LCG closed all my October Oil positions suddenly in the middle of the day and without roll over!!
so disappointing from a broker that is supposed to be regulated.
below the correspondences from newest to oldest:
Dear Mr Elshami,
Thank you for your email.
When you open a position in a futures market you are implicitly accepting the fact that the position will be closed upon the expiry date of the contract unless you contact us directly to request the position is rolled-over.
As a senior member of our Client Services department I can confirm that the closures of your positions are correct and we will not be able to credit back any losses realised through these trades.
We appreciate that you may have previously been contacted by other brokers prior to the expiry of a futures contract, however it is not our policy to do this and it is also not something that we are obliged to do.
If you have any further questions please do not hesitate to contact us.
Kind Regards
Tom Price
Customer Support
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What do you mean correctly closed? You can never close a customer's position without notification.
You excuse to not notify customers of the rollover is weak, you cannot ask every Relationship manager to send emails to their customers!!
Rollover should be automatic without me asking to do so, that has been the case with all previous brokers i dealt with. Not once ever that my oil positions got closed from any broker.
Omar, I want this email to be escalated to senior management. And i will not compromise on refunding my loss of $266.
Awaiting your response at the earliest.
Ahmed.
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Dear Mr Elshami,
Thank you for your email.
Unfortunately we will be unable to take any retrospective action or credit funds back to your account as these positions were all correctly closed as a result of the contract you were trading expiring.
Please note that if you choose to trade a futures contract it is your sole responsibility as the client to ensure you are aware of the expiry date of that contract.
We are able to roll any positions into the subsequent month/quarter contract if you request this before the expiry, however LCG are not able to contact individual clients to advise of the imminent expiry of their positions.
If you have any further questions please do not hesitate to contact us.
Kind Regards
Tom Price
Customer Support
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Dear omar,
As discussed, my oil positions were suddenly closed in loss of approx. USD266/-
Kindly arrange to credit back the amount in loss as i was not willing to close my positions in addition i was not warned about contract expiry to adopt hedging technique and avoid closing of all my positions.
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so disappointing from a broker that is supposed to be regulated.
below the correspondences from newest to oldest:
Dear Mr Elshami,
Thank you for your email.
When you open a position in a futures market you are implicitly accepting the fact that the position will be closed upon the expiry date of the contract unless you contact us directly to request the position is rolled-over.
As a senior member of our Client Services department I can confirm that the closures of your positions are correct and we will not be able to credit back any losses realised through these trades.
We appreciate that you may have previously been contacted by other brokers prior to the expiry of a futures contract, however it is not our policy to do this and it is also not something that we are obliged to do.
If you have any further questions please do not hesitate to contact us.
Kind Regards
Tom Price
Customer Support
---------------------------------------
What do you mean correctly closed? You can never close a customer's position without notification.
You excuse to not notify customers of the rollover is weak, you cannot ask every Relationship manager to send emails to their customers!!
Rollover should be automatic without me asking to do so, that has been the case with all previous brokers i dealt with. Not once ever that my oil positions got closed from any broker.
Omar, I want this email to be escalated to senior management. And i will not compromise on refunding my loss of $266.
Awaiting your response at the earliest.
Ahmed.
-----------------------------------------------
Dear Mr Elshami,
Thank you for your email.
Unfortunately we will be unable to take any retrospective action or credit funds back to your account as these positions were all correctly closed as a result of the contract you were trading expiring.
Please note that if you choose to trade a futures contract it is your sole responsibility as the client to ensure you are aware of the expiry date of that contract.
We are able to roll any positions into the subsequent month/quarter contract if you request this before the expiry, however LCG are not able to contact individual clients to advise of the imminent expiry of their positions.
If you have any further questions please do not hesitate to contact us.
Kind Regards
Tom Price
Customer Support
-----------------------------------------------------
Dear omar,
As discussed, my oil positions were suddenly closed in loss of approx. USD266/-
Kindly arrange to credit back the amount in loss as i was not willing to close my positions in addition i was not warned about contract expiry to adopt hedging technique and avoid closing of all my positions.
--------------------------------------------------------------