VLAD - your post will be used against you in arbitration...
Not to add insult to injury, but your post is pretty much an admission that you jumped into the trading game without knowing what you were doing (and with a load of broker assumptions).
Any broker out there wanting to stay in business for more than a day won't allow penny stock (LT $5.00/sh) to be margined...strike one. This practice is widespread (and makes sense - why would anyone allow what is essentially "collateralization" with stock from a company that may be bankrupt tomorrow). And it sounds like that is pretty much the reason you got killed. End of story.
I just can't imagine anyone jumping into such a volatile market without first testing the waters - regardless of how well-funded one is. A tough lesson you have learned - but you were at least half as responsible as E*Trade might have been.
Much of your post is a complaint that you weren't "properly and ethically coddled". I'm sure your agreement emphasizes that it is only providing a mechanism with which to trade. I'm sure there are a bunch of limitations, exclusions, acts-of-god clauses, etc., so you may be in for further ordeals. You may have an issue with the double-credited wire transfer, but E*Trade may not have even been responsible - it could've been your bank - and sometimes wire corrections are made, and an employee may not have even touched your funds. In fact, E*Trade might just come (legally) after your bank, should they be implicated as a possible reason for wire transfer errors leading to your loss. You should always allow funds to settle ...strike two. And if your caught up in the trading fervor, always remember there will be another day.
Weeks passed...I never recieved the promised phone tapes...
They really aren't under any legal obligation to give you
anything, unless it's in your agreement or a court orders it - another assumption on your part (strike three). Any lawyer will tell you that, too. Many people believe because they "demand" or "are promised" something, a company will meekly say "ok, here...have some evidence that can be used against me. Hmph."
was never available...never returned my messages or phone calls
Did you think you were the only one trading that day? That happens to every broker - SureTrade, Datek, ML - you name it. I don't mean to overly defend these behemoth money-makers, but did you really expect someone to pickup the phone in the midst of trading fury? Sounds like another assumption. Even the big traders sometimes can't get into a trade and the one's that do are paying for out the nose for those ECNs (SOES, Instinet, SelectNet, Archipelago, etc.)
I've had some on-line tribulations myself, but as with anything involving my money, I try to do a little homework first. Perhaps next time you'll do the same.
Good luck, though...
Scrumpy |
