unable to trade due to broker software problem

[hitesh shah]

Hi ,

If we have lot of positions during the day and suddenly could not trade further due to broker software , how traders are handling this situations. Currently i can not create / modify / cancel my trades nor do the broker staff .

Pls share your experieinces .

Warm regards

Hitesh Shah

 

[ocil]

Pls share broker name.

 

[OneThatGotAway]

Thats where you should pick up phone call broker and square off trade
and next day find a new broker. there are lot of good brokers these days.

 

[Newbie Day-Trader]

This is why it can be handy to have an account with another broker with enough funds to open opposite positions, so whatever you lose in one account will be be hedged in the other account & your net losses will be minimized. Of course, if you keep a lot of open positions simultaneously then it might be a bit difficult to keep an equal amount of money in another account to hedge with stocks or futures but you could perhaps keep it in a savings account, so at least it earns interest & when you need it, you could make an instant-transfer when required. One way to minimize the requirement of such an idle amount would be to consider buying options to hedge your stock/future open positions with ATM/ITM options since buying options would require less margin than hedging with stocks or futures but the downside might be that options won't give you a closest 1:1 hedge against your open positions, like stocks or futures might. Of course, this mayn't be a foolproof plan that'll work in every situation but it's better than having no contingency plan at all.

Please share the broker's name (presuming it's not against the forum's rules) because all traders deserve to know their name to protect themselves from such brokers.