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Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
Trading: TF, NG, CL, GC, FDAX, FGBL
Posts: 38 since May 2013
Thanks Given: 37
Thanks Received: 35
Hi met68,
Thank you for sharing your experience. As I mentioned earlier, I also had unsatisfactory experience with AMP. I think having lousy customer service is one thing, but reporting trades incorrectly is a much serious problem! I haven't noticed they misreport my trades, I'm using Ninjatrader+CQG data feed, so you might want to give it a try to see if they still misreport your trade.
I'm really sorry to hear that you have to gone through so much trouble, and I hope your future trades will get reported correctly.
i have amp/ cqg ..
i cant say my experience has been that bad with them.
i trade very little and use them mostly as a data provider.
their customer support usually gets my questions answered.
why they havent upgraded their phone system is beyond me, everytime i call, it is so scratchy i can hardly understand the guy, and i always ask when are you guys going to upgrade your phones? and they usually say it is in progress...
as long as they dont go belly up like PFG did,,,
Trade what you see, not what you think.
"The better the mechanic, the fewer the tools"
"Futures Trading is risky and can cause substantial financial gain"
I am using X_Trader Pro and trade the YM contract. And guess what, AMP have the tick values of that contract setup wrongly on their TT Gateways. Instead of using a 5$ tick value, they show/ use a 1$ tick value.....
Obviously there can't be many AMP customers trading YM with X_Trader Pro, as I am amazed, this has not been picked up before.
Again, AMP are by far, the worst broker I have ever had the misfortune of trading with and I really will have to look into finding an other broker (yet again!).
Basically, if you trade with AMP, you need to check EVERYTHING to make sure, they have not screwed-up, because they seem to be screwing-up pretty much everything humanly possible.
Unbelievable, i was very amazed about the X Trader Pro / TTNet package from AMP, but i am really concerned if they can handle the technology in an professional way. I want to use the low latency connection thru an own server in frankfurt. But if they can't even set the risk setup right - it's not really trustworthy. Very sad.
Yes, be very careful. I lost $1300 yesterday because of this. I was legged twice in a spread and ended up with a naked YM position both times. I went by the X_Trader Pro position P&L and bailed, when the losses across the two trades amounted to $260. In the daily statement I then see, that I lost $1300, because the position P&L in X_Trader picked-up 1$ instead of 5$ per contract.....
Would be interested in what you guys think the legal situation is here? Do I have any recourse against AMP for the difference between $1300 and $260?
Surely I can expect an expensive platform like X_Trader Pro to work and at least have the right contract specs for the most widely traded futures contracts out there?
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
rithmic trader have gateway to europe when before enter to account
and for you too, mirus have a rithmic feed and eurex with rithmic too
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
I was trading some US index futures spreads on Thursday and Friday last week.
I have always wondered, how AMP calculated my margins on this, when I carried positions over-night. However they did it, they did it wrongly, by a factor of about 10 in my favour!
So on Thursday, I decided to carry two lots of the spreads I normally put on overnight, to see what would happen, as I did not have enough margin in the account to carry two lots, based on the way I calculated the initial and maintenance margin requirements for the contracts in question.
And lo and behold, AMP did not force liquidate any of the positions. Instead, the positions were still on on Friday, when the markets opened.
Now as I said, the positions in question are spreads, which have >90% of the market risk hedged.
So I figure, AMP must be treating my RegT account as a portfolio margin account (of sorts) and hence give me more margin to play with, recognising that I have a hedged position.
So I decide to carry the same sized position into the close on Friday.
But on Friday, for some bizarre reason, AMP now liquidate part of the position.
But it gets even more bizarre.
First, they actually liquidate all of one of the hedge legs.....
So now my account, while technically requiring less margin, in fact has an exponentially larger risk....
But there is more: sometime mid Friday afternoon, I transfer $10k from my AMP sub-account into the root account, which holds the positions described above. An internal transfer which I have done many times before and which is effective almost instantaneously - normally.
Only when the markets closed on Friday, the 10k were not in the root account.....
So the size of the forced liquidation was larger than it would have needed to be.
So on the open on Sunday, I decide I better move the 10k again...., but now, suddenly, the 10k appear in my root account as they should have sometime mid-afternoon on Friday (a few hours prior to the close, when I originally made the transfer).
If anything, I believe this is yet more evidence for the fact, that AMP haven't a clue what they are doing and that you all better be real careful ....
As I said, my margin calculations in the AMP daily satetements was wrong by a factor 10 (in my favour!) or so for as long as I can remember. If they do this systemically across all/ most accounts, then our monies may not be as safe as we all think they are....
I shall now move on. Not sure where to. My experience has not been a good one with any of the brokers I have used to date (i.e. AMP, OEC, IB - but AMP are by far the worst of the three!) and frankly I am tired of dealing with crappy brokers and may therefore stop trading altogether. I was trading full-time for a few months now and dealing with broker issues has been a constant headache. So I may just go a do something else instead.
hi met68
I recommend you not to despair and to recover, tie your account to another broker and make money
* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former