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I recently opened a futures trading account and ran into a situation that seems more than a little odd to me. Since I'm new to this I was hoping to get a little insight. Any help would be appreciated.
After placing an order for 3 ES contracts (which was promptly filled) I set limit and stop orders and within a short amount of time the stop orders were processed and I was flat again. I was done for the night so I clicked the "cancel all" button on the advanced trader , saw my limit orders removed from the AT screen, then closed the platform and went to bed.
Several hours later i got a margin call as i had apparently bought 3 contracts and the market severely turned against me. They said I never canceled the limit orders, but I'm 100% positive that they were cleared from the advanced trader screen after I hit the cancel all button. I didn't check the order book ( which i'm now learning I probably should have obviously) but I assumed if they were removed from the advanced trader there was no need.
So is it even possible they were still active after being removed from the advanced trader? And if not how could they still have been active and eventually executed?
Can you help answer these questions from other members on NexusFi?
There is a ticket system that tracks cancelled orders. That is the first place to start with.
Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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I had this exact same thing happen with Firetip. I was completely flat with no working orders. I logged in a few hours later and I had a position. Luckily, the position was in a small profit. I closed the position, immediately closed out the account and moved brokers.
Closing account now. Sounds pretty unfortunate for me that it happened to be on a day the market took a huge dive. At first I was worried it wasn't a coincidence but maybe it was. I'm guessing i'm just out of luck tho huh? Pretty bad intro into trading futures
It's a valuable lesson. Accept responsibility for your actions, including the actions that led you to open an account at that brokerage and/or use that platform.
Still, if you can prove that you are correct and it is there error, then you should fight it. Keep everything in writing and then if the broker does not agree with your assessment, and your proof shows otherwise, escalate it to the NFA and CFTC. You will of course need a very clear chain of events that prove you are right and they are wrong.
After several weeks of diligent research I never found any information that led me to believe there was any reason not to trust my money with that broker/platform, but I suppose it is what it is and I'm just glad I didn't deposit/lose more.
There is no question that I'm 100% in the right on my end, but I assume proving that will be very difficult especially for someone like myself who has no idea how to even go about that process.
I appreciate the help and insight you all have/are providing.
