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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)


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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)

  #91 (permalink)
Superbroker
Sydney,NSW,Australia
 
Posts: 1 since Aug 2019
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Salao View Post
I'm a little freaked out right now, so I'll see if I can write coherently...bare with me.

Yesterday morning when I finished my session I was flat. I had closed all my trades and my platform had said I was flat. However...Last night, after my statement had arrived by email, my platform changed from being flat, to being short 3 gold contracts and down a bunch of money. I freaked out and hit the close button on my platform. I called the support desk and told them my issue. They said that they were having problems with their statements and that the statements and positions were erroneous. They also said that if I went home flat yesterday, I should assume I was flat.

BUT I told him I had entered an order for 3 long contracts in order to get flat after seeing my platform and my statement state that I was short 3 contracts. They said they didn't know for sure, but I was probably now net long, even though my platform now said I was flat.

So, after looking at my trade log on my platform, I determined that I WAS flat at the end of yesterday's session and that my trade log now looked like I was long 3 contracts. So I closed out those long contracts, but now my platform says I'm short 3 contracts, even though my trade log reflects that I am now flat.

What a nightmare!

I spoke with the E-trade desk again this morning and they reassured me that If I went home flat yesterday, then I was flat, despite my statement saying I was short 3 contracts. They also said that they had an issue with their order routing software yesterday and they may need to get the exchange involved. I'm not sure what their situation is exactly. I sent them an email hoping someone can explain it to me in writing. At this point I'm unsure if I have an open position, and I'm a little freaked out and don't know what else to do. Any advice would be appreciated.

Hi I have never answered anyone on here before and I am from Australia not the US ,however in a situation like that its always good (but hard) to remember to not to panic.
What happened with the brokers statements etc can happen from time to time.But it is always worth calmly going thru your platform and exactly what trades you have done so that you can satisfy your self that you are square or whatever.You now are in the invidious position of being long as they appear to have made an error in telling you were short 3 .
Unless you have done hundreds of contracts that night my experience has been most traders know exactly where they are despite an erroneous statement .
The first thing to do is check your trades on the platform against the statement and then the logs so that you can satisfy your self that they aren't your trades .However if the longs have resulted in a loss I think you would have some justification in going to them and asking them to make good .Hope this helps and goodluck

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  #92 (permalink)
 OpalDragon 
Des Moines, Iowa
 
Experience: Advanced
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Trading: 6E, CL, Anything that moves
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AvgTraderJoe View Post
Probably shouldn't trade at all until this fiasco is settled.

On my end, when i logged in today i found that I had LONG positions on MNQ. I tried to reach out to the Ninjatrader emergency trade desk but no one answered the phone. Then i closed my open/long position and emailed brokerage support about this. 45 mins later found myself in a SHORT position and then had to close my position AGAIN!

Still haven't heard back from the desk or the ninjatrader brokerage on my support ticket.

In the end the POSITIONS was NOT REAL but the CLOSE orders were REAL.


Wow that is messed up.

I was told you are NOT supposed to touch ANY position that you did not put in >>> because then you can then become "LEGALLY" LIABLE FOR IT. In the words of the courts you take ownership and responsibility for it if you close it or modify it or reverse it or add or reduce it in any way.

It is insane but it is what it is.

That would only work in your favor if you wake up and find yourself in a huge profit. If you are in profit you can close it and the profit would be given to you and that would be the end of it. No courts or mediation needed.

But at a loss you have to sit on the loss and call and email their customer service like crazy. Record all phone calls. etc.. etc..

That is insane having to sit on a huge loss and keep emailing and calling but if you touch it >> they could make you pay for it.


I knew I had a sneaking suspicion of PHILLIP CAPITAL >>> when I saw that the OWNER AND FOUNDER of PHILLIP CAPITAL >>>

APPOINTED HIS FREAKING DAUGHTER AS the Co-CEO and appointed her to be manager of IT and Software projects. :O
https://www.phillipcapital.com/news/BusinessmanOfTheYear

https://www.linkedin.com/in/lynette-lim-61b0561/

I don't know how much REAL SOFTWARE and REAL MANAGEMENT experience she has..... but when ever a CEO does the whole NEPOTISM thing... it 80 to 90% of the time is not good.

They also promoted one of the sons as CIO -- but he does seem to have real experience at 'equities analyst'.

https://www.businesstimes.com.sg/companies-markets/linus-lim-appointed-as-ceo-of-phillip-capital-management

https://www.linkedin.com/in/linuslim247/

~~~~~~~~~~~~~~~~~~~~~~~~~~
Hopefully I am wrong on this one and this is an isolated event but again it doesn't look good when I see the daughter and the son in charge of things that they probably don't know anything about.

Hopefully this woke them up and made them get SERIOUS about really knowing AND UPGRADING every single part of the business.

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  #93 (permalink)
 dipit19 
Enola, PA
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Emini ES, Crude CL
Posts: 15 since Mar 2020
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I just spoke with the trade desk.

As a word of caution, DO NOT TAKE action on any positions that you did not open. Call the Ninjatrader Emergency Trade desk and let them deal with it.

I was somehow short 8 ES contracts last night, which they removed after I emailed them. Then, I woke up and saw again I was short 3 ES contracts and after speaking to them, they're saying this is a real position that I took action on from a trade that I had no idea about.

They basically said these random positions will continue to happen till whatever issue they have is resolved.

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  #94 (permalink)
 
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 nothingbutprofits 
rochester new york/USA
 
Experience: Advanced
Platform: ThinkOrSwim & NT
Broker: NT, TOS
Trading: ES NQ RTY CL NG
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How would it be different between Phillip Capital and Dorman when it comes to this situation?

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  #95 (permalink)
 lucama 
London, UK
 
Experience: Beginner
Platform: NinjaTrader
Trading: Futures
Posts: 12 since Jan 2012
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nothingbutprofits View Post
How would it be different between Phillip Capital and Dorman when it comes to this situation?

yeah honestly it's not happening everyday of the week, I'll stick with PC and save the hassle of moving broker. Apart from the stress on day 1, things seem to be back to normal, but I am still short of 360$ because of wrong reporting. Hope they'll fix it by tonight

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  #96 (permalink)
ahelton
Fort Wayne Indiana
 
Posts: 14 since Dec 2020
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I can't even get in touch with ninja trader at all. Even the "Emergency" number no one picks up. After all this I'm only trading through LeeLoo. Ninja has proven they can't be trusted with real money

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  #97 (permalink)
 AvgTraderJoe 
Chicago IL
 
Experience: Intermediate
Platform: NinjaTrader
Trading: Eminis
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ahelton View Post
I can't even get in touch with ninja trader at all. Even the "Emergency" number no one picks up. After all this I'm only trading through LeeLoo. Ninja has proven they can't be trusted with real money

I agree on this. NT brokerage emergency desk isn't responsive at all. They are not picking up the phone or replying back to emails.
Better to get a decent brokerage/FCM like IB and be done with the middle party BS.

Sent using the NexusFi mobile app

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  #98 (permalink)
tonykoyama
Osaka Japan
 
Posts: 4 since Feb 2021
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I have the same problem with Phillip Capital! last Thursday or Friday, I noticed an order that hadn’t been made by me, as I didn’t know what to do (because I hadn’t been informed) I closed and ended up with the negative balance, my balance doesn’t match the updated balance, I send emails, they do not respond and today again a SHORT order is opened at the price of 3880.25 MES, and the price has not even touched that level today!
I live in Japan and don't know how to proceed

(that was the last answer they gave me) "a little rude isn't it?"

You are responsible for every trade you make even if the FCM doesn't load the position or is late producing a statement. All those issues are covered in the Electronic Trading Risk Disclosure. You must always trade what you know. If there is a position you don't recognize, you contact the desk to investigate.

The mistake was trading on a position you didn't know without getting any information. The FCM may be late updating, the exchange may go down, a fill might not be reported. All these things are the responsibility of the trader which is why the brokerage firm is available to help. It is a lot of responsibility but that is what is required to have electronic access.

We have updated the platform to reflect the position you know. The FCM will be running a new end of day cycle to update the balance and verify your calculations.

The exchange will not waive their fees because you traded on a position you didn't know. If you want to proceed with a claim against the CME, please let us know and we can direct you to the right department at the exchange.

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  #99 (permalink)
 
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OpalDragon View Post
I have PHILLIP CAPITAL.
My balance seems correct -- but I didn't trade at all on Thursday or Friday.

My Question is:
Can we trade on Monday and Tuesday? Or is the hardware and software issue still a problem?

If you were not impacted meaning, statements and positions were correct. You can trade however, I would sit out until information is brought into line which we expect by this evening.


OpalDragon View Post
Is the Trade Desk and Support Desk still overwhelmed?

Yes. We are at full capacity. All hands are on deck and most of the team has been up for days with minimal sleep helping Phillip resolve this issue. I understand growing frustrations but I ask for your understanding.

Raymond Deux
Founder and Executive Chairman

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
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  #100 (permalink)
 
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nothingbutprofits View Post
How would it be different between Phillip Capital and Dorman when it comes to this situation?

Most if not all FCM's rely on 3rd party back office systems and ISV's (CQG, Rithmic, Trading Technologies etc...) and require a nightly synchronization between the systems that generate the statements and the trading system that the customers see. Just like any integrated system, there are points of failure. I don't recall ever since 2003 (when I started in this industry) a situation like this. Point is, its infrequent. While not a situation any of us want to be in, rest assured the NinjaTrader team is doing everything we can to resolve the situation at Phillip.

Raymond Deux
Founder and Executive Chairman

Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
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Last Updated on March 18, 2021


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