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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
Salao,
Great to hear it all worked out ok and without it costing you any $$$ or even worse the account getting suspended till they work out what is right and wrong.
You did the right thing by squaring up the long.
Over the years I have learnt to always have contingencies in place. The thing is you need to know what your position is.
As mentioned previously, a good broker and clearing firm should be able to tell you that almost instantaneously. But if they are having issues it's best to stand back and call it a day. No more trading for the session till the crap is resolved.
I had an issue once whereby the brokers feed/connection to the exchange was down, luckily I had no position at the time. The next day I opened up another account with an alternate broker. The problem these days with multiple accounts is that the exchanges smack you with additional fee's. It's a pain and costs $$$ a little more to run but worth the peace of mind when the poo hits the fan.
I think we all know who this broker is. My account has been a mess since last night. It grew by 2K for no reason and now its showing open positions that are not real, at least I didn't leave them open. I was sure it's an error and lo'behold got an email today about the whole fiasco. Not sure which way the chips may fall on my net liquidity when the market opens on Sunday. This better not be too wide spread or else their reputation may be in jeopardy.
GOOD GOD >>>
I HAVE PHILLIP CAPITAL and NINJA TRADER BROKERAGE.
BUT
I didn't trade that day.
Does this affect anyone that didn't trade as well? It shouldn't right?
Because apparently it is an OUTAGE that occurred at 3PM Central time. So if you didn't trade at those times then you shouldn't have an order in correct?
Also @BigMike >>>
You mentioned why most of these cases the result is actually more of a big loss.
You received some good answers.... that are partly correct...
but really one of the main answers is really the obvious one that>>>
Most people put their stops or order too close to the market for what would constitute a SWING TRADE SCENARIO.
Since most guys are "day traders" they have really tight stops.
If there is a system outage then their orders, stops and postions >>> are usually REALLY REALLY IN THE MARKET TRADING "AREA" and ALL THE VOLATILITY AREAS.
~~~~~~~~~~~~~~~~~~~~~~~~
I ACTUALLY HAD A PROBLEM SIMILAR HAPPEN RECENTLY >>> BUT I ACTUALLY HAD A HUGE WIN.
The reason I had a huge win was because I actually was testing a new indicator that will create and place Stops automatically for my position...!
And I was testing that program that day... and I set the program to put an ULTRA ULTRA ULTRA FAR STOP of 3% of price on NASDAQ.
I don't mean 3% of the daily range ...
I don't mean 3% of some candle...
I mean 3 % of the actual index price. So Nasdaq Price * 3% = how far in ticks that stop was placed.
This was a great trading methodology because it treats the Nasdaq like a stock.
Anyway... I accidentally left that Stop Market sell order 3% higher in the Market. :O :O :O
And when I woke up and came in the next day >>> I had actually SOLD THE EXACT HIGH OF NASDAQ >>> by like 7 ticks...
It was practically a perfect trade. :O Because that day the Nasdaq ended up moving the 3% and then hitting that STOP order and coming down like 0.5%.
So obviously I closed that trade faster than I could blink and now always make sure there are no extra orders sitting in the market over night -- unless I want them there obviously.
You can trade in your sleep and take overnight trades but both the trade and the position sizing have to be excellent.
So basically what I wanted to say >> is most traders will have THEIR STOPS TOO FREAKING CLOSE to leave a trade OVER NIGHT.
An OverNight trade is a SWING TRADE >>> Not a Day Trade.
Combine that with the asymmetrical nature of the psychology with this scenario as the other gentleman mentioned and you have the issue of usual huge losses but small wins.
It is messed up that EVEN WITH INCORRECT ORDERS MOST OF THE UNTRAINED AND UNSKILLED TRADERS still do HUGE LOSSES and SMALL WINS.
That is messed up.
That is why I say and I will keep saying >>> taking Dr. Van Tharp's Peak Performance 101 and 202 was one of the best things that I ever did in my life.
And the Tharp Think Principles and Systems building workshops.
People need to break from bullshit and negative beliefs.
And then also GET THOSE R:RATIOS WHERE THEY NEED TO BE >>> 3 TO 1 or 5 TO 1 Reward to Risk
And your losses need to be with low amount of contracts and your wins need to be scale ins and increase the position size of the wins.
CmeGroup has a system called FirmSoft that allows users to 'view orders and order status, fill / aggregate fill details'. Does somebody knows if such a system is available to FCM's customers?
My Ninja account balance just went negative and apparently I shorted 8 ES contracts before close on Friday..
What the heck is going on?
Although I did receive an email from Phillip Capital saying everything will be fixed before Market open later today.. Let's hope that's correct, this is scary
I'm in the same situation. They just sent me a supposedly "corrected" statement that is still wrong, and they STILL have me in open positions that I never took.
