Am I responsible for faulty Trademaven?

jzlucas · Nov 12, 2005

Quote from Banjo:

You could have told transact to freeze your asccnt after flattening, reject all orders untill they hear from you in case TM was running amuck and issuing erroneous orders.

Will do next time! Thanks. J

nkhoi · Nov 12, 2005

Quote from Banjo:

You could have told transact to freeze your asccnt after flattening, reject all orders untill they hear from you in case TM was running amuck and issuing erroneous orders.

software issue erroneous orders by itself, now that is scary though.

j_medved · Nov 12, 2005

Quote from jzlucas:

Because Robin from Trademaven wasnt sure if I was flat or not. She agreed with me, then she didnt... she agreed with me, then she didn't. I had no idea what to do. My screen says Im short later on and losing money (and panicking)... so I flattened the order. You'd think after 2 hours they'd be able to give me an accurate account of whether or not Im in a trade. I was given conflicting information the entire time.

Your broker ALWAYS takes precedence. If they say you are flat, you are flat. If later it turns out you aren't, THEN you may be able blame them. But if they tell you that you are flat and you ignore it, you are responsible.

jzlucas · Nov 12, 2005

Quote from j_medved:

Your broker ALWAYS takes precedence. If they say you are flat, you are flat. If later it turns out you aren't, THEN you may be able blame them. But if they tell you that you are flat and you ignore it, you are responsible.

Yeah, I know the broker takes precedence. I guess it was a 2 against 1 kinda situation... that's what had me panicking... and that whenever I had an issue before it was resolved promptly and everyone agreed as to the situation. Thanks for the education everybody. The fact that they never called back "right away" like they said bothers me though. Also, they havent responded to any emails either. That was never an issue before this situation. Thanks again, all.

GoodTrades · Nov 12, 2005

Quote from jzlucas:

Because Robin from Trademaven wasnt sure if I was flat or not. She agreed with me, then she didnt... she agreed with me, then she didnt. I had no idea what to do. My screen says Im short later on and losing money (and panicking)... so I flattened the order. You'd think after 2 hours they'd be able to give me an accurate account of whether or not Im in a trade. I was given conflicting information the entire time.

If you ever have a problem like that have your broker call the exchange and get your position and working orders. What the exchange says is the final say.

brownsfan019 · Nov 12, 2005

Another way to backup this situation is to download TransAct's DOM. You don't have to trade off of it, just minimize it and bring it up if there's a glitch. Trust it's numbers over TM.

I've been using TradeMaven for sometime, and I am not familiar with the TransAct DOM. Can someone please explain this and walk me through how to open this? Thanks!!

luke24.5 · Nov 12, 2005

http://www.transactfutures.com/TransactTrading.htm

This link should get you there.

MacroEvent · Nov 12, 2005

Quote from jzlucas:

Because Robin from Trademaven wasnt sure if I was flat or not. She agreed with me, then she didnt... she agreed with me, then she didnt. I had no idea what to do. My screen says Im short later on and losing money (and panicking)... so I flattened the order. You'd think after 2 hours they'd be able to give me an accurate account of whether or not Im in a trade. I was given conflicting information the entire time.

there you have it --- you were dealing with a women who could not make up her mind! what did you expect!!! :eek:

MacroEvent · Nov 12, 2005

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

Just Kidding!

MacroEvent · Nov 12, 2005

so far i have never had a trade problem like you have mentioned with TM, but the ONLY practice to use on the phone with any broker is "customer commitment". you HAVE to make the broker commit to their answer --- if they sound vague then ask for a supervisor or someone who will commit their answer to you --- they have to take full responsibility to your situation or you do not let them off the phone.

when you have large lot order situations you MUST make the broker commit to the "final" answer {employees name, position with the broker, and the specifics called back to you as to what they are committing to in order to satisfy your needs --- period!}.

i have had to do things like this before and it is the only way that works imo.