Futures? X-trader. Period.
who is liable for a loss due to a software problem ?
- Thread starter Wallace
- Start date
Futures? X-trader. Period.
About 2 years ago, due to a bug with IB TWS executing an order (I forgot the details), I lost about $1000. I wrote to IB customer service, attached the audit trail, and they refunded me the money.
IB also has a feature where you can request a trade cancellation, if you do so fast enough.
IB also has a feature where you can request a trade cancellation, if you do so fast enough.
Of course as several have said, you need to have backups (preferably hot backups) so you have no down time and very limited risk, but it's impossible to eliminate risk.
My big question is where's the line of people waiting to give any of these companies your profit when an outage or software glitch keeps you out of a position that would have gone south or kept you in a position past your target that ended up giving you a bigger gain? You see plenty of people wanting to blame a loss on anyone but themselves (for them not being prepared), but you don't hear of anyone calling up a broker asking where they can send the check for that extra gain they realized.
[And nobody can tell me that people don't occasionally get a break like that due to a glitch]
Cheers,
Paul
My big question is where's the line of people waiting to give any of these companies your profit when an outage or software glitch keeps you out of a position that would have gone south or kept you in a position past your target that ended up giving you a bigger gain? You see plenty of people wanting to blame a loss on anyone but themselves (for them not being prepared), but you don't hear of anyone calling up a broker asking where they can send the check for that extra gain they realized.
[And nobody can tell me that people don't occasionally get a break like that due to a glitch]
Cheers,
Paul
sorry Paul, don't agree with you, actually I'm not sorry. I don't agree with you.
"blame a loss on anyone but themselves (for them not being prepared)"
maybe I'm spoilt but I have Never had the sort of problems that NinjaTrader seems
to continually have in various varieties plus the various data feed problems while
using MetaTrader
look and see how many eSignal and IB problems are listed here on ET, how is
anyone supposed to prepare for the sort of problems users report that are created
by those companies ?
and people are actually Paying Money to eSignal !!!
"blame a loss on anyone but themselves (for them not being prepared)"
maybe I'm spoilt but I have Never had the sort of problems that NinjaTrader seems
to continually have in various varieties plus the various data feed problems while
using MetaTrader
look and see how many eSignal and IB problems are listed here on ET, how is
anyone supposed to prepare for the sort of problems users report that are created
by those companies ?
and people are actually Paying Money to eSignal !!!