Unless you are an airline or Exxon Mobil, the judge may ask you (class action group) why were you in this commodity?? Same with USO...
Especially that he not only speculated this commodity but he even added onto his purchase positions that were against the market trend at the time. He not only saw that the price was tanking but he even knew that the price could go negative and he still decided to buy more. I originally thought there was no way of knowing because apparently crude price has never gone negative before but there were actually ample warnings from CMC. ET members here even posted advisories from CMC several times in that thread. The guy has no idea how the crude futures works, did a maverick move, didn't even bother to check with the broker how trading with negative prices would work with the trading platform and other alternative arrangements like phone in to close positions-people nowadays are so used to trading online that they don't know the existence of telephones anymore , lost (probably lost big considering he kept adding onto his long positions) and is now trying to get his money back. If only all traders can do that, lose on a trade and then go to court to blame it on the trading platform to get the losses back. Robinhood will be bankrupt in a day.
The CME shit the bed on this one, folks. I will go to my grave believing that there was some BS skulduggery going on with the whole negative CL pricing. And some poster mentioned up above that NG went negative at some point in the past? *sniffs* Must have been before my time. Anyways, this thread needs some musical kit. Like a KITT. Eartha Kitt died on X-Mas day a decade or so ago. That should not happen. Bolloks!
A warning to the poster (and anyone reading this thread)...This did happen!! I lived through it. This day (Black Monday), THERE WAS NO MARKET!! https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj4nYqWv6ntAhWlsDEKHfLIDYkQFjAMegQIIhAC&url=https://en.wikipedia.org/wiki/Black_Monday_(1987)&usg=AOvVaw3xT6npCO2c7zlTcVqMmSE4
Yeah that's why CME wanted to use the spread pricing as a pricing model for CL this time but for some reason they couldn't do it and they DID warn in their advisories that the negative prices may still not be displayed from their system. And they did warn the brokers to adjust the system properly. So yeah they did shit the bed but they tried to warn everybody about the bed. But the issue here is not CME. It's whether the idiot really deserves to get compensated more than what TD already tried to compensate him via arbitration when 1) he had no business in speculating in oil in the first place and 2) he's repeatedly added onto his buy positions after being amply warned about the possibility of negative pricing and 3) that negative pricing might not be displayed properly in trading systems and 4) there is phone-in trading system available to close orders in addition to online trading platform at TD. Even if TD might be in ten thousand wrongs which they very likely were not because they weren't the only broker that couldn't display negative prices, but if he stayed out of CL futures a highly volatile and risky instrument and didn't add onto the buy positions, took the time and effort to contact TD and discuss with TD about how the online trading platform would handle the negative prices and as the last resort, telephoned TD to close his positions instead of just letting the position sit there on the online trading system because he couldn't close it, his losses might be very little and would not have resulted into much damage. That's what the judge will look at. All of you guys are fine and didn't incur any damages and you are all retail traders in CL futures just like him. Like I said before, the court will only help those who's done everything they could to help themselves and were genuinely wronged beyond their control by others' actions or inactions. They are not going to help some greedy crybabies who are just sour about their losses and not happy with what their brokers offered them as compensation and want more. Otherwise it would be too easy for us traders. Anytime we suffer any losses, we just blame it on the broker and go to court to get all our losses back.
How's your lawsuit going, idiot? LOL From the sound of this, it's not going too well. I called you out, you lost. Face the facts and take it like a man instead of continuing being a crybaby...
I bet your the classic white dude who wears a hat probably working in law enforcement voting for trump, your lingo sounds like it hahahahahaha, tell me what size is your head i will buy you a hat to wear