Charged anew 11,000% of comm. fees for 1900 trades, and 570% of money used to trade

[TraderManiac]

jorgeamado you are very correct, although I do blame the company for taking advantage of a newbie and for misrepresenting its prices as the low. I started trading about a year and half ago, when online stock trading was still pretty new. I didn't pay attention to what I was being charged, and I thought I was losing my money in stocks, but after this incident happened, I realized I was losing my money from the commission fees.

Some here might want to know the result of my experience in the stock market. Here it is:
Never made it as a trader, lost by the commission fees, but would have been 95% of the time in the high greens holding two or more months out. Furthermore, would have done better holding long if I restrained myself from being in every good deal I saw.

 

[nbates]

Quote from TraderManiac:No, for legal reasons

I think the Moderators should delete this thread in its entirety.

Somehow, I just don't buy any of the facts alluded to and it's my belief the reason TraderManiac (a newcomer) can't state the name of who he's accusing is because the situation illustrated is "made-up" and he'd be liable for 'slander' if he named any brokerage.

-jmho

otherwise, it's a great commercial for Interactive Brokers.

 

[TraderManiac]

ElectricSavant yes, they arbitrate in Canada, but I'm not sure $6,250 is large enough for arbitration. And Patrick will not admit that a mistake has been made on his or the company's part. I have emphasized compromise greatly, but I don't sense either Patrick or X has any intention of compromising.

I have started a Small Claims Court action. I can't discuss it, but hopefully that gets this dispute settled in a fair manner.

BTW ElectricSavant I think Canada is too proper for you. The air in Canada is so proper you can slice bread with it. Someone gives you a dirty look: Smile and thank him. Someone cusses you: Smile and thank him. You find yourself surrounded by a bunch of people who don't speak English: Smile.

 

[ElectricSavant]

Obviously if you start a small claims action and your customer agreement caused you to agree to arbitration, then you lose. I do not think you understand.

Michael B.

Quote from TraderManiac:

ElectricSavant yes, they arbitrate in Canada, but I'm not sure $6,250 is large enough for arbitration. And Patrick will not admit that a mistake has been made on his or the company's part. I have emphasized compromise greatly, but I don't sense either Patrick or X has any intention of compromising.

I have started a Small Claims Court action. I can't discuss it, but hopefully that gets this dispute settled in a fair manner.

BTW ElectricSavant I think Canada is too proper for you. The air in Canada is so proper you can slice bread with it. Someone gives you a dirty look: Smile and thank him. Someone cusses you: Smile and thank him. You find yourself surrounded by a bunch of people who don't speak English: Smile.

 

[TraderManiac]

nbates trust me this is real. Can you imagine the way it would affect X's business if I reveal X. I don't want to be held liable for that.

And yes, the conduct, I stated, of the company is true.

 

[TraderManiac]

ElectricSavant no, I don't see any mention of arbitration. Furthermore, the IDA, of which X is a member, encourages legal action.

 

[nbates]

If the facts are true, then you have no legal exposure stating the Broker's name.

 

[bigmrfrank]

Quote from TraderManiac:

I started trading about a year and half ago, when online stock trading was still pretty new.

This proves you have the IQ of a slug.

 

[plugger]

Quote from TraderManiac:

ElectricSavant no, I don't see any mention of arbitration. Furthermore, the IDA, of which X is a member, encourages legal action.

Encourages legal action?????????????????????????????????

I was going to suggest that you go through the channels of the IDA to resolve this. Probably your best chance without costing you a lot of money. Unfortunately you've made up your mind in this regard.

Here's some sound advice. Drop this issue. Tell them you're not paying them anything. They probably won't pursure the matter given the small amount.

Before you ever start trading again, think about what you're doing and have a plan. You sound like you are out of control (not a good trading mindset).

 

[jem]

By your facts it seems you owe 9.95 times 44 days or however many days you traded minus a few cents for the offset of one cent a share for the opening trade.

Write them a letter or an email confirming that was your deal.