This can EASILY be avoided by choosing a broker that responds to your phone call in SECONDS. Your friend learned this lesson the hard way.
Make no mistake, you need to have a Plan B in place for the unexpected, esp. with computer outages, internet outages, etc.
As for any recourse, your friend is stuck. If you read the paperwork you sign when you open a futures account, you'll find the wording basically says 'you are subject to computer malfunctions - on your end AND ours - deal with it.'
Part of the business; HOWEVER this should NOT be a major problem.
I've never had an issue getting to
Open ECry's 24 hour trade desk when need be. I have a poster on my dry erase board that has their 800#, local phone number and phone numbers to the main guy at OEC and my account rep. I have their personal cell phone #'s and direct business lines. I've NEVER had to use these backup options as the 24 hour trade desk is there when I need it.
Let this thread be a lesson to any trading futures, whether 1 contract or 100.