No, you are missing the point. They aren't advising me on trading, it's their own software. If you have software and you are advising on software then I would think you should be liable. The stop loss he advised to set up was not a full stop. It did not into effect overnight.
Question about lawsuit for broker
- Thread starter lasner
- Start date
No, you are missing the point. They aren't advising me on trading, it's their own software. If you have software and you are advising on software then I would think you should be liable. The stop loss he advised to set up was not a full stop. It did not into effect overnight.
I subpoenaed all of the phone conversations between myself and the brokers. It's just the point of the matter. I actually own a brokerage, it's funny. I'm looking at it from an owner's perspective and I'm like how are they not liable?! I'll have to look at the documentation that I signed more closely. Yes, if they rush you through and do not properly disclose then you legally can not be held liable. They do need proper thorough disclosure.
What exactly did they tell you and what exactly did you do?
What kind of order did you place for it not to trigger overnight? How did you exit the trade, manually? Placed a new stop order? What happened to the old stop order? Did it cancel? Was inactive during the overnight session but reappeared at some time? Did you manage to place the order yourself after the explanation or did the broker place the order for you? ...
A lot more information is needed.
Very good point. Yes, it does state arbitration. But this is the BIG but their officer told me on the phone I can take it to small claims court and it didn't have to go through arbitration. Their in house attorney called me and threatened to ask for their outsourced legal fees to be paid. I subpoenaed the phone conversation of the officer telling me I could take it to small claims court and was granted it. They tried to claim that the officer didn't have permission but I was told that he was the Guy that had to call me back and I would have to talk to him to that information. He's in charge of all of the brokers. Unreal, they just don't have it together. From a business perspective you need to be liable for your advice, if you don't know what you are doing then just don't give it. It's that simple.
Interactive Brokers??? Switch Broker...
Lawyer fees WILL EASILY go beyond your $5,800 bucks.
I was long CL futures on April 20th, 2020, but decided to close it down by 3pm, as I was losing a lot in an NQ futures short, and I wanted to start fresh the following day. Little did I know that CL would go to negative 38 that SAME FUCKING DAY. IB covered all losses into negative territory. That would have easily cost me hundreds of thousands.
$5,800 bucks is nothing (pocket change), when considering lawyers...
He probably placed a day order instead of a GTC and now he is trying to blame someone else for not checking the settings of his order.
He deserved his loss, only a complete idiot would open a position without knowing how to protect it.
I requested a stop loss on the silver future and how to set it up. They fully complied on how to set it up. With their platform, the stop starts out checked and you have to uncheck the stop loss in order for it to go into effect overnight. If you don't uncheck it, the stop won't go in overnight just during regular trading. Which makes no sense. Why not set it up it automatically so that it goes into effect overnight and they won't have this problem. So let's say, if you uncheck it, it won't go into effect and if it's checked it goes into effect, basically the opposite of how they have it. I told them that and they are like - "Yeah, gee, that's a good idea". How am I supposed to know you have to uncheck it. Luckily, like I said, I'm just glad it wasn't a huge amount.