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Has this NIGHTMARE happened to anyone?
- Thread starter Razorsharp
- Start date
I'm gonna take a stab in the dark and say IB,
but still, NAME THE GOD DAMN BROKER.
but still, NAME THE GOD DAMN BROKER.
The reason i posted the thread was to get some guidance on how to proceed further.
The reason i don't want to name the broker in public is i don't know the legal implications of doing that.
From what i have heard so far from everyone here is that think kind of stuff has happened in the past at other brokers so it looks like this is fairly common. Especially the part about how the platform can't be relied upon.
The reason i don't want to name the broker in public is i don't know the legal implications of doing that.
From what i have heard so far from everyone here is that think kind of stuff has happened in the past at other brokers so it looks like this is fairly common. Especially the part about how the platform can't be relied upon.
Quote from Razorsharp:
The reason i posted the thread was to get some guidance on how to proceed further.
The reason i don't want to name the broker in public is i don't know the legal implications of doing that.
From what i have heard so far from everyone here is that think kind of stuff has happened in the past at other brokers so it looks like this is fairly common. Especially the part about how the platform can't be relied upon.
what was the platform.. assuming you pay for it , it must be 3rd party.. no need to mention broker.. does the platform have the audit trail ?, if so this is the route to take for proof.
platform is gstrader / strategy runner. its the same thing just different name.
Razorsharp: "The reason i don't want to name the broker in public is i don't know the
legal implications of doing that."
there are no 'legal implications' â so far as the broker's concerned the matter's closed
however it's up to you and everyone else to keep it open by publishing the brokers
name â why aren't you worried about publishing Strategy Runner's name ?
the 2 matters are
1: the failure of the order entry software 2: how the broker deals with the failure
and so far as being an advertiser on ET, all the more reason to state their name
those responsible for authoring software including exchanges Must take responsibility
for problems and failures of Their software regardless of the fact that at present they
may not be inclined to do so
i do not think it's the broker who's responsible for the trade but Strategy Runner
"however without me knowing the broker executes the order." - not so, the order entry
accounting program Strategy Runner executed the order
no doubt Strategy Runner have a similar 'electronic trading agreement' but such
agreements Have to be challenged in order to have them changed and responsibility
placed on the neck of the software author, not the software user
http://www.elitetrader.com/so/?action=view&SR_ProductID=98
legal implications of doing that."
there are no 'legal implications' â so far as the broker's concerned the matter's closed
however it's up to you and everyone else to keep it open by publishing the brokers
name â why aren't you worried about publishing Strategy Runner's name ?
the 2 matters are
1: the failure of the order entry software 2: how the broker deals with the failure
and so far as being an advertiser on ET, all the more reason to state their name
those responsible for authoring software including exchanges Must take responsibility
for problems and failures of Their software regardless of the fact that at present they
may not be inclined to do so
i do not think it's the broker who's responsible for the trade but Strategy Runner
"however without me knowing the broker executes the order." - not so, the order entry
accounting program Strategy Runner executed the order
no doubt Strategy Runner have a similar 'electronic trading agreement' but such
agreements Have to be challenged in order to have them changed and responsibility
placed on the neck of the software author, not the software user
http://www.elitetrader.com/so/?action=view&SR_ProductID=98
the platform is gstrader, it is strategy runner but with a different name.
Quote from Razorsharp:
anyone else have a similar experience?
Yes. Cost me 30% of the account. It took me a few hours to realise there was no point whining about it - cost of doing business. The broker won't eat the loss, nor will the vendor of (buggy) code.
It makes sense that neither of them can afford to. Somewhere around 35% of daily volume in exchange traded derivatives goes through TT - thats a few tens of billions notional - TT can't afford to compensate traders for bugs. Nor can a broker who is making $0.60 cents per round turn eat a loss that wasn't their direct fault any more than it was yours.
If it is a bug in the software, you have learned the hard way and it is time to use something else. You have told others so that they may learn without the need of an expensive lesson. Vote with your feet. From what you have said the broker hasn't done anything wrong. If the software is buggy, don't use it and let others know.
Sorry for your loss - I understand how frustrating and unjust it can be. If you still have funds, carry on business as usual.