Misplace stop

Discussion in 'Order Execution' started by jmpage, Mar 13, 2008.

  1. jmpage


    This is the situation, Since I am new to futures trading decided to go with a full price broker that I can talk strategy with. Anyway 2 days ago bought 2 Nasdaq min 100 futures at 1713 with clerk since the broker was on vacation. Yesterday He comes back and I tell him to raise my stop at 1758, it was trading around 1765. Since I was tied up in a meeting could not check my account until I got home and notice that he only put the stop for 1 contract which got exercised The next morning he does not come in until 8:00 and the futures are down to 1720. So I put another stop at 1708 and get filled so instead of nice profit I end up with a small loss. Any recourse?
  2. rwk


    If you placed your order by telephone, you could check the tape to verify that you specified two contracts. Brokers are required to record all phone calls.

    If the order was correct, the broker should give you a price adjustment for one day's adverse movement. After one day, they no longer own the mistake.

    If you plcaed the order in person, you probably have no recourse.
  3. jmpage


    Thanks for the info.
    I place the order on the phone, I probably just said place my stop at 17.58 without being specific. I think I am going to move my acount to think or swim where I have total control. I have learned my lesson
  4. No need to move your account, I'm sure the same mistake will not be made a 2nd time.
  5. pipboy


    Why not place your trades online? You have to be losing valuable ticks calling Nasdaq orders in. Move to the screen
  6. jmpage


    I have opened my account at TOS and now enjoying the freedom, I still kept my old account since TOS does not trade the hogs and I like doing the hogs spreads since I made the most money in them. Still I did learn a few things from him, but now it time to move on.