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Trade dispute
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Trade dispute

  #1 (permalink)
Elite Member
columbus OH/USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: TOS
Favorite Futures: ES TF NQ, CL NG
 
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Posts: 186 since Mar 2013
Thanks: 256 given, 243 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?

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  #2 (permalink)
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  #3 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
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Posts: 2,471 since Jul 2012
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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!

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #4 (permalink)
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Reno, Nevada
 
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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.

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  #5 (permalink)
Elite Member
Indianapolis, IN USA
 
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Platform: Ninjatrader TOS Custom
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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.

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  #6 (permalink)
Market Wizard
London UK
 
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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.

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  #7 (permalink)
Elite Member
columbus OH/USA
 
Futures Experience: Advanced
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Thanks: 256 given, 243 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 -)

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  #8 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
Platform: Tradestation
Broker/Data: Tradestation, DeCarley, others
Favorite Futures: futures
 
Posts: 2,471 since Jul 2012
Thanks: 1,215 given, 4,545 received
Forum Reputation: Legendary


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.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #9 (permalink)
Elite Member
columbus OH/USA
 
Futures Experience: Advanced
Platform: TOS
Broker/Data: TOS
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Thanks: 256 given, 243 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.

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  #10 (permalink)
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Reno, Nevada
 
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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!

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