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My impression is that all orders to a broker are taped and that if
problems occur, the tape tells the truth.
For traders not day trading, a good idea is to fax your orders through
and then wait for a confirmatory call. Then just simply go through the
orders with your broker, with the same piece of paper in front of you.
Emailing orders could be a new way of doing it and I suppose at least
a few brokers have this service, but I have never used it myself.
Lastly, if you have problems with a broker, just threaten to report
him to the commission or to the exchanges that he is a member of, the
broker would rather settle on $5,500 than loose his membership or have
it reported.
______________________________ Reply Separator _________________________________
Subject: Gen: Help!!!
Author: kalalex@xxxxxxxxxxxxx at Sydney-Internet
Date: 1/7/98 11:00 PM
Hi,,,Every Traders on RT.
I need fellow traders',specially on Forex, idea or experience.
I've been trading Forex with a Chicago firm called PFX, Inc, a
subsidiary(not so sure) of PFG, Inc(an FCM).
They started messing up my account at Dec22 last year and today,,,closed
down it without even noticing me even though I had enough equity left to
maintain my positions.
Story goes like this. On Dec22, I put a sell order on USDJPY and got the
ticket number from the dealing desk. Later I found out that this order
never happened at least on my statement.
Worse thing is,,,the buy order to close that sell position only went
through to leave me an outright buy position just before Jan 2 big upmove.
The worst thing is they put another buy order on my statement, which I
never put, Dec29, leaving me double risk.
Now they closed the 2 buy positions and gave me $5,500 loss.
Someone told me before here on RT that PFX had such a bad reputation.
Okay,,,the reason I post this is that if anyone here or you know who trade
through PFX and had problems such as mine,,,,please come forward. I think
I'll be sueing them soom and if there's any more victom,,,we'd better get
organized.
One other thing,,,,I'm sure we have very much experienced traders here on
the group who could advise me on this kind of matters. So,,,anyone with any
idea or advice,,,also come forward and do so please.
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