Question about lawsuit for broker
- Thread starter lasner
- Start date
Yeah all of the brokers are covered by layers upon layers upon layers upon layers of disclaimers that make using their software like walking on highwires. Anything short of their software exploding in your face killing or injuring you or your family, their "advisors" coming to your house gunning you down, they are not responsible.
Which really makes me think we traders should get traders' insurance for losses due to software errors. Every single time we incur losses because their software f***'ed up or their "advisors'" f***ed up, we get paid. If those trading softwares are as robust as what those cheap brokers make them out to be, and those "advisors" are all competent, the insurance companies should have no problem underwriting that insurance to us right?
For those that want to trader futures, I would suggest using a chart program like Ninja Trader or one of their many competitors. The software will work with most brokers so you just need to learn 1 software and its pretty easy to use plus they have lots of help on their website with training videos.
For overnight trades, you would have 2 choices, leave the software running on your computer, the stop order you place will activate. Or you could run the software on a virtual server that you rent that sits next to the exchanges to cut down on lag and has more protection against power outages.
No one that trades futures professionally uses the brokers software.
For overnight trades, you would have 2 choices, leave the software running on your computer, the stop order you place will activate. Or you could run the software on a virtual server that you rent that sits next to the exchanges to cut down on lag and has more protection against power outages.
No one that trades futures professionally uses the brokers software.
Just don't use their automated trading system. It's crap. Their charts and manual trading software are acceptable.
it was technical support, not advisory, so all on you. You should have tried first with a few trades on a live basis and see how it works. Also reading the manual helps
Stop loss orders are wank anyway, they get triggered at the worst possible time, taking small losses, before it bounces back. Of course depends where you put the stop threshold, might have been too low.
I don't think it's so black and white. To prove this is probably impossible and whether this loss is worth a major risk of a suit is a different question.
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That is nonsense. That's like calling the doctors office to ask how to take the prescribed medicine and they tell you to take 3 pills instead of the usual 1 pill. If 1 was how much you should have taken then the doctor had a fiduciary duty to should have known. Broker staff, especially client facing staff are required to be licensed and they can't just talk shit.
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Well it's not their job to know their software, often times brokers just license third party product. A good broker should know but is not required to know. However, who is required to know the software is you. This mistake is on you for sure but I also think the broker is partly liable as well for having given wrong advice. The staff should have found someone knowledgeable at the broker to address your question instead of having given wrong advice.
Disagree strongly. I would sue a broker for zero loss if I was absolutely convinced the broker acted illegally or unethically. Your mentality is why so many wrongdoer get away and are repeat offenders.
No only the ones that are actually be expected to place trades for you and on your behalf are required to be licensed. The ones who are just answering questions about their software and their company policies are not required to have anything. They can be just elementary school graduates for all you know.