Maybe you're lucky you got that. I filed an arbitration against Fidelity years ago where they hosed me out of $5,000. The arbitrator awarded me $1,000 with the comment, "yeah, well... you still made money" (wasn't a market loss, but rather a fee erroneously charged which Fidelity kept $4,000 of it)... and called it square. It wasn't that Fidelity was going to be "out" anything... I just wanted them to refund the fee that should have not been charged. Protecting their own, you know... the bastards!
Hmm, so maybe through arbitration I can at least get something back. This gives me a little hope I guess
See. That is really messed up and what I am afraid of. I usually ask them to bust the trade when something like that happens. Not sure if they will reimburse if the order instead expires if it was never sent to market and cost you an entry or exit point which is what happened to me this time. Anybody actually filed arbitration and won here?
I'm sorry this happened to you, but I think you know the answer. No, trading involves risk which you are willingly undertaking. Every disclaimer says that you should not trade money you cannot afford to lose. That's why brokers ask for your income. Every platform has a disclaimer that sh*t may happen and they will not be held responsible. That being said, I hate the fact that these guys have no skin in the game. Their goal is to cut costs. They should be required to maintain some minimum performance - SLA of sorts, but then they may not survive the zero commissions environment.
Thank you for replying. I somewhat know the answer, but I'm hoping some posters might prove me wrong and said they fought the brokerage and won to give me hope. Something worse happened to me with Robinhood 3 years ago and I never fought it and switched brokers. That one cost me $22k. I'm just tired of this being out of my hands as I daytrade full time for my wages Did anyone here not let the terms and conditions deter them and fought the big guy and won in court?
Negligent would be received the order acknowledged it and then lost it. I can give you a longer list - was the problem at the open ? Very few protections at the open.
I would appreciate a list. The recent one with td was within 30 minutes of open. The one with Robinhood their server and app just crashed and was down for 2 whole days.
Generally, brokerage liability can occur if an order is mishandled. Trading near the open or close or intermittent system outages are not a mishandling issue. It's what the industry calls an ACORN (advise customer our responsibility none) condition. This would relate to Robinhood issue unless advised of it and generally on order near the open or close. The order was misrouted - The order was internalized while a better market existed - (Subject to debate in fast markets) Being down for an extended period(Subject to debate) and not advising - Mishandling a suitability issue - BTW this will normally get you a check so fast it will make your head spin. An option order bounced continuously via linkage - Conditional order not coded properly when proper coding exists - Order lost - Order resequenced for no apparent reason - Phone orders not promptly relayed - I worked at four brokerage houses - one twice - and something I learned about customer complaints. 1. There is frequently an omission of all the facts 2. I can't think of a reason why a brokerage firm would be out to screw you and extreme volatility is a bitch. Sometimes volatile days are simply too much for some link in the system.