Bad experience with Cannon/Gain

Discussion in 'Retail Brokers' started by Fonz, Feb 22, 2021.

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  1. Fonz

    Fonz

    Traders,

    Just in case, the following is my opinion only:

    I had another bad experience with Cannon/Gain:
    In a middle of a trade, I received about 10 more fills at odd prices and then again 8 more filled contracts in all directions. I immediately exit and canceled everything. Result = + about $2,000, which was just impossible.

    Few hours later, everything seemed fine and I bought and sold few contracts. Then, no position was left open.
    At 5:50pm Est, during the Globex break, I checked my platforms and I saw that I was short for 2 contracts (this is not possible...).. At the Globex reopening, again I flattened everything, with a small gain.

    After 30 minutes of the 1st problem and apparently also during the Globex pause, messages were sent via E-Futures International, their own platform that I keep open just for that raison: Of course, no call, no email. The message was a bad file was loaded resulting in ... I don't remember the end. No other information/message.

    Seriously?
    It could have been very bad and if no other new trades are taken against my wishes, I should be fine. Now, I record everything, until I close my Cannon/Gain account.
    That is it, I am done with them.

    Next step?
    Find another broker compatible with Jigsaw, hopefully a serious one.
    And, of course to keep talking about what happened and to keep good records of it. We'll see.

    Best!
     
  2. Interactive brokers, heard about Gain, unreal and terrible
     
    Fonz likes this.
  3. Fonz

    Fonz

    You are absolutely right!
    What broker / platform do you use?
     
  4. Fonz

    Fonz

    Following this incident day+1 at 9:00:

    I received by email my statement with no mention whatsoever of the incident. The reported fills are right. I checked everything.
    No new unwanted position without my consent, last night.

    So far, no news, no explanation, no apologies, from Cannon or Gain.
     
  5. Cannon_Trading

    Cannon_Trading Sponsor

    Hello @Fonz
    What happened today was a serious issue that should not take place in the trading world. Trading can be stressful enough without issues like what happened today.
    We clear with 6 diff. FCMs and over 10 diff. platforms and in the past 30 years , things like that will happen on rare occasions. Internet trading is not bullet proof. This is why we are here to try and assist when things like this happen.
    The fastest way to communicate the message was via the platform and the message said:

    In incorrect trade file was loaded into the platform looking like give-ups and duplicating trades. These trades are being reversed by the trade desk and any account that may have been liquidated due to a duplicated trade will be re-established to it’s correct position. Please contact your broker or the trade desk if you have ANY questions.

    We had more than a few clients contact us and we helped them the best we could to correct the error in a fast efficient manner.

    Jigsaw works best in my opinion with Rithmic data and we are happy to provide solutions for you if interested.

    We wish you would have contacted us via email or phone with ANY questions regrading trades you felt were in question and we would have tried to help as fast as we can.

    Not being proactive when this happened and just wait to see if the "profitable trades" are correct is not the way to go about it.

    We tell our clients – across all of our clearing relationships – if you ever see any trade activity in your account that you don’t know, or are not sure about, the first action to take is to call your broker and inform him/her of the situation. The fact that these events are as rare as they are, when it occurs traders’ initial thinking is that the trade activity in question is by their own hand and their first reaction is to trade out of the situation.


    This is what ends up adding to traders’ aggravation. On top of the initial disorder, instead of contacting their broker and inquiring into the situation, traders instead “trade out it,” only to discover later that the trade activity in question was not by their own hand and that the trades they placed to “offset” anything are theirs.


    Rare as this these types of situations are – and certainly as regrettable as they are – they are also almost without exception quickly identifiable, explainable and fixable.


    I am here to assist so please feel free to contact me directly.
     
  6. Fonz

    Fonz

    Unfortunately, it happens (again) with Cannon/Gain..
     
    DiceAreCast likes this.
  7. Fonz

    Fonz

    Thank you but no thank you.
     
  8. Fonz

    Fonz

    So, that was my mistake :vomit:
    As I said, "...I immediately exit and canceled everything"
     
  9. Fonz

    Fonz

    Yes I did. And of course, still my mistake :vomit: I should have wait on the phone being frozen and seeing orders going against me.
    Why not undo every orders from A to Z ? From your bad orders to my "exit orders".
     
    DiceAreCast likes this.
  10. Fonz

    Fonz

    Rare and fixable?
    I will make this situation less than rare. That will fix it.
     
    #10     Feb 23, 2021
    DiceAreCast likes this.
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