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Need Help: Urgent Broker Problem (Phillip Capital: NT Brokerage, Edge Clear)
Are you saying that even though you clear through Phillip, that you were not affected by this outage because of your internal accounting systems? I just want to make sure I am understanding clearly.
The truth is, there are many IB's affected by this because many clear via Phillip. So even though the thread started with the user experiencing problems via NT Brokerage, I do believe it is entirely fair that other brokers chime in if they are also clearing via Phillip.
While most members here on FIO are using NinjaTrader, this thread has become the main issue thread for Phillip's problems and therefore it is totally acceptable for the other brokers to respond here.
If a broker that doesn't clear via Phillip were to respond here then I would certainly heavily consider deleting that post for "advertising" in a thread that they shouldn't be posting in.
I had this very problem on Thursday and Friday. I ended up with an open positions the following morning and freaked out and closed them. Which lead to other issues.
The worst part is: Those were the best trades I've ever made in my two weeks of trading futures
Going into Sunday I had what was an open position from 3883, and I knew it was wrong so I was all over calling NT. by 8pm, the position was removed from my account.
Today I'm trading normally, but I will be taking screen shots of all my trades.
Sorry that some took this as advertising, it was not our intention. We understood this forum as a place to answer questions, and as we have accounts at Phillip, there was some confusion.
Yes, we clear Phillip. While we would like the Phillip statement to be accurate and timely, our system keeps its own information. Therefore, Phillip’s inaccurate statements did not negatively impact us.
Here is how it’s going to work: Phillips/NinjaTrader will continue going through the logs for the next month. Despite their assurances, this won’t be resolved anytime soon. Four weeks from now, traders will find that Phillips/NinjaTrader keeps the profits from all of the winning errors, and traders keep the losses from the losing errors.
My statement from 4/2 was corrected, so nothing on that.
The statement from 5/2 was also corrected but wrongfully. I had an up day but they stated that I had a down day on positions I did not take. My two "real" trades were not on it.
I did close automatically opened positions on Friday.
Today 8/2 I did trade (3 trades in the green). I hope it didn't affect anything. I didn't know that it was best not to trade.
I reported everything to NT and PC. I really hope they resolve the issue...
same for me, they fixed the Thursday statement, but I am still waiting for the Friday statement for which they recorded a small loss while I had a profit.
I hope not to have any surprises
Just wanted to update with my experience so far with this fiasco.
I frequently hold positions overnight and on Friday I saw a position in Silver I thought was closed by a stop limit order. Fearing it went through my limit price, I simply closed the order. Learned later that day that order to close put me in a short position which I am now on the hook for, around 3k in losses.
I spoke to my broker (NT) and their stance so far is that I should have known my positions and order and known that position was not real. I tried to explain that I have dozens of positions across different futures and other platforms and rely on them to provide me an accurate position. No go.
Has anyone had any success with getting their broker to take responsibility here? It's ridiculous a platform and broker I pay for can't tell me my correct position and then I am liable for the losses as a result.
Do you have a trading journal? If not, start one, IMO. As that will make you screen shot your positions and show either a flat or open position.
I was able to provide them screen shots for all my days trading but one, due to having my journal here.
I have never encountered this scenario before at any other broker. So I'm not sure if this is the norm with Phillips or not. The people at NT have been very helpful as I can pin point my open and closed positions and where I hit close to shown open positions in my account.
