OmniVest User Forums
Trade Processor Frequently Asked Questions
What should I do about this unmanaged position?
0 replies, 1776 viewings
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OmniVest User Forums
Trade Processor Frequently Asked Questions
What should I do about this unmanaged position?
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Last Activity 9/27/2016 3:35 PM 0 replies, 1776 viewings |
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Barry Cohen Icon     Posts: 1844 Joined: 10/11/2012  User Profile |
A. An Unmanaged Position is an open position at the broker that the Trade Processor is not managing and will never submit an exit for. There are intended unmanaged positions, say if you placed a trade outside of OmniVest or you received more shares resulting from a stock split, & there are unintended ones, like if a problem occurred. They look like this in the Broker Positions tab: There are additional cases that result in OmniVest trades that are no longer managed where the words "No Position” will still be displayed under the OmniVest Action column, but the OmniVest Strategy will be shown. We refer to these as Orphaned Trades, They will occur if the closing order failed to submit to your broker or was rejected. The Trade Processor is not managing Orphaned Trades either & will never submit an exit for them. An example of an Orphaned Trade looks like this: The first thing you may want to do is determine what the status of the trade is on OmniVest. Check your Open Positions tab on your Trades page in OV or in the TP. Is that position still open in OV? If it is, you may decide just to resync the position. When you resync a trade, it changes that trade back to being a managed position. For details about how to resync, see the "Synchronizing Unmanaged Trades" section in this attached doc. Currently, synching is not available on the web, so it must be performed on the Desktop TP. If the trade is no longer an OV open position & it's in the Historical Positions section, you need to decide if you want to leave the trade open or close it. If you want to close it, just uncheck it in the Broker Positions tab. The second thing you might do is notify Nirvana of the problem if you believe that there is one. Please see this FAQ. Lastly, if you're not doing this already, you may decide that you want the TP to automatically handle unmanaged and/or orphaned positions in the future. There is a TP setting that allows it to automatically close orphaned trades at a specified time each day. Orphaned trades were supposed to have closed already, but for whatever reason did not. So with this setting enabled, even if it failed to close once, the platform will attempt to close it again within a days time. You might also decide to additionally automatically close unmanaged trades too, but just be aware that unmanaged trades can also be trades made from outside the TP/OmniVest platform, so consider it only if 100% of the trades in your broker account are coming from your single OmniVest account. Even then though be aware that a stock split will create a new unmanaged trade for the difference in shares & this setting will cause those additional shares to close. For more information about unmanaged & orphaned trades, see this attached 4 page doc.  Attached file : Unmanaged Positions in the Trade Processor.doc (58KB - 510 downloads) Attached file : Unmanaged.jpg (8KB - 464 downloads) Attached file : Orphaned.jpg (9KB - 457 downloads) |
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