It seems some of the people have spotted the AMP story from my journal already. Im going to post a cleaned up version here.
Ive had massive problems with AMP. I started trading with them about one month ago using Ninjatrader. A week or so after start I got some problems with not seeing positions sometimes. Then later on I couldnt login to my account to be able to manage my positions so I had to call trade desk to liquidate my account. I was on a skype contact with the one of the AMP guys (only positive thing about AMP was this) who always seemed to be very kind, though not very good at solving problems. After a couple days Ninja started to work again and I was stupid enough to enter in some new positions. Obviously it got screwed up that night and I was left with open positions again with no way to manage them since the positions were not showing properly. I called trade desk and an extremely rude guy there told me to downgrade Ninja to the previous version. I did and everything started to work again. Ok, well this is quite ridiculous, I thought. I had been using trial version of CQG IC at the same time and it seemed really so much better platform than Ninja and datafeed/dom was so much better. So I finally decided to take the next step and lease CQG IC and be done with unreliable Ninja. Reason probably was AMP, not Ninja however, which I didnt realize at that point yet...
I continued to trade with my CQG IC for a couple weeks more and everything was going smoothly until yesterday when I woke up to see that about $10k had disappeared from my account, the last trade I made had been turned into a loser somehow (I went long on gold, closed much higher for about 5-6k profit) and I was left with one position short on gold showing unrealized losses of about 5k. Last night I checked my account and it was flat. So what happened?? Of course I panicked a bit and called the trade desk (which I hate, since the guy is really a douche) and asked what was going on. He was pissed of again, as usual, when I called and said he doesnt know and its night in US so he doesnt wanna do anything now and slammed phone on my face. WTF, I called him back instantly and asked the guy does he realize that I have lost 10k not doing anything and there is probably something really screwed up with their servers. The guy just asked me do I want him to do something about it. I told him to liquidate everything. He did and the positions appeared flat on my CQG IC screen but I just lost ~10k because of a glitch and was I obviously furious about it.
A couple hours later everything reversed. A long position on gold appered on my account which was supposed to be flat showing a couple thousand losses but the trading history got fixed and my account balance was as it was supposed to be. I called trade desk again and the guy didnt know what was happening again and asked me do I want to close the position and I asked him that what does it matter if he closes it or not since the positions keep on coming randomly and my account balance keep on changing as well. He couldnt do anything about it and the position (possibly a ghost, again) was left open, gaining losses. He told me that they just came back from holiday and some positions are entered wrong (What?? that is not supposed to happen). Couple hours later on US morning I called the trade desk manager directly and asked what is going on and he was clueless and transfered the call to somebody else who was clueless again and transfered the the call to a third person who was clueless but said he will look into it and will talk with the person who has been chatting with me on skype. They told me they will contact me shortly. Well they didnt contact me during the day at all, how suprising. During the day, however, I got a probably automated email saying:
>Acct #xxxxxx Added - Long 1 Dec Gold from 9/1/11 @ 1817.8
>Platform has been updated, due to the US holiday the open position did not carry.
>Please manage this position accordingly.
What a joke! I closed the position (I never entered in) with losses.
I ended up losing quite a bit of money because of AMP corrupted servers, still very angry and really afraid about my money. I want to withdraw everything ASAP as I never know if they will corrupt my trade history again and take some money from my account. I dont know what can I do about it..
Last edited by rounder8; September 7th, 2011 at 07:10 AM.
dan will prolly reply here, but did you ask for your money back.. all of those things are traceable.. i had a ghost trade *once* at TOS in the 2 years i was with them and it was obv scary at first, but by then end of the day they had my money back in my account by the end of the day.. hope there is a good ending to this story from one poker player to another!
dont believe anything you hear and only half of what you see
The following user says Thank You to madLyfe for this post:
Yes, this is a confirmed situation. If you see the time stamps of the emails and conversations, both the rounder8 and AMP followed procedure perfectly.
Approx. 1:30am CST, rounder8 called the AMP trade desk and reported the open GC position was not showing on the platform. AMP Trade Desk reviewed the Trade Logs and Statements in order to confirm any positions. It was discovered that due to the US labor day holiday, the platforms were cleared and the open positions from previous trades did not carry to the next trading session.
AMP operations was alerted of this situation and approx. 2:30am they began to restore the open positions back to the platform with the exact trade date and fill price.
Once complete, an email was sent to the customer in order to confirm position.
While there is no way to eliminate these type of situations from happening, procedure are in place to correct efficiently.
After review, both the customer and the AMP Team followed procedure perfectly which allowed us to identifying and resolving the situation.
Why ghost trades are impossible - All "Live" trades received by the exchange are logged with a time stamp, exchange order number, user IDs, IP addresses, etc... - this is the trade log being referred to. In order for an exchange to open a position, it has to receive an actual order from somewhere. All trades from the exchange are processed nightly and reflected on customers statements. This is why it is an important part of a trader's daily regime to review the daily statement and confirm each day's trading activity. This is the activity reported by the exchange for each customer.
If at any time, you have questions or discrepancies with your trading platform-follow the exact steps as rounder8. Call the 24 hour trade desk immediately.
Once again, I am here in futures.io (formerly BMT) for this exact reason-to support and explain any "live" trade questions. Please call me directly 312 893 7700 or email me directly: email@example.com
Really no way to keep this from happening. I've had many accounts with many brokers and never had this happen.
"The day I became a winning trader was the day it became boring. Daily losses no longer bother me and daily wins no longer excited me. Took years of pain and busting a few accounts before finally got my mind right. I survived the darkness within and now just chillax and let my black box do the work."
I am concerned about the statement, " It was discovered that due to the US labor day holiday, the platforms were cleared and the open positions from previous trades did not carry to the next trading session. ".
As the company that has a responsibility to know and understand all of the internal trading processes, how could Amp not know about this. How could Amp be caught by surprise and putting traders at risk and at the very least be completely confused? One would think that Amp would be working ahead to prepare for appropriate holiday periods. Were your internal procedures followed that would have avoided the situation by being ready to transfer open positions? If not, what is Amp doing or done to correct this issue? Did someone incorrectly clear platforms?
Well the thing is that actually my account is working now and the trading history makes perfect sense now. However when I called trade desk at the time I had ghost trades on my account and trade history was broken they confirmed that ghost short was real and closed it. Actually they just entered me long on gold which made me some losses. I wanted my position to be flat. It would be fair if AMP would compensate for any losses caused by their trade desk liquidation of a ghost short which actually made my flat account enter into a long position. Dan, if you are looking my history I'm talking about the latest long trade on december gold that I closed with a loss.
@Tasker_182, This was abnormal, thus surpirse to AMP. Normally during holiday trading sessions, platforms carry the customer positions to the next full trading session. With Global Exchanges being traded, US Holiday-Labor day - is not celebrated in Europe-EUREX. So it is normal processing for EUREX markets and the US exchanges (except for ICE US-they did not shorten the trading session) carry trades until the next trade date.
This is what the FCMs call a partial process. I have been working in the futures industry for approx. 10 years and worked with all major FCMs. Holiday processing is a special art
Holiday procedures have been adjusted to correct and check this situation to limit chance of future occurance.
I am sorry to have to report that AMP Futures has been banned from futures.io (formerly BMT).
After numerous private messages to Dan containing warnings about self-promotion in his posts, as well as rude behavior and most recently his posts bashing another broker, he has been banned.
The decision to ban AMP is based on his behavior and attitude in the forum. He is no longer welcome here. His final post has been deleted.
Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.
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Last edited by Big Mike; September 7th, 2011 at 08:46 PM.
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