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Your source for the comment about the trading platforms AMP offered that failed to handle negative oil prices resulting in the 8 'problem' customer accounts is?
Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Very well possible. The customer did not specify for how long he was trading with this methodology, but we do know AMP stated it was a compliance related matter. Interesting story nonetheless and one that has piqued my interest. It's unfortunate the thread got shut down.
I have been following the 4/20 event closely and have been in direct contact with customers from Interactive Brokers, TOS, and AMP who were adversely affected by these FCM's failures. I have also communicated with a number of the various platform developers that AMP is in partnership with. I have seen the evidence, and will have to leave it at that.
Okay. Sounds like you are actually in the broker industry rather than a just trader like me? So understandable you would have access to knowledge of various s/w that did not handle negative prices.
I do know that Sierra Chart was fine and I suspect a big chunk of AMP's clients use that s/w based on comments on various forums and the SC support forum.
Thanks for your replies.
Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
I think there's 2 sides to every story. Some guy with a massive account got closed 'cause he was too big? I gotta think there's more to it than that.
I know the CEO at Amp and I know he's had to pay for traders and others mistakes. I know of the specific cases and to be honest, I was blow away that he had to shell out cash for stuff that was clearly beyond AMPs control. The potential downside for an FCM is incredible - you are liable for all your IBs - other companies that are making their own decisions and putting out their own message. IBs on the other hand are liable for much less.
I do know of 2 people that came to me complaining about AMP when AMP closed them down. They got the same message - "risk said no". What you have to understand is that this is a very complex industry with a lot of rules and regulations and risk for the FXM.
Also, the upside in getting into a pi$$ing match with a customer about the reasons you don't want to keep them on are zero. Not that I know anything about this specific case but obviously there was an issue, AMP lost a big customer and they obviously had their reasons. What I can tell you though - I never heard an FCM turning someone away 'cause they were too big. I think that's a stretch.
I like AMP - they are bigger than most IBs, the management do care & the CEO is a man of his word. None of this "it's just business" nonsense either.
AMP are good in my opinion and I don't get a referral fee.
If you have any questions about the products or services provided, please send me a Private Message or use the futures.io " Ask Me Anything" thread
Always are 2 sides of a story.I don't have anything against Amp or the client or anybody .
But , it's obviously we don't know some pieces of this story :
-If i have 3 mill for day trading i'll make a call to my broker in second one when i see my account closed (just because the planes don't fly right now) not talk with him thru a forum
-And if i have 3 mill for day trading i don't give any money to any broker ( or maximum 10% ) , i'll put my money in bank or few banks and i work with my broker thru them
-When you have this amount of money for day trading ( looks like he made around 1000 or more RT/day ) is a little queue of brokers at your door at it's not hard to negotiate with .
And if i worked for Amp i try a lot of things to keep such a client or at least to "pass or sell" this client to a friend ( except a really dangerous or money laundering situation) so , something really strange happened .
And about risk in a brokerage firm ... ha , give my a brake ( except few of course ).
So , there are many things we don't know ... who knows maybe it's just a PR stunt from somebody