Trade dispute - futures io
futures io futures trading



Trade dispute


Discussion in Trading Reviews and Vendors

Updated by xplorer
      Top Posters
    1. looks_one xplorer with 3 posts (1 thanks)
    2. looks_two marcopolo1 with 3 posts (5 thanks)
    3. looks_3 phantomtrader with 2 posts (3 thanks)
    4. looks_4 kevinkdog with 2 posts (2 thanks)
      Best Posters
    1. looks_one artemiso with 8.0 thanks per post
    2. looks_two marcopolo1 with 1.7 thanks per post
    3. looks_3 phantomtrader with 1.5 thanks per post
    4. looks_4 kevinkdog with 1.0 thanks per post
    1. trending_up 1,234 views
    2. thumb_up 20 thanks given
    3. group 4 followers
    1. forum 12 replies
    2. attach_file 0 attachments




Welcome to futures io: the largest futures trading community on the planet, with well over 100,000 members
  • Genuine reviews from real traders, not fake reviews from stealth vendors
  • Quality education from leading professional traders
  • We are a friendly, helpful, and positive community
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts
  • We are here to help, just let us know what you need
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

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

 
Thread Tools Search this Thread
 

Trade dispute

  #1 (permalink)
columbus OH/USA
 
Experience: Advanced
Platform: TOS
Broker: TOS
Trading: ES TF NQ, CL NG
 
marcopolo1's Avatar
 
Posts: 187 since Mar 2013
Thanks: 256 given, 248 received

Trade dispute

Need advice.

Few days ago, I was trading a future contract. Put sell order. Order was submitted but I never got fill acknowledgement.
I tried to cancel the trade few times in platform but got error. So, I was in limbo.
The trade was nicely positive first but I couldn't close it because not open in trading platform; the trade then went negative then kept going against me to badly negative and I still couldn't close it.

I called brokerage call support right away and waited more than 1 hour to be able to talk to someone. After few minutes, they "fixed" something and the trade was now live with a bad loss.

I called again and they offer a very very small compensation for trade (10% loss).

I'm going to dispute trade in writing, and thinking of filing complaint with FINRA.

I was wondering if anyone experienced this kind of issue before, and what they did?

Any recommendations or suggestions?

Reply With Quote

Can you help answer these questions
from other members on futures io?
Convert NinjaTrader NT7 indicator to Tradestation EasyLanguage and RADARSCREEN
Platforms and Indicators
Issue meeting order entry conditions
Elite Automated NinjaTrader Trading
Last 5 minutes Label
ThinkOrSwim
Moving average with Lag reduction
NinjaTrader
Linux?
ThinkOrSwim
 
Best Threads (Most Thanked)
in the last 7 days on futures io
What is your single biggest weakness?
95 thanks
Spoo-nalysis ES e-mini futures S&P 500
88 thanks
Is Volume Profile worth learning or is it an outdated concept?
59 thanks
Is Amp at risk of going under?
52 thanks
Is Orderflow An Outdated Concept?
30 thanks
 
  #3 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,768 since Jul 2012
Thanks: 1,419 given, 5,325 received



marcopolo1 View Post
Need advice.

Few days ago, I was trading a future contract. Put sell order. Order was submitted but I never got fill acknowledgement.
I tried to cancel the trade few times in platform but got error. So, I was in limbo.
The trade was nicely positive first but I couldn't close it because not open in trading platform; the trade then went negative then kept going against me to badly negative and I still couldn't close it.

I called brokerage call support right away and waited more than 1 hour to be able to talk to someone. After few minutes, they "fixed" something and the trade was now live with a bad loss.

I'm going to dispute trade in writing, and thinking of filing complaint with FINRA.

I was wondering if anyone experienced this kind of issue before, and what they did?

Any recommendations or suggestions?

In cases like that, I always call the Trade Desk immediately. Maybe that is who you called, although "brokerage support" might have been tech support - a different set of people. You should never have to wait an hour to talk to the Trade Desk.

You can certainly try filing a complaint, but there is usually a lot of legalese in your agreement where the broker says they are not responsible for electronic platform screwups. They will use that in their defense, and it typically holds up.

I'd personally try to talk to a higher up at broker first, see if they will make it right. If not, maybe a complaint is the way to go.

Good Luck!

Follow me on Twitter Reply With Quote
The following user says Thank You to kevinkdog for this post:
 
  #4 (permalink)
Reno, Nevada
 
Experience: Advanced
Platform: NinjaTrader
Trading: ZN, ZB, CL
 
phantomtrader's Avatar
 
Posts: 306 since May 2011
Thanks: 67 given, 499 received


marcopolo1 View Post
Need advice.

Few days ago, I was trading a future contract. Put sell order. Order was submitted but I never got fill acknowledgement.
I tried to cancel the trade few times in platform but got error. So, I was in limbo.
The trade was nicely positive first but I couldn't close it because not open in trading platform; the trade then went negative then kept going against me to badly negative and I still couldn't close it.

I called brokerage call support right away and waited more than 1 hour to be able to talk to someone. After few minutes, they "fixed" something and the trade was now live with a bad loss.

I called again and they offer a very very small compensation for trade (10% loss).

I'm going to dispute trade in writing, and thinking of filing complaint with FINRA.

I was wondering if anyone experienced this kind of issue before, and what they did?

Any recommendations or suggestions?

Kevin is right - always have your phone ready with the trade desk number on speed dial. The second something goes wrong, call. I had a problem with the NT7 DOM - I would hit close and it would reverse the trade. Absolutely nothing you can do about it because the record shows I hit a reverse. But at least if you have the trade desk on speed dial, you can call immediately and make sure your trades are in order.

Reply With Quote
The following 3 users say Thank You to phantomtrader for this post:
 
  #5 (permalink)
Indianapolis, IN USA
 
Experience: Advanced
Platform: Ninjatrader TOS Custom
Broker: Several
Trading: ES CL ZB
 
Posts: 374 since Dec 2009
Thanks: 225 given, 379 received


marcopolo1 View Post
Need advice.

Few days ago, I was trading a future contract. Put sell order. Order was submitted but I never got fill acknowledgement.
I tried to cancel the trade few times in platform but got error. So, I was in limbo.
The trade was nicely positive first but I couldn't close it because not open in trading platform; the trade then went negative then kept going against me to badly negative and I still couldn't close it.

I called brokerage call support right away and waited more than 1 hour to be able to talk to someone. After few minutes, they "fixed" something and the trade was now live with a bad loss.

I called again and they offer a very very small compensation for trade (10% loss).

I'm going to dispute trade in writing, and thinking of filing complaint with FINRA.

I was wondering if anyone experienced this kind of issue before, and what they did?

Any recommendations or suggestions?

Your profile says you're using TOS. I have used TOS for a long time - and have never had to call the trade desk subsequent to the TD Ameritrade acquisition. That said, I would not trade with ANY brokerage firm where it takes an hour to get through to the trade desk. The trade desk number should be answered promptly, and if it takes more than 5 minutes to be talking with a broker that can see and adjust your open positions, it's time to change brokers. In the future, you might also consider some type of redundant access to your trading account. For example, if you cannot close the trade via your trading platform, can you log in through their website or through their mobile application to close your position? TOS offers account access via all 3 modalities. If you happen to be using a brokerage that uses a separate clearing firm (unlike TDA), you might be able to access your account through the clearing firm website as well.

Disputing the trade in writing is a good idea, but the broker will most likely not have legal obligation to correct your trade. If they can determine the problem was clearly on their end, they might make it right. In reality, there are so many variables in electronic trading it's easy to ascribe any issues as "someone else's problem."

Much easier said than done, especially when something is not right, but taking screen shots of your efforts to access your account by as many modalities as possible and keeping a phone log of your broker calls and their duration might be helpful going forward.

Sorry you had this problem and I hope you are able to get it resolved to your satisfaction.

Reply With Quote
The following user says Thank You to timefreedom for this post:
 
  #6 (permalink)
Super Moderator
London UK
 
Experience: Beginner
Platform: CQG
Broker: S5
Trading: Futures
 
xplorer's Avatar
 
Posts: 4,983 since Sep 2015
Thanks: 12,498 given, 11,180 received


phantomtrader View Post
I would hit close and it would reverse the trade. Absolutely nothing you can do about it because the record shows I hit a reverse.

Well, you could record a video of the trade - that would prove to the vendor that you acted correctly. Not saying it's a life saver but if you had to enter in a dispute it would serve as supporting evidence.

Reply With Quote
 
  #7 (permalink)
columbus OH/USA
 
Experience: Advanced
Platform: TOS
Broker: TOS
Trading: ES TF NQ, CL NG
 
marcopolo1's Avatar
 
Posts: 187 since Mar 2013
Thanks: 256 given, 248 received

Update

I'm glad to report that a broker manager contacted me and informed me they issued a trade adjustment for the loss because I'm a great customer and this wasn't my fault but neither their. Frankly, it's a big relief because this was quite a significant loss.

The explanation was that "CQG went down".

Thanks all for your support and help -)

Reply With Quote
The following 2 users say Thank You to marcopolo1 for this post:
 
  #8 (permalink)
Legendary Market Wizard
Cleveland Ohio/United States
 
Experience: Advanced
Platform: Tradestation
Broker: Tradestation, DeCarley, others
Trading: futures
 
Posts: 2,768 since Jul 2012
Thanks: 1,419 given, 5,325 received


marcopolo1 View Post
I'm glad to report that a broker manager contacted me and informed me they issued a trade adjustment for the loss because I'm a great customer and this wasn't my fault but neither their. Frankly, it's a big relief because this was quite a significant loss.

The explanation was that "CQG went down".

Thanks all for your support and help -)

WOW, I am impressed. Care to say which broker (if it is not TOS, like your profile says)? This is how customers should be treated.

Follow me on Twitter Reply With Quote
The following user says Thank You to kevinkdog for this post:
 
  #9 (permalink)
columbus OH/USA
 
Experience: Advanced
Platform: TOS
Broker: TOS
Trading: ES TF NQ, CL NG
 
marcopolo1's Avatar
 
Posts: 187 since Mar 2013
Thanks: 256 given, 248 received


kevinkdog View Post
WOW, I am impressed. Care to say which broker (if it is not TOS, like your profile says)? This is how customers should be treated.

Sure, broker is TOS/TDAMERITRADE.

Reply With Quote
The following 3 users say Thank You to marcopolo1 for this post:
 
  #10 (permalink)
Reno, Nevada
 
Experience: Advanced
Platform: NinjaTrader
Trading: ZN, ZB, CL
 
phantomtrader's Avatar
 
Posts: 306 since May 2011
Thanks: 67 given, 499 received



xplorer View Post
Well, you could record a video of the trade - that would prove to the vendor that you acted correctly. Not saying it's a life saver but if you had to enter in a dispute it would serve as supporting evidence.

It's a random event and I'm trading a live account. Don't have time during a live trade to make a video!

Reply With Quote



futures io Trading Community Trading Reviews and Vendors > Trade dispute




Upcoming Webinars and Events
 

Free BloodHound Licenses to everyone!

June
 

Every journal equals ten meals for the hungry

June
     



Copyright © 2020 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