According to my statement yesterday these were the costs of opening and closing 1 YM contract with AMP using x_trader.
Do you guys trade with AMP and have a statement from yesterday?
I do and those are the costs.
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I have been with AMP for a awhile now and they are good guys.They set me up quick when I first funded(I used CQG with Ninja and never had problems).
Don't use Ninja anymore.
I also trade on another platform and use the Rithmic feed.
It's nice having a sub account and being able to use a second feed.
I use tt/net with x_trader and a Rithmic feed with another platform.
I have also been with DDT,Howard is a nice guy too.
Sometimes the broker isn't the one with the problem.
If your pleasant and do the right thing yourself,most times that is reciprocated.
Enjoy the weekend and remember that not to expect too much on Monday as there will be a few brokers who are under the hammer due to Zenfire data issues and customers looking for alternatives.
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IBs have to pay someone to clear your trade, although AMP is supposed to be an FCM, so I guess they don't pay anyone. Retail clearing is usually in the 30-40 cents range - that's what I believe most brokers are paying to have your trades cleared. We all pay it but $1 seems a tad high. You never know if some of the exchange fees are in that $1 though - hard to say without the statement.
With AMP as with many brokers, every customer needs to negotiate their own deal. I know people that are paying as lows as $3.50 per RT on the ES all in without doing huge volume. I've heard people paying $7 per round turn on the same instrument with the same broker. I'm not going to name them. To be honest, I don't think you want your broker getting just a few cents off your trades unless you do volume. You want someone that can give you decent prices and have enough to provide you with decent service too. You don't want the CEO to be the support guy, the sales guy, the sandwich guy and the cleaner.
My understanding is that the original Zenfire was created by Pat Shaughnessy who was also co-founder of Mirus. If your broker was supplying you with Zenfire & Ninja, then that was costing your broker 60c per round turn.
So when you use Zenfire with any broker, the people that created Mirus got 60c for every round turn you did. Obviously they didn't get to keep all of that themselves. Of course, we have to expect them to set up something to replace that.
The various execution feeds all tend to cost your broker around the same amount. There doesn't appear to be any will for them to price compete amongst themselves. Up and coming brokers are at a disadvantage to some extent because of the 60c, especially when you consider that one brokerage (in a way) has been on the receiving end of some of that.
You would think that trading would be getting cheaper for us, not more expensive as with the recent CME changes. A bit more competition would be a good thing.
If Zen does return, it'd be good for us if it wasn't something re-branded. Maybe with a new player, we could see a bit of price competition between them.
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Actually for us current or just recent subscribers to Zen-Fire through Mirus, etc this is the exact place to discuss what is going on without having to jump through more hoops (other threads) to find more information. If we can learn from people here who have or are actually going through this problem, all the easier for us affected by this.
I closed my Mirus account last week, didn't have a broker at the time as I was still looking so I asked them to send me a check. And I am still waiting on that 9 days later. They confirmed my closing the account a week ago Friday, when I called them this past Wednesday they said they had sent the check out on Monday. I guess it was my fault for not asking them which Pony Express firm they used to send this out. Transferring it to a new broker would have been a lot less of a headache, but I just wanted my funds out without having to jump into a new broker with a whole another set of problems.
I just went through the Target fiasco a week ago. After the news came out on credit/debit card problems with Target purchases I knew it was going to be worse than Target would admit so I went to my bank and called all my credit card companies. Ended up getting issued different #'s on 2 accounts as I was on their possible list of concerns. Now this week it looks like it is getting worse (I am talking about Target if you weren't sure for a second). Always seems when something comes out and it is not good and the company doesn't really do a good job explaining it to their customers it keeps getting worse.