To anyone interested....I would like to address the situation of trading through systems such as Terra Nova trading, Broadway etc. In particular, Terra Nova Trading and Townsend Analytics software. I was trading with them, up until recently, through a branch office and after experiencing a number of errors and absolute arrogance and IGNORANCE I decided to cancel my service. Among the problems:
1) The software is consistently flawed and inaccurate. There were a number of times that I could never receive an accurate amount of what I actually had in my account. Why can't your account be done like accounts at the normal online brokers where it states very plainly and easily how much you have to trade or have traded? When I tried to access the web reports it consistently wouldn't come up...why?...I have no reason. So it left me guessing and depending on the people at Terra Nova to keep records of my account. After dealing with them, I have my doubts on if the records are accurate at all.
2) At times I had margin calls for absolutely no reason at all. When I tried to find out the reason why, NOONE knew exactly what was going on at the office...at times even being rude, arrogant and not returning calls.
3) The software indicated in my account that I had money to trade when in reality the amount listed was wrong or inaccurate. I later learned that through this system Terra Nova actually gives you a sum (in green, at the bottom) which indicates to you that you have this sum plus 2x to trade with, but in reality IF you decide to use this money you will be using FAR more money than twice the amount of the money you have in your account. Normally you are allowed to trade with twice the amount you have in your account. If you had used this margin money and happen to have the stock go down, then you could potentially lose MORE money than what you currently own. Its VERY deceptive and illegal.
4) Numerous times the system broke down or was flawed. When I tried to ask for an explanation I was always given the reason that the system would be repaired soon. If I was in a trade then tough luck or had to call and trade through the phone, but potentially losing money because of the system break down. I know there are sometimes break downs but these things have to be explained to potential customers.
The bottom line is that the system can be MUCH better and less complicated. I'm not even talking about the system of trading but the way accounts are monitored and how the software works. The whole system is VERY misleading to traders and since I have had experience with the personnel at Terra Nova Trading I'm convinced they have no idea what they are doing. I know that we are in the beginning of such technology and will have problems until these systems can work through its glitches, but this is ridiculous and I've had enough. I am considering legal action because I feel like I have been misled and taken advantage of. The story is not over by any means......... |
