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I have placed a price of 100 to 200 Credits but we do not know the real cost of this. The days as well are not fully known. We can discuss.
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Gentlemen
I’m an experienced and successful Forex trader. I am not new to the craft nor am I a complainer. Trust me when I tell you that I have made mistakes, paid for the mistakes and moved on to not repeat those mistakes again in the future.
I deal with a decent size FSA regulated Forex broker and I use the MT 4 platform. I have been with broker for quite some and know many of their staff quite well.
The relations with my broker are positive and they are a financially stable broker. They are not a bucket shop on some island or tax haven somewhere.
There are recently well known, confirmed and verified server “issues” that this broker uses to support the MT 4 platform that they provide to their clients. They claim that they are in the midst of upgrading their hardware. This has been ongoing for quite some time now. Everyone knows that there has been server related issues. No one is denying that.
Recently, there was a large move in a news day which was not uncommon to so many other news days at peak times of the day. Happens all the time. There is what we all know to be slippage and then there is what we all know to be hardware or software failure. I know that our broker has had a major hick up on this particular day.
We are talking slippage in excess of 20 PIPS. We are talking trade and ticket times that do not match up to the 1 minute chart. We are talking about tickets that were opened at a particular time not showing up in the platform several minutes later. We are talking about a complete mess. We are talking about a situation where this has caused a 6 figure blowout in a 6 figure account. We are talking a catastrophe.
The broker has acknowledged that there are “log errors” in the system with some of their “liquidity providers”. Beyond that, they are sketchy. I think that they have a big problem on their hands and that I am by far not the only account that suffered irreparable harm. They are quite worried. But they are hesitating to commit to making good with their clients.
As of yet, I have not launched official legal action against them. Once again, my relations with them thus far are positive.
However, I have retained legal counsel in case things progress to that state.
There area few things that my legal counsel has requested of myself and other broker clients that are preparing for possible legal remedies to obtain for them in preparation of a lawsuit.
1.) We need a Metatrader 4 mathematician to begin the compilation of damage costs from our Daily Closing reports that the broker provides.
2.) This Metatrader 4 expert can build a compilation from our Working \ Pending orders from the prior to disaster day to the day of the disaster ( next day ) and note ticket by ticket, the time and the fact that the open price varied by “X” pips and that the opening price was not even achievable at the time the ticket was opened. Basically, what happened is that the ticket was opened at say 1300 GMT at “X” price but the market price of “X” was not available until 18 minutes later. You can see the mess that this is.
3.) The daily summary for disaster day has 1 ticket number being reopened in another ticket number “Redirected” and this is something that myself not other s have ever seen before.
4.) We need to calculate accurately for the court, the equity cost of the market moving in the direction it did with STOP orders not being opened on time to slow the equity erosion.
5.) We need to have a Metatrader expert advise our legal team of what logs, journals and back end reports to request of the broker.
6.) We need a Metatrader expert to advice of the reports that brokers and the liquidity providers supply to one another as possible evidence in legal proceedings.
7.) You may eventually be required to attend court of which we will be paying the cost if it gets that far.
If you are a Metatrader expert and are interested in this project, please contact me so that we can discuss the matter further.
If you are a Metatrader expert and wish to have your identity remain hidden from teh brokerage community, I would also like to hear from you.
We are looking some quality guidance here.
Note. For my account alone ( can’t speak for others ) there are about 80 large trades in question for this day plus the ongoing tracking and damage from this day that could take a week or two to play out before the damage is fully realized.
Thank you