite Futures: Options
 
Bermudan Option's Avatar
 
Posts: 465 since May 2011
Thanks: 386 given, 252 received

Talking to the SEC is barking up the wrong tree:


Quoting 
Good-Til-Cancelled Order A Good-Til-Cancelled (GTC) order is an order to buy or sell a stock that lasts until the order is completed or cancelled. Brokerage firms typically limit the length of time an investor can leave a GTC order open. This time frame may vary from broker to broker. Investors should contact their brokerage firms to determine what time limit would apply to GTC orders.


To understand where and how an order you place with your broker is executed, you should read Trade Execution: What Every Investor Should Know. For more information on the different types of orders you can place when you buy or sell a stock, please read our investor bulletin “Trading Basics”.

Good-Til-Cancelled Order

That is straight from the horse's mouth. I say if you don't like it, change brokerages. Also, check your GTC once a month or so as well.

Reply With Quote
The following 2 users say Thank You to Bermudan Option for this post:
 
  #7 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 156 received


Bermudan Option View Post
Talking to the SEC is barking up the wrong tree:


Good-Til-Cancelled Order

That is straight from the horse's mouth. I say if you don't like it, change brokerages. Also, check your GTC once a month or so as well.


Thanks. Thats helpful. Looks like I have little recourse after all.

Looks like I'll just have to stew in my frustration!

Reply With Quote
The following user says Thank You to TheDude for this post:
 
  #8 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 156 received

OK - UPDATE:

1 week ago I entered 10 GTC orders to replace the ones that Lightspeed cancelled.

I log in a week later, and I only have 8 working. The other 2 have gone.

Remember I am not trading these positions but they are investments. Therefore, I dont want to be logging in all the time, looking at their price as this could tempt a trading mindset. I simply have the GTC stops in case they lose 50% as I bought on margin.

Clearly Lightspeed is a clown outfit. Their online platform is an utter joke anyway. I used to have a Datek account some 13 years ago (remember them?? Great broker). That platform was free and blew this poxy crap out the water! THIRTEEN YEARS AGO!!!!!

Reply With Quote
The following user says Thank You to TheDude for this post:
 
  #9 (permalink)
Elite Member
United Kingdom
 
Futures Experience: Intermediate
Platform: Multicharts
Favorite Futures: Dow
 
PositiveDeviant's Avatar
 
Posts: 587 since Nov 2010
Thanks: 257 given, 253 received

I was thinking of switching to lightspeed for futures trading. It seems like their business is more geared to short term trading rather than catering for investors. Still unless then have a specific policy on the duration of GTC orders then it seems odd they would arbitrarily cancel a client's orders.

I see from their website that they won;

Barron's Best Broker for Frequent Traders 2013 and Stockbrokers.com No.1 Active Trading 2013

Sorry to hear you had difficulties.

Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).

"The primary thing required to obtain what you want from life, is simply the will to pursue it, and the faith to believe it is possible." - Author Unknown

"The ability to maintain discipline and stick to the rules is the hallmark of the experienced successful trader" - Curtis Faith
Reply With Quote
 
  #10 (permalink)
Trading for Fun
london
 
Futures Experience: None
Platform: various
Favorite Futures: Glockenspiel
 
Posts: 166 since Jan 2012
Thanks: 43 given, 156 received


I was pretty upset! This has NEVER happened with any futures broker - ok this is stocks, and as someone else pointed out, regulation does suggest the onus is on me to check.

Lightspeed have recently upgraded their free online platform. It's ok, but lacks big time in some areas. It's slow, the charts dont work at all, and generally clumsy. No idea what their premier platforms are like as I've just got some stocks Im holding as an investment rather than trading. GTC's do seem more reliable to date however.

I wouldnt use their free platform for day trading if thats what you're thinking, and I definitely wouldnt use this broker for futures. You need to be on the ball with solid platforms for futures because of the leverage.

Try Advantage, Deep Discount Trading, AMP or someone for futures if I were you.

Reply With Quote

Reply



futures io > > > > LIGHTSPEED - STAY AWAY

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
How do you avoid boredom and stay focused? SammyD Traders Hideout 11 August 5th, 2015 02:18 PM
How To Stay Healthy As A Trader tderrick Off-Topic 4 November 26th, 2013 03:50 PM
How to stay awake while trading anniebee321 Psychology and Money Management 31 January 4th, 2011 07:10 PM
The More Things Change, The More They Stay The Same tigertrader Off-Topic 0 October 8th, 2010 02:16 PM
LightSpeed Stock trader Platforms and Indicators 2 June 20th, 2010 11:27 AM


All times are GMT -4. The time now is 09:20 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-11-18 in 0.14 seconds with 19 queries on phoenix via your IP 54.80.157.133