Did OP mention he called tech support? I don't recall that. He said he was handed from one advisor to another, all of them having to be licensed.
Question about lawsuit for broker
- Thread starter lasner
- Start date
They can say "you should monitor your positions". You're really responsible for your positions. I had orders not executing when they should and was compensated but that's a different case. If a broker doesn't tell you how to execute an order, assume you cannot do it. They're not obligated to have all the order types you require.
Dude, you're an idiot. There is an after hours market. You have regular trading hours then you have after hours. In the after hours market the stop loss has to be set up by unchecking the stop loss, if not you won't get filled. Unbelievably, listen dude there is a reason why you are on this forum.
YOU ARE AN IDIOT!!! I'm not talking about a GTC, I'm talking about a stop loss. Did you even read the post. The order was executed it has nothing to do with a GTC or getting filled. It has to do with the stop loss. There is an after hours market in silver. OK, Got that part. Now, when you are in silver in the trade there is a stop loss that has to go in. I call them on the phone to help me place the stop loss, they don't know how to do it after four people. Then they tell me to put a stop loss in that will not be executed overnight on during regular trading hours. So I'm not stopped overnight, only during regular trading hours.
It wasn't tech support, it was a licensed broker. yes, they have an advisory serviceit 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.
Sorry to tell you but I don't think you have any chance in court. You are 100% responsible for the orders you put in. If the tech support cannot explain properly it's still your fault since it was just tech support...you put in the order.
Also TIF is also valid for stops, just FYI. You should also be aware of the fact, that GTC orders are only valid for the DAY session. Any remains will be cancelled at the end of it and they are not valid for the Globex session.
CME turns all stop loss orders into limit orders. So even if your stop is triggered during an overnight move, you might get jumped because your order isn't executed at market.
Just take it as an expensive lesson to carefully read how the exchange works before you put on a trade or place an order
Also TIF is also valid for stops, just FYI. You should also be aware of the fact, that GTC orders are only valid for the DAY session. Any remains will be cancelled at the end of it and they are not valid for the Globex session.
CME turns all stop loss orders into limit orders. So even if your stop is triggered during an overnight move, you might get jumped because your order isn't executed at market.
Just take it as an expensive lesson to carefully read how the exchange works before you put on a trade or place an order
an IB broker doesn't necessarily knows how to use the crazy TradeStation UI, could have been a software bug, who knows
never take anything for granted, test, test and re-test and see how it works. You might have clicked on the wrong options or the software UI was buggy, who knows. Again, test trades before doing anything serious.
You had to think a very long time about that come back yet you only showed you are clearly the one who doesn't know what hes talking about ... A GTC isn't a type of order you dumb ass, it is a setting for your order. You had to set your stop order as GTC instead of a stop order set as a day order.
And you want us to believe you own a broker? LOL
If you actually didn't check a box that clearly said that the order wouldn't trigger during whatever IB sees as the SI overnight hours, that is just as bad as not setting the order as a GTC order. 100% your fault.
You don't belong in the financial markets dude, too bad you didn't lose everything, it would have done you a favor.
Now fucking suck it up and stop behaving like a 3 year old who doesn't get their way. You fucked up, you suck. Move on.
Quote from IBs website:
"Time in Force for Orders
The time in force for an order defines the length of time over which an order will continue working before it is canceled. We support the following time in force options:
DAY - A Day order is canceled if it does not execute by the close of the trading day. Unless otherwise specified, every order is a Day order.
GTC - A Good-Til-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled by the customer."
GTC orders are not only valid during the day, they do not automatically cancel at the end of the day. GTC stay in the book until either executed or canceled, with a few exceptions:
- GTC - A Good-Til-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled. GTC orders will be automatically be canceled under the following conditions:
- If a corporate action on a security results in a stock split (forward or reverse), exchange for shares, or distribution of shares.
- If you do not log into your IB account for 90 days.
- At the end of the calendar quarter following the current quarter. For example, an order placed during the third quarter of 2011 will be canceled at the end of the first quarter of 2012. If the last day is a non-trading day, the cancellation will occur at the close of the final trading day of that quarter. For example, if the last day of the quarter is Sunday, the orders will be canceled on the preceding Friday.
- Orders that are modified will be assigned a new “Auto Expire” date consistent with the end of the calendar quarter following the current quarter.
- Orders submitted to IB that remain in force for more than one day will not be reduced for dividends. To allow adjustment to your order price on ex-dividend date, consider using a Good-Til-Date/Time (GTD) or Good-after-Time/Date (GAT) order type, or a combination of the two.
has he mentioned he was with IB?