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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better
I have been with AMP for about a year now with no complaints. At one point I felt I was paying higher commissions than I should be so I contacted them and they lowered their fees immediately. I also believe they will match any written commission quote. I dont really know much about Mirus though.
As FCM Amp should be clearing on itīs own, right?
Also they say that they do not involve in any form of prop trading, that should be safer than MFGlobal or PFGBest.
Did anyone have problems with them with regard to trading/execution with CQG (i donīt expect handholding from a discount brokerage anyway, maybe Amp changed "tone", also marketing wise, over the last years?).
If there would be suspicous activity going on like frontrunning orders, delays, slippage etc. or even maybe keeping loosing traderīs orders in itīs own books that would be the "clearing futures merchant". (Taking the other side of the customer, i think, is not legit in futures anyways. With all the market making brokers for stocks like goldman or CFD/spot FX retail brokers, there is a conflict of interest)
Like ThatManFromTexas already said above:
"Since neither firm does their own clearing .... isn't your risk with the clearing firm ... not the brokerage?
Should we be asking which Clearing firm is the best? "
So who clears finally is accountable for the quality of execution/trading. Must be then CQG, Rithmic for Zenfire as they finally execute the orders with the exchange? Trade with [AUTOLINK]FCM[/AUTOLINK] Partners
Then the issue with Amp some fellow members here have may be more on the communication style side than trading quality. As most traders loose heavily this must be not too easy for brokers as well.
As i understood PFG traded themselves (massively and not successfully), the issue was not customerīs accounts loosing so much to ruin the company, being no risk management there.
Amp by their own words donīt have any own trading departement and they will cut losses on customer accounts after -80%/day by default.
If there is no tech/execution issues i still have no better option to get the CQG quality for live trading without having too much fixed costs during my (hopefully ascending) learning curve with futures.
I was referring to AMP and Mirus as brokers since neither was an FCM.
So let me restate my question...
"Since neither firm is an FCM .... isn't your risk with the clearing firm ... not the brokerage?
Should we be asking which Clearing firm is the best? "
I trade through Mirus/RCG ... isn't my money at risk with RCG?
Does RCG trade their own accounts?
I'm just a simple man trading a simple plan.
My daddy always said, "Every day above ground is a good day!"
