Has this NIGHTMARE happened to anyone?

Discussion in 'Order Execution' started by Razorsharp, Jun 11, 2010.

  1. I wanted to ask for people's opinions on this matter?

    I trade euro bund futures.

    I place a sell limit at a specified price.

    the market is already 2 ticks away and i see it is going away even further and it won't come back so i cancel the order.

    however without me knowing the broker executes the order.

    I requested the log for the day!

    the fill of that particular order is not present in the log files of the platform.

    the logs shows that the order was received, queued, then canceled

    the platform is strategy runner.

    the broker claims the cancellation request did not go through quick enough and the order was filled without me even knowing. (on the platform at that time the open p/l doesn't fluctuate and it shows no fill!), and there is no other open orders running at that time.

    So the order was executed but u don't know because your open p/l is at 0 and is not moving at all(at that time the market was moving in one direction very violently.)

    i only found out about the fill of the order after i checked my broker statement. 24h later.

    the broker said because of the electronic trading agreement i signed i am liable for all "technical glitches"!

    seeing as the log showed no fill i thought i was correct but apparently not!

    anyone else have a similar experience?

    btw. this is a major broker that is here on ET.
  2. pr66067


    Sure that can happen....

    ...but no, that is a bug. They gave you an electronic out.

    Sounds like their agreement technically makes you eat their bugs, but you can and should react by closing your account.
  3. pspr


    I worry about that happening. I know the broker (any broker) is not going to eat any loss without being taken to arbitration whether their agreement says so or not.

    I think there was another thread recently that said IB did something similar to a trader and said their TWS platform is not the final word - the account statement is. It seems ever since electronic trading and low commissions (I used to pay Lind $26 RT now it is less than $5 everywhere) any errors are passed on to the trader any way possible.
  4. name the broker so we can all avoid... thanks
  5. You didn't mention if you had a stop (or bracket) associated with this order. If so, were your stop (or bracket) honored?
  6. So absolutely no where showed you had a position? Not any section of your open positions, PnL, trade tickets during the day showed you made any trades?
  7. because of the "technical glitch" it wasn't. loss wasn't that big but could have been much worse.

    They said statement is iron clad. They said you can't rely on the platform even though I am PAYING a monthly fee for it. Its messed up cause imagine you are in a position and don't even know it LOL.

    Everything on the platform is showing you are flat and little do u know that an order that the platform says is canceled was actually executed.

    I have been trading with this broker for a while now and everything was good and out of the blue this shit happens.
  8. cstfx


    I'd like to know which broker it is as well.
  9. What i wanted to know is do i have any recourse?

    how does the NFA handle these types of things?
  10. Several times I have cancelled an order only to have the order filled, it does happen. However there were places where it showed I had an order. My overall BP was moving, looking through my trades executed it was shown even if when I brought the symbol up it showed no position and most parts of my workstation showed no position but after the first time this happened to me I always periodically check every aspect of my workstation to ensure my orders went through as expected. When you're dealing with big money you really have to do lots of housekeeping throughout the day to ensure you know exactly what is going on.
    #10     Jun 11, 2010