Broker phone order error - my recourse?

The broker can claim its the final say, but , its not. A court gets the final say.

What I dont understand is why someone loses money, and then posts here looking for free advice - go get a lawyer.

Which broker did this anyways?
 
Obviously a court would get the final say but were talking $1,000 hardly any point in paying the legal fees.
One to take on the chin and forget id say.
 
Quote from tomcole:

I'd insist they split it with you, and no commissions.

It is a MUTUAL error and most likely you'd win in a court. You'd argue the broker had every reason to know you were a mini-trader, didnt listen carefully and because his commiss is based upon transaction had a reason to enter a wrong order.

The exact wording on the tape plays a role as well - if it was done in a very hurried fashion as many brokers do, you'd argue they did not take reasonable care. Obviously a small mini-trader can not be expected to act logically under extreme duress as you were at the time.

If on the other hand, the broker repeats the order in a s-l-o-w fashion, gives every d-e-t-a-i-l and asks you to r-e-p-e-a-t the order in a slow fashion, you're porked.
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Good points tomcole and ;
at the very least get the total amount or 50% of total as a credit for comissions. A credit for comissions would be to thier advantage.

Disagree a ''mini trader can not be exspected to act logical .''.....;
surely you jest.


:D
 
From engaging an attorney and explaining the details of the case to disclosure to discovery to rebuttal to filing in court, you are looking at at least 2 years and $15k or so (if the attorney is worth his salt). By the time you are done, you will have lost all hope in your case, your trading will be effected and you will have spent 200+ hours gathering info and talking about your case with people who think you are crazy. In the end, you might end up down only $14,000 if things go well.

Now..... does going to court still sound good?
 
Quote from Nick Leeson Jr:

I placed a order over the phone, to buy a mini commodity, which I clearly specified and then mentioned that it was closing a position, which I thought would also alert the broker to the correct commodity. The order taker read the order back, with a very slight descripancy - omitting the mini part of the contract. I didn't catch this. Then he went ahead and bought the large size contract instead of the mini. When I caught the mistake the market had dropped close to 1K. My broker wants to now hang me with the loss, even though he agrees that I entered the order correctly he is saying that since I didn't correct the order taker I get stuck with their mistake.

I need help, any advice would be appreciated.
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Nick, damn!

I presume one screwed up trade won't wipe you out.

Let it go. You'll have the opportunity to earn it back in the future, bro.

Coinz
 
I can only tell you that if I walk up to the mutual clerk at Churchill Downs and tell him I want $5k to WIN on the # 5 horse he or she will look down and punch out the ticket...

I'm handed the ticket and if I DON"T look at the ticket to confirm to myself that it is for the correct race, correct horse and correct amount and correct wager, in this case WIN, then I get to eat the entire $5k as well as miss out on all the profit if the 5 horse does win but when I look at my ticket I see he punched out $5k to Win on the #4 horse...

Same with when I bet using my phone account..I don't even talk to a clerk...I use codes for which tracks, which race, amount of bet, kind of bet, etc etc...after I place what I want, it does get read back to me (non human) and once I hit the # 1 on my phone to accept, I'm toast again if I didn't take the time to listen to the read back of my bet for any mistakes I might had made in using codes (for example, I mistakenly enter the code for a WIN bet when I really meant a SHOW bet...

This really doesn't have anything to do with you but I thought I would give you an example how it works in my business..
 
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