Can I sue a broker for doing this?

Discussion in 'Chit Chat' started by zorro1, Dec 16, 2007.

  1. zdreg

    zdreg

    if you can't take the heat stay out of the kitchen.
     
    #81     Dec 16, 2007
  2. zorro1

    zorro1

    Screw you trader pr--k. You're worse than a broken record.
     
    #82     Dec 16, 2007
  3. zorro1

    zorro1

    You're a much worse fool than your name belies.
     
    #83     Dec 16, 2007
  4. Zorro, You ask
    "Can I sue a broker for doing this?"

    Why ask a question when you you don't want to hear answers!
     
    #84     Dec 16, 2007
  5. Your buttons are just way to easy to push. The emotion you are displaying is destroying you. You are hopping mad!

    I mean this in a good way dude....hop on over to Amazon and start reading trading books on psychology. Start with Douglas. Don't place another trade until you read that book at least 2x. Put the computer down, go to bed, and wake tomorrow to a new day and a new beginning. You are exibiting the classic "blame" behavior. You want someone else to pay for your mistake. You are furious with everyone here for giving you an <b>honest</b> answer. This is a golden opportunity for you to take this event and make it a turning point in your trading. Take the bull by the horns right now and move forward.

    "How to win friends and influence people" is another book I highly recommend. It won't do a thing for your trading but it will do wonders for your ability to handle and communicate with other people and manage your emotions in heated situations, such as the one you are in now.

    Best of luck to you but you gotta want to move forward from this. More anger is just going to take you backwards.

     
    #85     Dec 16, 2007
  6. zorro1

    zorro1

    I meant the opposite of knuckehead.
     
    #86     Dec 16, 2007
  7. Nice comeback, akeyla. At least you didn't try to deny any of the facts in the post. This is progress, if only a little. Perhaps you have given up on the idea of representing yourself as anything other than a trader who made a terrible error in judgement and lost a lot of money as a result of an outcome that was 100% his responsibility.

    Perhaps you have given up on the absurd idea of suing your broker because of the shock you felt when you saw the stock you had just been bought into plunge below your breakeven level. Perhaps you now understand that your broker acted correctly and your dream of suing him stems from the fact that you've suffered a loss and you're emotional about it.

    Perhaps you will now smarten up, stop whining like a little boy and take responsibility for your errors, and maybe, just maybe, you'll educate yourself so that the next time, your idiotic position sizing doesn't wind up costing you your entire equity.

    We will let you slide on the question of how in the name of God you ever thought that putting your entire equity plus leverage on one play was a good idea. Was this your first trade ever? Were you trying to make back losses in other trades? Are you a complete moron? One of these is probably correct; I suspect option #3.
     
    #87     Dec 16, 2007
  8. loik

    loik

    Why don`t you tell the people you want advice from, all the facts?
     
    #88     Dec 17, 2007
  9. If 95% of the posters don't understand this sentence, "Please address this issue. I don't want people talking to me about risk management and other such derisive remarks. I am not soliciting advise on the trading part of this trade but only want to know if I can take legal action" what makes you think they will understand any additional information? Might as well just piss in the wind.
     
    #89     Dec 17, 2007
  10. Zorro,

    Couple of questions. Have you had any communications with the broker and if so, what did they say?

    I'm not totally up on calculating DTBP, but doesn't holding an overnight position decrease your DTBP? Is it possible that you were over your DTBP the next day?

    I am assuming your contemplated legal action would be based on their covering your position without notice and without giving you an opportunity to deposit funds, plus the crude way in which they covered it. I think your chance of getting anything in an arbitration will depend on the exact wording of your customer agreement, which no doubt gives them broad discretion. It might be possible to construct an argument based on the idea that accepted industry practice was violated, particularly if you can prove that they treated you less favorably than others.

    Since there is a fair amount of money involved, it might be worth the time to consult with a lawyer who specializes in this type of case, ie customer arbitrations. Do not even consider using any other type of lawyer. Probably they will be able to tell you over the phone if it is viable or not. I would advise getting a capped fee, if you decide to go forward, as legal fees have a way fo getting out of hand quickly.
     
    #90     Dec 17, 2007