their website says $1,000 margin, or more correctly, 20% of full margin rates charged by CME, at best
they say they're not competitive, and for larger accounts, that shouldn't matter, but in the course of things, and as long as the powers that be allow the abuse the HFT's do with their false liquidity, one inevitably peters down their account from a respectable level to more realistic levels,
and in order to either make their way back or better, leaves good traders in search of more equitable basis, namely the common $500 margins.....
what I have found rediculous, and happens, but not as common as thought, is the notion that one would fully leverage their account at maximum allowed contracts with no thought to drawdown, survivability of the trade or otherwise.
sure there are those that will leverage 100% and find they just hit margin call as soon as the firm's risk manager software detects no drawdown capability, and those guys are begging to get margin called...
but the reality remains that many traders who start with a reasonable sum, find themselves working off their ability to maximize a run with two, three or four cars, and just not able to because of the day trade margins that don't protect anyone, but almost guarantee a traders' failure...
I'm kinda tired of all the calls from other traders expressing those thoughts....
Have you ask your team why people have so many negative comments about AMP? have you sent a survey to your customers ( new, current, old)? we want to put our money in a broker that has a PROFESSIONAL customer service team. most of complaints here are about your customers service, including the guy who opens account for NEW customers.
how to protect and help your customers and how to attract new customers ??? I don't need to know, but a BROKER firm should know.
here, Arguing with customers is not a good way to solve the problems.
I think about myself I’m a good guy and don’t like to be so negative speaking in one of my firsts post, but the facts are 100% real and this is a good way to see how AMP react and act, having the possibility to gain a “customer for life”… or to lose him in a few days. I also feel myself responsible for 4 friends who opened an AMP account in part on the basis of my good commentaries.
I am a beginner, opened an account with AMP on October 2010, but since about 3 month that I begin to trade live, the problems and deceptions are crescent…
- on july I ask my contact (Gus) for the commissions list because of a difference on my daily report, he ask me to send him my last daily report in order to send me the correct commissions list for me (it seem there can be a kind of different commission for every client!, may be for this reason you could not see commissions on their web), and then send me and email with commissions saying me (in skype) that I’am an older client and that list is the correct for me.
After that I verify the markets I’m trading in Eurex and found difference on every product (FGBL, FESX, FGBM). Send an email at 2 departments and… 20 days laters… no answer!
Send another email and that time (today), after connecting to my computer and looking at my statement, my AMP contact send me another list of commissions BUT NEVER INDICATE ME SINCE WHAT TIME THE CHANGE APPLIES, nor in the email...
- I am living in Spain, and at 23h01 on august 31 (now), after asking for some information, I just received an email saying that: "[...] Starting, Sept. 1st, 2011 - there will be 17.00 per month billed on the 1st for the UBS/EUREX connectivity. If you decide, that you are not going to trade this exchange, email firstname.lastname@example.org stating "Remove EUREX" and your trading account number.[...]"
That’s just a couple of really and fresh examples of what we could call a bad customer service!
- I can also add that in july I ask for the CAC 40 (FCE) and the answer: not possible at the moment… nothing else. Today I ask for it again in another way and it seem that I will have it tomorrow.
- I also suffer the constant disconnection during a couple of week (as so many people).
--> That also best represent the way I see the customer contact when speaking with AMP,
and it's so far away from that:
I am now asking myself if there is something I haven't understand about "an unparelleled level of service" due to my poor english.
I can’t say if Mirus is better, that’s just my 3 last month of experience with AMP. Hope that could help... and why not... could help AMP to correct the situation.
The following user says Thank You to DaveTrading for this post:
This is exactly why I joined futures.io (formerly BMT) forum, it is my top priority to maintain and expand a high level of service for the NinjaTrader community.
Send me a private message and I can get you in contact with one of our other 3 spanish speaking NinjaTrader Specialist. One of them works the 4pm-10pm CST help desk, so if it is better hours for you let me know.
The following user says Thank You to AMP Trading for this post:
Commenting about Mirus Futures on the other side of this thread as I have no knowledge or experience with AMP. I had already signed up with Mirus. While waiting for my check for my initial deposit to clear, I looked up the locations of Mirus Futures and Rosenthal Collins Group in Chicago on google maps. Kind of humorous.
I was shocked to find that Mirus , unlike the modern autocad modeled skyscraper shown on their website front, was actually a smallish old 2nd story brick building with a party shop and Chinese take out below it. There are Walgreens even bigger than this. Well I guess they have a network of servers cramped up somewhere in that room hopefully with a fiber optic T1 connection. (mirus .jpg)
I breathed a sigh of relief when I saw the Rosenthal Collins Group building and read about it as a historical site and very near the old CME. In the photo you can see the Willis(Sears) Tower at the top edge just a block away, and also a "7-Eleven" at the floor level of the RCG building. RCG rated as #8 in futures magazine for top futures brokers even though I know Mirus is my introducing broker ($6.80 in fees) to them. My smallish account would be beans to RCG direct. (rc .jpg)
So far with NT7 with zen-fire & mirus introducing to RCG, it seems fine, non-slipping, and fast, much better than ThinkorSwim's(now TD Ameritrade) filtered slipping futures DOM for sure.
Last edited by Cloudy; September 1st, 2011 at 03:04 AM.
why not go directly to CQG eliminating Ninja?
CQG itself works nice and you will find plenty of good brokers/FCMs with perfect commissions and service.
if you need ninja, there are Rithmic and TT as alternative also. (with others)
I've been with Amp since I start trading not all that long ago. Just wanted to say that I have not had any significant issues and have had a few occasions where they have been able to help me out. Particularly with the recent change over of Ninja versions. Amp got me on-line and they went through my set-up and got me up and going on the latest version at that time (was at 6.5 went to 7.004something). They were quick and efficient in that process. They had helped me as well when Ninja was acting strange (don't remember the details, just remembered how fast they fixed it).
I've had two occasions of loss of connection while in a trade and calling the trade desk has been efficiently done on their end while I stumbled and mumbled my account number and what i needed done. They confirmed the information (account number, position, order to execute), executed the order and confirmed the execution back. Naturally it can never be done fast enough, right?
When i started i was on Zenfire. Everytime there was a news item, the data would seem to be swamped causing my charts to freeze for what seemed like minutes (okay maybe 1 -2, seemed like hours though). I switched to CQG when it became available through Amp. This got me reduced commissions and what looks like better performance during news items. I did have to pay extra for a static superdom but even paying extra for a neccesity like that I am still paying less than with Zenfire.
After the switch to CQG I did notice on my daily statements that I was not being charged the correct amount on commissions, so via e-mail I challenged them. They immediately responded and said their accounting group would review in the next day or two and they did and corrects/adjustments were made.
One day I was having some issues with my cable modem or router or both, still not sure. I started and restarted ninja several times as a result. The last time i started Ninja, when i connected to CQG, I saw that there were several trades in my live account that i did not make and they were marked external (and this is a good reason to have text and markers turned on in at least one chart). I called Amp, they reviewed while on the phone, they assured me that these did not show up on their end and would not post in my account. He reviewed/confirmed all of the trades I had made Of course i did screen shots and excel saves of the execution log to protect myself and recorded date/time and name of whom i talked with. As they had said when i reviewed my statement the external executions did not show up, end of story.
With AMP/NINJA/CQG, I now have access to $DJI and tick, trin, etc. and many others. Yes, i had to ask for it and no i didn't have to pay extra. Not sure I understand why this wasn't done automatically but I've written it off to it being a new system/service.
When I first made contact with Amp, I went through similar frustrations as others had expressed in the form of multiple e-mails undoubtedly auto generated. I asked a lot of questions via e-mail and they were answered in a reasonable time frame (typically same or next day). Because i asked so many questions they repeatedly offered to call and discuss but I really wanted it in e-mail so they complied and answered.
As Amp has grown, into an FCM and adding other feeds/markets, I have seen some stumbling but I guess I kind of expect that and waited patiently for them to integrate which they have.
My experience has been less than 2 years trading live and Amp is the only broker I have an account with (I do have TOS but no live account) so my perspective is limited from that basis.
What complaints do i have? Well they ONLY provide Ninja direct for free and I wish they would provide the full version. Not sure who it was that wrote but I do have chart trader in the direct version. Realistically it would be nice to have a full version in sim mode only just so i can see what i can do with those features that are not available in the direct version. Amp will provide that, but only for 30 days then you have to ask for it again and that gets tiring.
As a retail trader i would like to be treated like I have a $10M account where Amp flunkies would fall all over themselves to provided the highest level of service which I assume must include mind-reading. But reality is there are so many of us small traders out there that if you think you are going to get $10M account treatment then your expectations are unrealistic. They won't say that, but I can. I have gotten very reasonable treatment, relatively good service so i have no real complaints BUT they could improve in their mind reading skills, sure would save time!
I apologize in advance if this comes across harshly to those of you that don't like or have issues with Amp. Again I have no other experiences to compare to so take what i've said with that grain of salt.
My 2cents, just sayin...
The following user says Thank You to Tasker_182 for this post:
Gee, I see lying Dan is in this forum. What is the big deal about your $400 margins, give me $200 margins I am not interested. What we want is someone with integrity to provide the service that we need. My $9600 loss goes a long way to offset your stinking low margins. You have avoided most of my calls (as others vouch you didn't phone back to them either), you have (at least last year) a bunch of clowns working for you who shouldn't even be in the position that they had, you didn't have a direct line to the trading desk so had to wait on call ins to find someone who didn't know what the heck to do anyway, for your low margins, 2 of mine were screwed up. And you really believe that people want that kind of service. Wonder how long you are going to last in your business, suckers eventually do run out.