Thanks bladerunner2049 for proffering the best recommendation I've received.
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Trading Technologies cancelled my order--what would Rick Lane say?
- Thread starter J.P.
- Start date
"I'm sorry our pursuit of giving you a superior platform came up short in this instance, but rest assured the issue was quickly patched (hotfix going out after Friday's close), and you have a team that cares deeply about your experience and about continuing to provide you the stable and reliable trading platform you require."
----- This paragraph rings hollow to me... The customer was harmed and is no way responsible for one order being canceled and having to adsorb a loss....when the customer's strategy was correct.
----- This paragraph rings hollow to me... The customer was harmed and is no way responsible for one order being canceled and having to adsorb a loss....when the customer's strategy was correct.
There are no "buts" in a vendor - customer relationship. The vendor was completely at fault in this instance; the customer was completely right (in following rules, setting up a winning trade and placing said trades in the TT system). There are business "ethics" in a free, capitalist society. Caveat Emptor does NOT apply in any regulated, brokerage environment. If it currently does, then there needs to be "change".You have a good point. but at the same time, customers need to understand that they are taking RISK of all types when investing/trading in the markets-- its just not market risk.
~
surf
No matter what some "words" on a piece of paper say, TT is a fiduciary ! It may be a fiduciary for only a tenth of a second a few times a day, but TT ~ is ~ imo.
The customer was harmed, the customer did no wrong, matter of fact, the customer, taking on their own responsibility for their own actions, alerted TT of the problem. Who knows how many other clients would have been harmed if the client didn't alert TT. If TT was an ethical partner and vendor, the client would have been made "whole" immediately and a credit for 3x the damage to his account should have been credited to his account the following day. That is "ethics"...and taking care of clients when your vendor wrongs them is what mature, ethical businessmen do.. That has been the way things have been operating since the Magna Carta ...don't settle for less people.
I may disagree with you a little bit here, if I may. If I worked hard for someone and just when I was picking up my paycheck they snatched it away from me, it would be difficult to understand that, technically, I did not lose any money.you technically did not lose any money
I totally agree.That would be extremely terrible customer service, since it was obviously their fault.
In your scenario, you did lose money. It is agreed that you are working not for free. The equivalent to trading would be actually making a winning trade, but the broker decides to not pay you. The trade never happened so therefore he technically did not lose/make any money, though that is not how it feels.
[1]I may disagree with you a little bit here, if I may. If I worked hard for someone and just when I was picking up my paycheck they snatched it away from me, it would be difficult to understand that, technically, I did not lose any money.
I totally agree.
On the late afternoon of Friday, May 5, 2017, during market hours, I entered a GTC order to sell 30 June ES at 2403.25 and a GTC order to buy 30 June ES at 2394.25, a nine-point play.....
[2]
they immediately responded then acknowledged the platform error. I then asked that I be filled at my price. However, there was no reply as I watched the market continue to move lower which necessitated the cancellation of my offsetting buy order. Soon thereafter the market traded through my offsetting buy order price..........
[3]
I asked Trading Technologies to reimburse me for the loss that I suffered for those nine ES points [END]
[Hobbs The Cat snarks: ]
'little people' just have to understand their place among the players "of this game' and understand that they don't rate as important. Just suck it up and keep payin' your TT monthly fees buddy !
I respect your opinion, but I'm not seeing it that way. In this case, the trade was made. And it was pulled a fraction of a second before the payoff. Regardless, peace, and we'll leave it at that.In your scenario, you did lose money. It is agreed that you are working not for free. The equivalent to trading would be actually making a winning trade, but the broker decides to not pay you. The trade never happened so therefore he technically did not lose/make any money, though that is not how it feels.
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Thanks @Hobbs The Cat for your moral support."I'm sorry our pursuit of giving you a superior platform came up short in this instance, but rest assured the issue was quickly patched (hotfix going out after Friday's close), and you have a team that cares deeply about your experience and about continuing to provide you the stable and reliable trading platform you require."
----- This paragraph rings hollow to me... The customer was harmed and is no way responsible for one order being canceled and having to adsorb a loss....when the customer's strategy was correct.