I trade through a major self directed broker, I won't name their name. Let me get your advice on this. So I place a silver futures trade and I call into their help desk and ask how to place a stop loss using their software. Keep in mind I'm not asking advice on the trade just how to place a stop loss using their software. I had to go through 4 advisors because they didn't know how to use their software and place a stop loss. I finally get to someone who knows how to place a stop loss but they don't explain how to place a full stop loss that goes into effect overnight. So I'm not filled overnight. In the overnight market silver goes crazy and I don't get stopped out and lose more money. I was supposed to lose $2,000 if the stop went through but I lost $5,800 because the stop wasn't triggered overnight. Who would you say is responsible for this. Myself or the advisor that helped me set up the stop loss. Luckily I didn't place a large trade because I could have gotten crushed.
Question about lawsuit for broker
- Thread starter lasner
- Start date
Unless the broker's software failed in some way (and possibly even if it did), you are 100% responsible for not setting the stop order properly.
Sorry you had that experience, but this really is on you. Don't place a trade unless you know everything about placing orders, the software being used and how it works, etc.,
Everyone you talk to at a brokers office may not know what they are talking about. Based on what you stated there is likely no lawsuit, but you may find an attorney who will charge you a nice hefty fee for you to find out. Then afterwards who would want you as a customer? To place an order in the Silver market and to not know all the specifics beforehand and then calling after the fact about what your are doing is not good. Not trying to be a jerk here I believe you need to rethink this.
Everyone you talk to at a brokers office may not know what they are talking about. Based on what you stated there is likely no lawsuit, but you may find an attorney who will charge you a nice hefty fee for you to find out. Then afterwards who would want you as a customer? To place an order in the Silver market and to not know all the specifics beforehand and then calling after the fact about what your are doing is not good. Not trying to be a jerk here I believe you need to rethink this.
Thanks for the feedback, I'm taking it into small claims court. Interesting point but I still find it hard to agree with you. I'm not trying to sound like a jerk. I signed up for no advice on trades or finance, I didn't sign up to learn software. I'm using their software to place a financial transaction and they don't know how to use their own software. That just doesn't make any business sense. You have to at least know your product or then don't give advice on the product. I don't think I signed anything that states I have to learn the software. I'll have to go back and check. If I did then it's on me I suppose. I could see if I used their software on my own and made a mistake but not when they give me advice, tell me the wrong thing and I'm liable.
Wait, WAT? He shouldn't care that they instructed him wrong because if the market action had been totally different than it was he would have been better off with their bad instructions? Sorry man, that is INSANE. I hope you are trolling with that one lol...
I assumed since it's a self-directed account, you execute the trades through the broker's platform. So that makes you responsible even if the broker's representative didn't make the order clear to you. If you had a broker-assisted account, the broker would execute the trades and would be responsible if you asked for a good-til-canceled order.
You should probably read the agreement between you and the broker before you spend money on a lawsuit.
This is right, they undoubtedly have all sorts of self-serving "you do anything at everything at your peril, and we can't be held liable for our mistakes, bad advice, etc. etc.". If you do sue them lasner, when you get up on the stand, and the lawyer brings all this up, and how it was all in the document you signed (digitally I assume), were you aware of that? Your response needs to be: "Wait wat? I was supposed to read something? I remember it prompting me to check yes or some crap when I was signing up, but I just clicked through that so I could get my account open." Not saying that will get you past it, but you lose if you say "yea I read that and agreed to that risk" lol.