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Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
Thanks Given: 4,399
Thanks Received: 10,225
I understand this is a terrible situation for people and I am very surprised that this is still an ongoing issue, but can't you all just take your Wednesday 3rd closing position and then go through your software trade logs for Thursday and Friday?
In theory, yes, positions and account balances are being backed into but throughout this process, the clearing firm has run into issues. We were expecting that this issue would have been resolved by the next morning but obviously this was not the case.
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
The update posted by @EdgeClear on Friday at 12:45 PM CST is still in play. The Edge Clear team has been working on this non-stop all weekend to support the traders and Phillip in figuring out which positions are real and which are mis-matched. EC has sent 5 updates to customers since Friday and will continue to do so as information becomes known. Until then, there really isn't much that can be done. Changing brokers isn't going to help, in my opinion. This can happen anywhere, unfortunately.
I have been in this business for 21 years. Back in the day, we would have had to deal with out-trades which a local trader would have to eat and they would be in the $250 per point contract, not the ES or micros. This happens from time to time. Technology fails periodically and all of it is mission-critical. There was advice given here to not panic. If you didn't put a position on and you find one in your platform, then it is not advisable to close it. Unless you aren't sure, then sit tight. If you aren't sure if a position is yours, then it is your broker who can help sort this out with you.
Just remember, that as a trader, you are the customer. Everyone wants to keep your business and wants you to be happy. Everyone is racing to resolve this and get back to you asap. Be patient.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
NT brokerage has a cqg mobile platform which also showed the erroneous positions. As someone who places orders via a custom strategy; i would and i did go flat in a instant. Though i did try to call them before doing this to no avail.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,057 since Dec 2013
Thanks Given: 4,399
Thanks Received: 10,225
I actually meant that as a question for the individual traders. I realize for you the broker this would be a mammoth task, but for each individual isn't it relatively easy. Even for traders who trade a lot isn't it just, download, reformat, excel pivot table - viola?
That's what @EdgeClear has done to independently identify the traders at risk. But this spans all platforms and a whole lot of accounts. The issue really is that it is unnerving to sit there, want to trade and watch an open position in your platform with P&L changing with every tick while not 100% certain what will happen next.
It will be sorted out soon.
Risk Disclaimer: Trading Futures is not suitable for all investors. Past Performance is not indicative of future results.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Have had same issue with Phillips Capital at NinjaTrader since yesterday. However I will say NinjaTader is updating the situation with a number of emails, which gives me some comfort. There's not much that can be done for now.
For all the traders that have gone through a situation like this before, what happened to the random open positions that you closed out? Were you ever reimbursed if you took a loss?
I wasn't sure what to do last week when I saw open positions that I did not initiate so I did close out two positions (one in profit and another in a loss) and emailed the trade desk. But now I'm showing a massive overall loss, which doesn't add up either.
Phillip Capital is saying the balances will be updated by tomorrow morning but just wondering from past experiences.
Tradovate also has users who have accounts at Phillip that were impacted by receiving inaccurate statements.
However, Tradovate also has a position management system that keeps all working, filled, canceled, and rejected trades, as well as your current positions, marked to the market. The Tradovate software also has a complete accounting system. Therefore, your account balance is up to date on every trade, including any fees or commissions.
While the FCM statement is still important, when using a complete middleware software like Tradovate instead of a front-end only connecting to an ISV, the impact is minimal.