I would also recommend DeepDiscountTrading. They have the lowest commission of all brokers, they have exceleent customer service. The drawbacks for me are, they use TT back end, You don't get true tick by tick data, OCO orders are held locally on your PC, NT has problems with account balance if you hold positions overnight with them.
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I am in a bit of shock, and wonering is there is legal recourse for accounting mistake on trading account?
Amps account mistakes had been susbtantial: when I saw such on SIM, I was assured that none of this will eve happen on live account..little did I know..
Here is what transpired in my account in the last 2 months:
1. About two months ago,overnight my account dropped by about 40%, despite having a porfitable day prior. After few illiterate emails from AMP, I was assured, that only electronic conversion to EUR caused such, and that it would be immiediately fixed: it wasn't: account was still short $260 after incorrect 4 statemnets, and It was never fixed.
2. This Fri: I left a runner on for entire day, while taking small trades in between, enjoying the success of my runner going as much as 8pts+, only to find out, that on DOM after other trades were done: my runner instead of +8 pts, was only + 0.3. When I called AMP: I was belittled and told, that Runner was a prodcut of my wishful thinking...Since this argument was going nowhere, I decided to wait for market close, and see what will transpire next.
As of Fri close on my Ninja: Runner was closed in profit + 5.5 pts , after being stopped out on retracement: DOM was showing only 0.6 at the close.
Sadly: As of Fri night statemnet via email: Runner was nowhere to be found on my statement.
3. As well as suddenly last Monday profit as of weekly summary of $1000+ is also gone: apparently I was at 0 on that day..+1550 in a week to AMP: how desperate are they? Truly pathetic.
I am not in a business of tipping brokers.
I am fed up, and on my way out..I had found other posts confirming, that it is not my imagination..Will let you know how this is resolved.
Laguna, I hope you have screen shots from your trading platform showing live executions for the orders you are saying Amp lost. That is a big accusation as well - you need to understand a lot of people screw up and trade sim on their side instead of cash and don't know it -- or vice versa -- which is why you would need to provide screen shots showing these "missing" trades are in fact your live account and were executed on Amp.
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I used ATC Brokers which I believe is good. They are good people, but I had a couple issues using their DOM and software quite a while ago. I would hit the DOM, and then nothing would happen. Then about 5 minutes later all the sudden my order would come in and I would get filled! I would hear the ding ding ding ding....
And, another time because I didn't get an entry, I hit the button a couple times, etc.. So, then it would have multiple orders left and it was all a MESS!
They fought me every bit of the way. My wife witnessed it and I called them directly within minutes and sometimes I couldn't close orders either! It was crazy, as I was using their platform, and I couldn't close orders and the such....
It does happen! And, they will deny it without even looking at it.
FORTUNATELY for me..... I had it recorded (recorded both screens!) and every bit of it was on TAPE. They still rejected my request to refund me over and over again. Patrick couldn't figure out how to view my video, but was telling me that he did and that I placed those orders etc..
Again, my point is that these brokers will deny at first, and YOU MUST RECORD YOUR TRADING!!!!!
One 'software accident' cost me almost 900.00 as I had a phantom order etc..!
Everyone should have recording software on their computer. My coach said, "You are attracing it..." etc. and my wife didn't have problems with live orders, so I redid all my software and never had a problem again. The thing I realize now that why my circumstances were so 'rare' is that so few from my group were actually trading live!
Bluemele, what do you mean you redid all your software and your problems disappeared. As far as recording your trading, do you mean the screenshots, I have over 50 screenshots that show errors with Amp and they blamed my computer until I send them the screenshots so they said Oh there is a problem but came back and blamed ninja for that and then ninja blamed zenfire, noone wanted to take the blame. I had them shortchange me for $9300 on one trade I never placed. How do you fight these liars and crooks Also anyone know if there is a requirement that firms HAVE to abide by for margin requirements, I was trading 3 CL contracts overnight with $3000 in my account when 1 contract for overnight was over $3500 and yet couldn't even trade 1 contract for daytrading in the TF. Seems there is noone they are responsible and accountable to. What protection do us traders have when they get away with things like this, makes one question if this is a safe business to be involved in.
I mean record meaning VIDEO.... Screen Shots are good, but they don't record every action. Also, it helps once you notice the problem to record the trade summary or control center as well. That is what 'protected' me.
Also, I found that sometimes recording a video would help me understand that I was actually the one who screwed up! haha... That happened a couple times as well.
Invest in some time to learn the recording software like Hypercam2 or buy a commercial version, but the key is to RECORD RECORD as that is your only way to prove your case.
In my opinion, the broker should rectify the situation even if it is Ninja or the datafeed IF they support those partners etc... The onus is on them.
The following user says Thank You to bluemele for this post:
Thank you guys so much: at times I feel like complete fool: thank God Trade Is On My Ninja and their statemnet, just not in $$$. The only reply so far" will call you back...7hrs later: I still have nothing.
Here are few of AMP replies to my earlier issues with their accounting
1.Thank you for the email. The conversion email was sent to our clients to let them know about the statement concerns.
I have reviewed your statements. The difference is due to a new format of fees being charged. I have corrected it and will provide adjustments to your account.
AMP Global Clearing
221 N. LaSalle St.
Chicago, IL 60601
LOL: I am trading TF and it is US account in USD: see their explanation below for error on TF:
2.During 4/7/11 nightly processing the Swiss Franc (approx. 1.08) conversion rate was used for the EURO.
The approx. EUR exchange rate is (1.40). This has affected the "Converted USD balance".
If your account is holding EUR, here is an example:
1'000 EUR times 1.08 = $1'080 Converted USD balance
1'000 EUR times 1.40 - $1'400 Converted USD balance
For every 1'000 EUR there will be a variance of approx. $400 Converted USD balance.
This will affect the cash balance available for 4/8/11 trade date and will be corrected on tonight's statement.
AMP Global Clearing
Last edited by Laguna; May 23rd, 2011 at 05:21 PM.
Was about to open an account with AMP but after reading this thread I'll stay as far away from them as possible.
By the way have you read their terms and conditions? Some true BS in there, never seen any other broker write stuff like that in their terms and conditions. Just shows that they are up to no good. Stay far away from them!
The following user says Thank You to PeterOhlson for this post: