Hey,
I am a new futures trader. One day, I was holding onto a huge losing position and the losses were getting bigger by the second.
Anyway, I held onto the loss hoping for a turn around because I was willing to lose the whole account. But, I never thought it would get to the point where I would wipe my account out. Finally the losses were right around my whole account that I decided to get rid of the position. Right when I was trying to get rid of it, I received "Margin Violation, can't place the trade signal" from my trading platform.
Thus, I called the Trade Desk to liquidate it. But, the person who assisted me told me that he couldn't see any positions in my account. Thus, being a newbie I thought the broker might've automatically liquidated the position when it fell below my account value, so that the broker won't lose money. I told this to the Trade Desk person and he kind of nodded in approval. I told the Trade Desk person that the position still shows up on my trading platform. He felt that it could possibly be a Tech Glitch. Thus, he transferred me to the Tech Support to tell them to get rid of the position from my trading platform.
The price further went against me. But I was out of it and I really didn't pay any attention to it, because this is all the money I had and I was willing to lose all of it to learn trading. Anyway, since the position was still showing up on my order platform the next day, I decided to give them a call and found out that they only existed from them the position that morning with a substantial loss and that I will be held accountable for it.
Thus, I had to call Head Order Desk person many times to complain, and he was hardly in the office ever. Then finally around 10 days later, they asked me when did I call the Order Desk. Thus, they searched all the phone records 1 hour before and after from the time I told them that I called and they said they cannot find a phone call.
Since I don't have a recorded phone conversation to disprove that, and do not have a order ticket #, they said I have to pay the money back. Is this fair?
I cannot afford to pay this much and they are trying to cheat money out of me.
I am a new futures trader. One day, I was holding onto a huge losing position and the losses were getting bigger by the second.
Anyway, I held onto the loss hoping for a turn around because I was willing to lose the whole account. But, I never thought it would get to the point where I would wipe my account out. Finally the losses were right around my whole account that I decided to get rid of the position. Right when I was trying to get rid of it, I received "Margin Violation, can't place the trade signal" from my trading platform.
Thus, I called the Trade Desk to liquidate it. But, the person who assisted me told me that he couldn't see any positions in my account. Thus, being a newbie I thought the broker might've automatically liquidated the position when it fell below my account value, so that the broker won't lose money. I told this to the Trade Desk person and he kind of nodded in approval. I told the Trade Desk person that the position still shows up on my trading platform. He felt that it could possibly be a Tech Glitch. Thus, he transferred me to the Tech Support to tell them to get rid of the position from my trading platform.
The price further went against me. But I was out of it and I really didn't pay any attention to it, because this is all the money I had and I was willing to lose all of it to learn trading. Anyway, since the position was still showing up on my order platform the next day, I decided to give them a call and found out that they only existed from them the position that morning with a substantial loss and that I will be held accountable for it.
Thus, I had to call Head Order Desk person many times to complain, and he was hardly in the office ever. Then finally around 10 days later, they asked me when did I call the Order Desk. Thus, they searched all the phone records 1 hour before and after from the time I told them that I called and they said they cannot find a phone call.
Since I don't have a recorded phone conversation to disprove that, and do not have a order ticket #, they said I have to pay the money back. Is this fair?
I cannot afford to pay this much and they are trying to cheat money out of me.
