Can I sue my broker?

Discussion in 'Trading' started by jr07, Apr 20, 2009.

  1. jr07

    jr07

    Hi

    I use firstrade.com and this morning's glitch has already cost me about $3,000.

    I places orders near market open and they still havent been filled! They have a message on the front page saying there is a technical issue to be resolved soon. It is almost 11am and still nothing.

    J
     
  2. No read your contract it will have disclaimers covering this issue. There seems to be an exchange issue with futures. Lots of folks, including me, are reporting problems so I don't it's a broker issue. I have no data on ZF before 6AM even though it's set to globex.
     
  3. #1 - post a REVIEW of your broker on this site to tell others of your experience.

    #2 - Speak with a DIRECTOR of their company & demand an adjustment. If it wasn't an exchange problem, they should credit your account for their error.

    #3 - You probably don't have any legal recourse, as the account docs you signed indemnified the brokerage.

    If it's not a good brokerage, I'm sorry to hear about your misfortune.


    ALWAYS better to trade directly with the clearing firm, IMHO.

    GL!
     
  4. Have you tried calling the order in? Maybe they can route it manually.

    This morning I also thought I had a sell order not execute, it was sitting in the open orders while the price was plummetting and I was getting mad because I have a 2 second guarantee on market orders. However when it finally moved to executed status, I discovered to my relief and joy that it sold at the price from when I placed the market order.
     
  5. If the power in your office will go down and you’ll lose money, will you sue the power company?

    Use this as a learning experience and a lesson to understand that you chose your broker, and you chose not to be prepared for such scenario. If not, next time it might cost you much more than 3K.

    Don't get me wrong, I feel for you, I know it's a bummer, but that’s unfortunately how things work in the realm of trading business, we have to prepare for such things (BTW approx 5 years ago my broker stuffed up order, it was a computer glitch in their system and in the end we agreed to to split the loss in half, trust me, I know how pissed off you must be). Learn from your experience, that's the best you can do :)
     
  6. nkhoi

    nkhoi Moderator

    Can I sue my broker?
    Yes.
    Can I win?
    maybe.
     
  7. You could file a complaint with NFA, but it probably won't do much do to the disclaimers.
     
  8. ©2009 Firstrade Securities Inc. All rights reserved. Member FINRA/SIPC.
    Important Information | Privacy Policy | Security Center
    System response and access times may vary due to market conditions, system performance, and other factors.


    Haha I think this is how they get away with it. Thanks for the heads up.

    I went direct access and never going back.
     
  9. jr07

    jr07

    how do you go direct access?
     
  10. geoMEAN

    geoMEAN

    I agree with Mr. Consistent. You must be prepared for strange scenarios like power outages, internet outages, order/trading server problems.
     
    #10     Apr 28, 2009