Something is fishy about Mr. Ross's scenario. It is impossible he sold PRE-SPLIT premiums on TASR after the stock split. Even if he had a bad quote, they would never have traded on AMEX or ISE. If you can not see the print, you did not make the trade. Com'mon!
Hey Ebo, 1. My trade printed on the AMEX, go to their site and check. I am the print at 23.30 at 9:33 a.m. for 15 contracts. It's in the historical anals of the exchange. 2. There was not DATA feed error, even my broker admits that, in fact the TASR QURRL is now trading way above where I sold it. The error was my broker not changing the symbol in my account. 3. I also confirmed the quote on the AMEX and on my esignal platform...so that's three checks..broker software, esignal, amex site. That's for you doubters who I guess believe anything brokers tell you. 4. I didn't know anything was weird or wrong, in fact I thought something was right. I had no idea there was a split on TASR friday, also, I traded TASR last week when it droped $30 in a day so obviously another $30 drop was not out of reality. 5. Lastly, been trading options for over 7 years, not a newbie by any stretch, but never had this happen. In the brokers words "this was our mistake" atleast they realize it.
Ebo, Also, I didn't sell PRE-SPLIT premiums genuis. I sold post split premiums, THE ISSUE IS THE SYMBOLS CHANGED BUT MY BROKER DIDNT CHANGE THEM IN MY ACCOUNT. MY $60 puts should HAVE been changed to $30 puts, DO YOU GET IT NOW! Rossmedia
Whos the broker? I need to know to make sure I never use these thieves. As axeman rightly stated - you make a boob - you pay broker makes a boob - you pay. The other point about getting 50 free trades is a route you should ALSO take as well as getting them to honor your trade - to stop you from closing your account with such a bunch of 2 cent jerks. Dude - youve got them by the short and curlies. Take them for all you can get - cos they will be sure to do the same 2 u when they can. Threaten with the SEC/SFA and report them to the exchange if they refuse. Good luck
I don't understand why you didn't post the broker. Post the broker. Then follow up with all of us as to how the outcome turns out. You might be surprised at who reads these posts! don
Good question, Honestly, my thinking is to try and resolve this issue amicably with my broker before publically naming them. I will however, when I'm certain they will not mediate or arbitrate this through NASD, post their name here, along with remaining details. I'm open to any contrarian suggestions, if you do not think this path most effective. Just trying diplomacy first. By the way, many. many traders on elite use my broker, they're not a small fish. rossmedia
Why do you expect the broker to take this loss when it is seems it is simply a clerical error on their part?
You are wasting your time. Read the brokerage agreement. Trying to profit from such errors is not going to help you much even if you go for arbitration or litigation.