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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better


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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better

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  #301 (permalink)
 ThatManFromTexas 
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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?

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #302 (permalink)
 Big Mike 
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ThatManFromTexas View Post
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?

PFG was a non-clearing firm...



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  #303 (permalink)
Headstrung
Daytona Beach, FL
 
 
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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.

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  #304 (permalink)
 CFuture 
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ThatManFromTexas View Post
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?


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?).

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  #305 (permalink)
 Big Mike 
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CFuture View Post
As FCM Amp should be clearing on itīs own, right?

Amp is a non-clearing FCM.

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  #306 (permalink)
 CFuture 
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Thank you Mike.

Found this after a quick search for those that are still digging deeper into the industry:
Futures Commission Merchant - MarketsWiki, A Commonwealth of Market Knowledge

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 FCM 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.

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  #307 (permalink)
 Big Mike 
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CFuture View Post
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? "

I'll remind you that PFG was a non-clearing FCM.



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  #308 (permalink)
 CFuture 
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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.

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  #309 (permalink)
 Futures Operator 
New York, NY
 
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CFuture View Post
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)

I've had some futures accounts clearing through TransAct as the FCM, here is the counter party agreement they required me to sign.

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  #310 (permalink)
 ThatManFromTexas 
Houston,Tx
 
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CFuture View Post
Thank you Mike.

Found this after a quick search for those that are still digging deeper into the industry:
Futures Commission Merchant - MarketsWiki, A Commonwealth of Market Knowledge

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 FCM 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.


Big Mike View Post
I'll remind you that PFG was a non-clearing FCM.



Mike

@Big Mike

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!"
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  #311 (permalink)
 Big Mike 
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ThatManFromTexas View Post
@Big Mike

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?

Based on my understanding:

Dorman is a clearing FCM, as is Rosenthal. Mirus is an Independent Introducing Broker, which means they have to meet certain accounting and capital requirements:

NFA Manual / Rules

Based on statements released by the firms, to my understanding, Dorman, RCG, and Mirus have all stated they do not have any proprietary trading.

The only way to really deal with the risk, in my opinion, is for the CFTC to introduce insurance regulations like exists in the equities markets. I have multiple accounts and spread things out that way, and I sleep perfectly fine at night. I am not worried about risk of any single account.

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  #312 (permalink)
 cashinvestor 
Spokane, WA
 
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I thought that the current owner of 7ticks is Interactive Data Corp, also owner of eSignal. I've looked at jobs at 7ticks and their job listings are at Interactive.

I have a question about zen-fire and rithmic. Do you need to change the license at ninja trader to move between these two? Once you login, is it the same service, or does zen-fire have their own servers so basically it has no commonality with rithmic?

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  #313 (permalink)
 mattz   is a Vendor
 
 
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cashinvestor View Post
I thought that the current owner of 7ticks is Interactive Data Corp, also owner of eSignal. I've looked at jobs at 7ticks and their job listings are at Interactive.

I have a question about zen-fire and rithmic. Do you need to change the license at ninja trader to move between these two? Once you login, is it the same service, or does zen-fire have their own servers so basically it has no commonality with rithmic?

To the best of my knowledge you don't need to change the license key when you switch providers.
BUT, NinjaTrader has to change the provider on their end so you can route the orders via the right provider.
Therefore, you should get in touch with them once you decided on a provider.

Trading futures and options involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. You may lose more than your initial investment. All posts are opinions and do not claim to be facts. Please conduct your own due diligence. Use only Risk capital when trading Futures.
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  #314 (permalink)
 Big Mike 
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Hi,

We are pleased to announce that Mirus Futures is now participating in our special Elite Partner offers, and is offering a $200 commission credit for new accounts.

Details here:
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Note: Big Mike Trading does not receive compensation for these referrals, we simply worked out these special deals to help our Elite Members who have chosen to support the site. Even though we believe these are great products and services, you should always do your own research before doing business with a company.

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  #315 (permalink)
 notebookled 
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Commissions - AMP futures, options and forex trading

"We will MATCH or BEAT any Written Commission Quote!"


yes, thats true, but ANY other fee is more expensive.


comparing an ES trade on MIRUS and AMP:

AMP FUTURES :

total 5.53$


MIRUS FUTURES (GERMAN FEES, as an US citizen you have to pay less, i think):

total: 4.72$



REACTION FROM AMP:





nothing more to say

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  #316 (permalink)
 traderwerks 
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notebookled View Post
Commissions - AMP futures, options and forex trading

"We will MATCH or BEAT any Written Commission Quote!"


yes, thats true, but ANY other fee is more expensive.

I think Mattz would have some input. He has posted before talking about comparing the 'all in' price when comparing brokers.

Math. A gateway drug to reality.
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  #317 (permalink)
 Theodutchtrader 
Maastricht, The netherlands
 
Experience: Beginner
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Hello guys,

I am running a automated strategie in multicharts and i like to know if there is a big difference in execution between simulated autotrading and realtime autotrading?

TheoDutchtrader.

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  #318 (permalink)
 Xeno 
UK
 
Experience: Intermediate
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I'm just about to switch from Mirus/Zen Fire, probably to AMP. This is because Mirus/Zen Fire have casually dropped trading in DAX and FTSE futures, to "improve their service"

I guess products outside the US aren't really important to them.

By the way, AMP offer trading through CQG.

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  #319 (permalink)
 Mirus Bob 
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As Mirus continues to drive towards evolving technology advancements, our focus has been on supporting the core exchange for active ZenFire traders. We continue to serve customers through the CME group of exchanges, ICE, and EUREX. You can read our notice regarding support for less demanded exchanges here.

If you have any questions about Mirus Futures please send me a Private Message.
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  #320 (permalink)
 Xeno 
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Sorry, it sounds just like spin. If ZF wanted to improve core support they could have just stuck a server in London to deal with NYSE Liffe. As for concentrating on core 'in demand' exchanges, I suppose MGEX is one of those, with its 6,000 contracts a day, compared to FTSE at 100,000 and 16 dollars a tick.

Your appreciation of UK products is further demonstrated by your remark that we can just trade suitable alternatives in the US. Really? What's the equivalent US product for the FTSE 100?

So much for Global trading.

(my figures and assumptions may be way out - I really don't have the motivation to check)

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  #321 (permalink)
 traderwerks 
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Xeno View Post
MGEX is one of those, with its 6,000 contracts a day, compared to FTSE at 100,000 and 16 dollars a tick.

MGEX trades their spring wheat contract on CME Globex. So supporting Globex would get MGEX.

Math. A gateway drug to reality.
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  #322 (permalink)
 Big Mike 
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  #323 (permalink)
Bau250
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AMP Trading View Post
Wow, Optimus is growing...up to 3 now. Impressive

What happens if 4 customers call in at the same time? Who picks up?

Wish I would have seen this thread a year ago..

Personally, I would stay FAR away from AMP. The low margins and "cheap" RT's do not make up for the rude, low quality service and lack of professionalism I received.

I'm no longer with them and good riddance!!

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  #324 (permalink)
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
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Mike

Mike:

Have you received any positive responses to your inquiry regarding AMP closing/threatening to close accounts? I am considering an account with them and want to know. Thanks!

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  #325 (permalink)
 tst1 
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Mike

If it really happens,AMP Trading should be banned from the market forever!

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  #326 (permalink)
 tradersimon 
London
 
Experience: Advanced
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I would never have gone to AMP in the past, but I must say... with this Mirus/Zenfire debacle, it's very tempting.

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  #327 (permalink)
 WolfieWolf 
Charlottetown, Prince Edward Island
 
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tradersimon View Post
I would never have gone to AMP in the past, but I must say... with this Mirus/Zenfire debacle, it's very tempting.

Well AMP isn't your only option; there are a number of other reputable brokers out there...

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  #328 (permalink)
 traderwerks 
Taipei Taiwan
 
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tradersimon View Post
I would never have gone to AMP in the past, but I must say... with this Mirus/Zenfire debacle, it's very tempting.

The Mirus/Zenfire problems are temporary. The problems with AMP are not.

Even with these problems, Mirus is better. I would stay as far away from AMP as possible. I had an account with them ( I closed my AMP account ) and I would only recommend AMP to a person I hated.

If you are thinking about leaving Mirus, there are better options like Optimus and Deep Discount Trading.

Math. A gateway drug to reality.
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  #329 (permalink)
 WolfieWolf 
Charlottetown, Prince Edward Island
 
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traderwerks View Post
The Mirus/Zenfire problems are temporary. The problems with AMP are not.

Even with these problems, Mirus is better. I would stay as far away from AMP as possible. I had an account with them ( I closed my AMP account ) and I would only recommend AMP to a person I hated.

If you are thinking about leaving Mirus, there are better options like Optimus and Deep Discount Trading.

I respect your strong opinion of AMP, if they have treated you badly then you deserve to feel the way you do, however I would express the exact same level of discontent about Mirus. Their technical problems may be temporary, they may also not be, but the way in which they have treated their customers says a lot about the "culture" of the company. They have been absolutely uncaring, uncommunicative, and insincere in any apologies that they have made which has been obvious by the lies that they have padded their statements with.... So I'm calling "poopeyhead" on both of them...

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  #330 (permalink)
 tradersimon 
London
 
Experience: Advanced
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Broker: AMP/CQG
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I think I will sleep on it. Late here in London!

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  #331 (permalink)
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
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Broker: Amp Futures. CQG
Trading: Futures
 
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traderwerks View Post
The Mirus/Zenfire problems are temporary. The problems with AMP are not.

Even with these problems, Mirus is better. I would stay as far away from AMP as possible. I had an account with them ( I closed my AMP account ) and I would only recommend AMP to a person I hated.

If you are thinking about leaving Mirus, there are better options like Optimus and Deep Discount Trading.

May I ask, what problems with Mirus we are talking about? I am contemplating an account with Mirus and am very interested. Thanks!

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Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent!
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  #332 (permalink)
 WolfieWolf 
Charlottetown, Prince Edward Island
 
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Joseph Connors View Post
May I ask, what problems with Mirus we are talking about? I am contemplating an account with Mirus and am very interested. Thanks!

Search for "zenfire no more" and you will get a very accurate picture of what we are talking about.

/W

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  #333 (permalink)
 Speckleback 
Raleigh NC USA
 
Experience: Intermediate
Platform: NinjaTrader, TOS, TradeStation
Broker: Optimus Trading Group/Rithmic
Trading: ES, CL, BP
 
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Joseph Connors View Post
May I ask, what problems with Mirus we are talking about? I am contemplating an account with Mirus and am very interested. Thanks!

Connors, if I may ask, why are you leaving AMP? I'm still torn between both Mirus & AMP. I'm currently use Tradestation but want to leave once I finish converting my automated strategies to Ninjatrader.

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  #334 (permalink)
 traderwerks 
Taipei Taiwan
 
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WolfieWolf View Post
Well AMP isn't your only option; there are a number of other reputable brokers out there...

Totally agree


WolfieWolf View Post
I respect your strong opinion of AMP, if they have treated you badly then you deserve to feel the way you do, however I would express the exact same level of discontent about Mirus. Their technical problems may be temporary, they may also not be, but the way in which they have treated their customers says a lot about the "culture" of the company. They have been absolutely uncaring, uncommunicative, and insincere in any apologies that they have made which has been obvious by the lies that they have padded their statements with.... So I'm calling "poopeyhead" on both of them...

Agree on the "poopeyhead" call

There are always going to be temporary problems with trading. How your broker deals with them is not temporary.

After all, you only find out who is swimming naked when the tide goes out. - Warren Buffett

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  #335 (permalink)
 Joseph Connors 
Colorado Springs, CO USA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Amp Futures. CQG
Trading: Futures
 
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Speckleback View Post
Connors, if I may ask, why are you leaving AMP? I'm still torn between both Mirus & AMP. I'm currently use Tradestation but want to leave once I finish converting my automated strategies to Ninjatrader.


I just have a demo with AMP at the moment. I too am trying to decide between them.

Persistence! Nothing in the world can take the place of persistence.
Talent will not ... nothing is more common than unsuccessful men with talent.
Genius will not ... Unrewarded genius is almost a proverb.
Education will not ... The world is full of educated derelicts.
Persistence and determination alone are omnipotent!
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  #336 (permalink)
 Speckleback 
Raleigh NC USA
 
Experience: Intermediate
Platform: NinjaTrader, TOS, TradeStation
Broker: Optimus Trading Group/Rithmic
Trading: ES, CL, BP
 
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Joseph Connors View Post
I just have a demo with AMP at the moment. I too am trying to decide between them.

While I realize no firm is perfect, I almost opened a Mirus account in early December. I'm glad I didn't!

I'm still not sure about AMP but they are in the lead so far.

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  #337 (permalink)
kamicrazy
New Zealand
 
 
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I read through this whole thread and still opened an account with AMP in November.

I think their IT processes are decent and I think as long as your queries are very "run of the mill" then you get "good" service.

I had to contact support and they resolved the issue very quickly and without any nasty comments or anything etc.

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  #338 (permalink)
 DarkPoolTrading 
PTA, Gauteng
 
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Joseph Connors View Post
May I ask, what problems with Mirus we are talking about? I am contemplating an account with Mirus and am very interested. Thanks!


Diversification is the only free lunch
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  #339 (permalink)
 Eugenius 
London
 
Experience: Intermediate
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Hi guys
I'm not sure if this is exactly the right thread to be posting in but I have a query regarding the CQG datafeed on the AMP Futures DEMO. I am backtesting an automated strategy on NT for the CL contract over a 15 month data period. Does anybody know what the resolution of the historical data is? Tick or minute data? As I'm using a 3 tick renko to backtest the strategy, this is quite a critical issue. Would be great if somebody could come back on this or point me in the right direction...
Many thanks
e

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  #340 (permalink)
 learning0101 
Houston, Texas
 
Experience: Intermediate
Platform: NinjaTrader,TOS,Etrade,St
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deleted by me

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  #341 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
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Eugenius View Post
Hi guys
I'm not sure if this is exactly the right thread to be posting in but I have a query regarding the CQG datafeed on the AMP Futures DEMO. I am backtesting an automated strategy on NT for the CL contract over a 15 month data period. Does anybody know what the resolution of the historical data is? Tick or minute data? As I'm using a 3 tick renko to backtest the strategy, this is quite a critical issue. Would be great if somebody could come back on this or point me in the right direction...
Many thanks
e

@Eugenius

Given your setup is NT/CQG/AMP, my understanding is the historical data is provided from NT's own servers.

If this is true then it will be tick resolution, but Ray from @NinjaTrader is best to confirm for you.

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  #342 (permalink)
 NinjaTrader  NinjaTrader is an official Site Sponsor
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steve2222 View Post
@Eugenius

Given your setup is NT/CQG/AMP, my understanding is the historical data is provided from NT's own servers.

If this is true then it will be tick resolution, but Ray from @NinjaTrader is best to confirm for you.

That is correct.

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  #343 (permalink)
 Big Mike 
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Side note, never backtest using renko bars... Other threads will tell you why.

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  #344 (permalink)
 Hammerhorn 
Carson City, Nevada
 
Experience: Intermediate
Platform: NinjaTrader
Broker: AMP CQG for now
Trading: GC, NG, TF, CL
 
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Does AMP automatically prevent you from trading a contract that is getting close to rollover? I was unable to make an order and this is what I got,

"Position limit for the contract F.US.GCE.G14 is 0, worst case position is 1 affected Order: Buy 1 Market"

Called the trade desk and I was told to call back in the morning to talk to the normal guys. He had no idea how to help me, is the night shift. So, I tried to buy GC 04-14, and that went through. I don't rollover to 04-14 for at least another week, basically when the volume is greater than the previous contract.

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  #345 (permalink)
 Hammerhorn 
Carson City, Nevada
 
Experience: Intermediate
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Broker: AMP CQG for now
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So, did not get a good answer on what exactly is going on, but was assured it would not happen again. It is also not a quick fix they are "looking into the software."

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  #346 (permalink)
 Eugenius 
London
 
Experience: Intermediate
Platform: CQG, MT4
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Posts: 5 since Dec 2012
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Hi guys
Following on from your very helpful responses regarding the backfill data I receive with AMP/CQG, I understand now that this is tick data held on NT's own servers and does not come from AMP/CQG. As I am in the process of designing a backtesting/optimisation programme using a custom renko bar type (Logik Ultimate Renko) that only accepts tick data, I need to understand a little more about the exact nature of the tick data provided by NT.

Two questions:
1. Where does NT source this tick data?
2. How far back is the tick data available on backfill for common instruments such as CL, ES, FGBL, 6E, FDAX and 6A?

On a more general note should I really be looking to purchase tick data from a vendor such as CQG if I am to be confident about backtesting results rather than relying on backfill tick data?

I realise I've probably gone off thread here so apologies are due. If appropriate, please direct me to the correct place to ask this question?

Best wishes

Eugene

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  #347 (permalink)
 kronie 
NYC + NY / USA
 
Experience: Advanced
Platform: "I trade, therefore, I AM!"; Theme Song: "Atomic Dog!"
Trading: EMD, 6J, ZB
 
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well let's see...

these things are very fluid in nature, as to which firm responds to criticism and improves over which remains incalcitrent and unresponsive to complaints

however, in my opinion AMP is better by quite a few stages, or as we say in the S&P pit, quite a few handles.

congrats AMP!

as far as Mirus,
not another dollar of business from me.
... this Zenfire and denial of a stable execution transmission and stable pricing was the breaking point followed by
... incomplete communications during this fiasco from Dec 2013 - Feb 2013 followed by
.... their insistent platform / activity fees, as if they were worthy of such, followed by
.... the upset to usage by requiring switch over to a more expensive Continum platform, followed by
.... not competitively offering cash indices as other brokers using the CQG services offered. followed by
..... .... ....

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  #348 (permalink)
 kronie 
NYC + NY / USA
 
Experience: Advanced
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AMP Futures!, by far is better than Mirus.


It seems that both brokers are leveraging themselves for handling clients on a impersonal basis, where you no longer have a direct personal contact with a broker / representative of the company, but this clinical, cold, sterile notion of a department handles your account and interactions with the brokerage.

So, why the definitive statement. Validate and verify it for yourself, and simply call both, and you'll choose the alphabetical leader over the laggard. They simply aren't nothing of what they used to be, in my opinion, especially after Tony P. left.

Either way to sunday, watch any broker you use and verify price action at, around and just after you receive confirmation of your trade's execution just to make sure you're getting the stated and advertised prices in the marketplace.

When you notice slippage, start sounding the alarms on these public forums, because at that point of noticing such irregularities, you can't possibly challenge and succeed against the game being rigged. The only thing(s) you can do, are be alert, notify others and sit back and watch for confirmation from others because they're noticing same.

Perhaps that's what others, who rang the bell, noticed with the pricing that the previous zenfire feeds were showing against other traders using other pricing / execution venues..... Perhaps, but who really knows?

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  #349 (permalink)
pepelucho
portland, OR
 
 
Posts: 50 since Nov 2009
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My 2 cents.

I have been with Mirus for 5 or 6 years now, I trade CL exclusively. My experience with Mirus up until the zenfire debacle was neither good nor bad. I previously used Tradestation and so don't have a good apples to apples comparison for Mirus. They basically never went out of their way to help but help was seldom needed... up until the debacle.

During the debacle they were worthless. Even after the issue was fixed I could not connect through the new Dorman settings and called their tech support twice a day for a week to try to get them to figure out what was wrong. Every call we basically had to start over from scratch trying to diagnose the issue as if they had amnesia even though I spoke to the same tech support guy. Eventually I just googled the error message and found the problem on a Ninjatrader support forum that basically said it was a faulty broker setting, and when I pointed out the thread to their tech support they were able to fix the problem on their end.

Even after this, I still stuck with them figuring I would give them a second chance considering that this was the first major fail in 6 years I had been with them.

Then about 2 months ago or so, I got an unexpected margin error when placing a trade. I thought WTF ? I called their trading desk and the guy told me that I was trading too many contracts. I told him that I was trading the same number of contracts that I had for many months and that according to my calculations I should have enough margin, using the $750/contract intraday margin for CL that I was told was in effect once dorman took over.

Turns out, that unbeknownst to me, they had doubled their margin requirements to $1500/contract. No email, no nothing. Just bam.

That was strike two.

Now I'm probably going to switch over to AMP only because they offer $1000/contract on CL. Leverage is key for me. Mirus told me they have a management meeting the last week of June where they will re-evaluate margins and possibly lower them. If they lower CL back to $1000 I'll stick with them only because I want to save the trouble of opening a new account etc etc.

But really, one more strike and they're gone.

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  #350 (permalink)
 tradersimon 
London
 
Experience: Advanced
Platform: NinjaTrader, Metatrader, MarketDelta
Broker: AMP/CQG
Trading: 6E, ES, FGBL
 
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Been on AMP since the beginning of the year after being badly let down by Mirus. So far, I can't fault them.

I'm amazed that some people have given Mirus so long to get their act together. At the end of the day the markets are tough enough to trade. Just give me a stable platform and feed and I'm happy.

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  #351 (permalink)
 kaltrax 
TOLEDO,SPAIN
 
Experience: Intermediate
Platform: NinjaTrader,TOS,MT4
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Hello

After read all your comments, i will open an AMP account. My experience at Mirus was good but since

2012 i'm not trade it there, so i was lucky whith all this last bad news.

I will report back when proceed.

Thanks for your comments guysĄ

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  #352 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received

Oh Boy,

Temped by the lower margin I just opened an account with AMP & Mirus. Reading all the comments regarding AMP & Mirus, I am a bit spooked now. Coming from IB I'll keep those who wants to know updated about the progress of everything, worst case > keep using IB

Mark

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  #353 (permalink)
 fourtiwinks 
Singapore
 
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EuroMark View Post
Oh Boy,

Temped by the lower margin I just opened an account with AMP & Mirus. Reading all the comments regarding AMP & Mirus, I am a bit spooked now. Coming from IB I'll keep those who wants to know updated about the progress of everything, worst case > keep using IB

Mark

Don't be spooked by Mirus.. It has been taken over by NT and re-branded as NinjaTrader Brokerage, so you're in good hands now.

If I were you, I would quit AMP. If they can sue Big Mike and made a rude comment on NT in Elite Trader (which they have since corrected when I just checked), I cannot trust such a broker..

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  #354 (permalink)
 Big Mike 
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Manta, Ecuador
 
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fourtiwinks View Post
Don't be spooked by Mirus.. It has been taken over by NT and re-branded as NinjaTrader Brokerage, so you're in good hands now.

If I were you, I would quit AMP. If they can sue Big Mike and made a rude comment on NT in Elite Trader (which they have since corrected when I just checked), I cannot trust such a broker..

I saw that.

It also seems some people are not paying close attention to what they are being quoted, and might be confusing "commissions" with "all-in". Some brokers are quoting "commission" but not clearly spelling out they are charging an additional "clearing" fee, where others have no such "clearing" fee. The importance is in the all-in grand total.

It's important to look at all the factors and pick a reputable broker after doing your due diligence.

Mike

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  #355 (permalink)
 NW27 
Newcastle, Australia
 
Experience: Intermediate
Platform: Multicharts 8 - Full Version
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EuroMark View Post
Oh Boy,

Temped by the lower margin I just opened an account with AMP & Mirus. Reading all the comments regarding AMP & Mirus, I am a bit spooked now. Coming from IB I'll keep those who wants to know updated about the progress of everything, worst case > keep using IB

Mark

I'm also with IB and would be very interested in the all in price differences between the two.

Sent from my SM-N9005 using Tapatalk

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  #356 (permalink)
 sands 
London + UK
 
Experience: Advanced
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Big Mike View Post
I saw that.

It also seems some people are not paying close attention to what they are being quoted, and might be confusing "commissions" with "all-in". Some brokers are quoting "commission" but not clearly spelling out they are charging an additional "clearing" fee, where others have no such "clearing" fee. The importance is in the all-in grand total.

It's important to look at all the factors and pick a reputable broker after doing your due diligence.

Mike

I just wanted to re-iterate as its a very key point made by @bigmike. If you're doing business you need to know the cost you're incurring. For me all traders should know these essentials otherwise don't be surprised if your broker ends up charging you over the odds, remember this may also be unintentional. So well worth knowing how the 'all-in' fee you're quoted is constructed for yourself. IB are very good for quote transparency in my experience, its all out there on the site, like to see more of that kind of transparency from more brokers.

Thanks,

Sands.

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  #357 (permalink)
 Big Mike 
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sands View Post
I just wanted to re-iterate as its a very key point made by @bigmike. If you're doing business you need to know the cost you're incurring. For me all traders should know these essentials otherwise don't be surprised if your broker ends up charging you over the odds, remember this may also be unintentional. So well worth knowing how the 'all-in' fee you're quoted is constructed for yourself. IB are very good for quote transparency in my experience, its all out there on the site, like to see more of that kind of transparency from more brokers.

Thanks,

Sands.

Yes, and it is very important that even if you are quoted a fair price without a "clearing fee", make certain you carefully check your statements after your trades to ensure that is the price you are actually receiving.

And I would argue that most importantly, if there is something wrong you need to speak up to the NFA and CFTC. Don't just attribute it to an unintentional mistake. Let the regulating bodies decide that because they can look at the data en masse.

Mike

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  #358 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
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Thanks for the reminder Mike,

The only reason why I am opening a new account is that AMP as well as Mirus require less margin. Since I make money by scalping the $500 margin with most of the instruments and the $2500 margin for FDAX is very temping to lure me in

So far: my application has already been approved with AMP, but haven't heard anything from Dorman yet. So I forwarded my reply to Ninja Trader support requesting them to forward it to the right division.

So far 1-0 for AMP vs Mirus/Dorman

Will keep you updated when it comes to trading and commission with at least one of them compared to IB

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  #359 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received

Just got an answer from NT about my NTBrokerage/Dorman application.
I got the answer from NT (Damn good customer service btw) but nothing from Dorman yet.

so far: AMP vs Mirus/Dorman 1:0 and for NT Customer service

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  #360 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received

Can anybody tell me if AMP/Mirus charge cancellation/modification fee trading Eurex???

Thanks in advance


ps: In slow markets I have this dumb habbit to cancel at least a couple of times before buy/sell @ ask/bid

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  #361 (permalink)
 NT Brokerage  NT Brokerage is an official Site Sponsor
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EuroMark View Post
Can anybody tell me if AMP/Mirus charge cancellation/modification fee trading Eurex???

Thanks in advance


ps: In slow markets I have this dumb habbit to cancel at least a couple of times before buy/sell @ ask/bid

There is no charge for cancels or modifcation of Eurex orders at NinjaTrader Brokerage.

Risk Disclosure: Futures and forex trading involves significant risk of loss and is not appropriate for everyone.
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  #362 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received

Thank you Mr Ninja Trader

AMP vs Mirus/Dorman 1:0 and another for Ninja Trader for the quick response (as always)

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  #363 (permalink)
 steve2222 
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
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EuroMark View Post
Thank you Mr Ninja Trader

AMP vs Mirus/Dorman 1:0 and another for Ninja Trader for the quick response (as always)

On my AMP account I have never been charged fees for cancelling or changing an order on Eurex.

If you are looking for AMP themselves to confirm this here, you will not get a reply as they are banned from posting here. So you will need to email your AMP broker directly.

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  #364 (permalink)
 Righteous7 
Hong Kong
 
Experience: Beginner
Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
Trading: TF, NG, CL, GC, FDAX, FGBL
 
Posts: 38 since May 2013
Thanks: 37 given, 35 received

I've been with both brokers, and my experience was:

*Mirus*
Very efficient, good service, never had a problem with them.


*AMP*
The lowest commission that I know, if you don't mind connecting to TTnet. (If you only connect to CQG/Continuum and you have a lifetime license of Ninjatrader, then the new Ninjatrader Brokerage has lower commission).
AMP has the poorest service I've encountered among brokerage firms; I can't even recall the number of my emails that they either ignored or responded partially! So yeah, if you don't care about service...

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  #365 (permalink)
JTurner77
Los Angeles, CA
 
 
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EuroMark View Post
Thanks for the reminder Mike,

The only reason why I am opening a new account is that AMP as well as Mirus require less margin. Since I make money by scalping the $500 margin with most of the instruments and the $2500 margin for FDAX is very temping to lure me in

So far: my application has already been approved with AMP, but haven't heard anything from Dorman yet. So I forwarded my reply to Ninja Trader support requesting them to forward it to the right division.

So far 1-0 for AMP vs Mirus/Dorman

Will keep you updated when it comes to trading and commission with at least one of them compared to IB

To each his own, but I kind of question why anyone would do business with a company that has been openly hostile towards this community/Big Mike.

You can get low intraday margins on a number of products from a number of brokers. I don't think AMP has cornered the market on low margins.

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  #366 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received

As promised I will keep those who are interested updated about the progress of my application/trading experience with at least one of the 2 brokers.

My account has already been approved after providing the usual requirements such as passport, prove of address... so far so good with AMP (Only need to fund it, but still hesitating cause I am not really willing to help the enemy of my BRO "Mike" of this website)

On the other hand,

With NinjaTrader Brokerage they ask me all kinds of things. The problem is when they asked my name and family name (during application) I filled in as they asked. Now they fuss about the letter of my second name as stated on my bank statement and my passport. Duhhh, if you don't ask for my NAMES you will get only my name, since I am not going to say I am Jonathan David Marcus Micheal Davenport.

Second of all, they asked about my business. Is it of their concern??? NO!!! (but ok, I politely answered)

BUT then,

Dorman/NinjaTrader Brokerage asked me about another prove such as a utility bill which will prove my name (as if my passport is saying otherwise). I got so pissed, so I said "NO" so I send them a statement of my American Express Centurion card, and explained them they can read all about the American Express "Black card" on the net or even call American Express, and then decide whether I am a valuable new customer or not.

To be continued...


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  #367 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received


steve2222 View Post
On my AMP account I have never been charged fees for cancelling or changing an order on Eurex.

If you are looking for AMP themselves to confirm this here, you will not get a reply as they are banned from posting here. So you will need to email your AMP broker directly.


Thank you steve2222, IB charges cancellation/modification fee, but you do get E2.50 credit when your order gets filled. So when you get in and get out you got E 5.- credit (enough to cancel/modify 10 x E .50=0)
That's one of the reasons why I consider opening another account somewhere else.

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  #368 (permalink)
 learning0101 
Houston, Texas
 
Experience: Intermediate
Platform: NinjaTrader,TOS,Etrade,St
Broker: NT:( tos,etrade,CS
Trading: stocks,options,futures,forex
 
learning0101's Avatar
 
Posts: 268 since Aug 2011
Thanks: 3,538 given, 214 received


EuroMark View Post
As promised I will keep those who are interested updated about the progress of my application/trading experience with at least one of the 2 brokers.

My account has already been approved after providing the usual requirements such as passport, prove of address... so far so good with AMP (Only need to fund it, but still hesitating cause I am not really willing to help the enemy of my BRO "Mike" of this website)

On the other hand,

With NinjaTrader Brokerage they ask me all kinds of things. The problem is when they asked my name and family name (during application) I filled in as they asked. Now they fuss about the letter of my second name as stated on my bank statement and my passport. Duhhh, if you don't ask for my NAMES you will get only my name, since I am not going to say I am Jonathan David Marcus Micheal Davenport.

Second of all, they asked about my business. Is it of their concern??? NO!!! (but ok, I politely answered)

BUT then,

Dorman/NinjaTrader Brokerage asked me about another prove such as a utility bill which will prove my name (as if my passport is saying otherwise). I got so pissed, so I said "NO" so I send them a statement of my American Express Centurion card, and explained them they can read all about the American Express "Black card" on the net or even call American Express, and then decide whether I am a valuable new customer or not.

To be continued...



Hi @EuroMark what is the point of your postings, I mean yes they ask questions, after all it's an application to do business with them(the broker)??
Either you open or you don't, who is holding the gun to your head-- if you are upset or not comfortable--move on to a different broker. Not like there are not many to chose from!
Wish you the best in whatever is yu decide

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  #369 (permalink)
MoreYummy
Toronto/Ontario
 
 
Posts: 33 since Mar 2010
Thanks: 0 given, 5 received


EuroMark View Post
Thank you steve2222, IB charges cancellation/modification fee, but you do get E2.50 credit when your order gets filled. So when you get in and get out you got E 5.- credit (enough to cancel/modify 10 x E .50=0)
That's one of the reasons why I consider opening another account somewhere else.

IB has been doing that for a while.
Is there other broker give credit as well after its filled?

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  #370 (permalink)
emini2000
Atlanta GA USA
 
 
Posts: 278 since Aug 2013
Thanks: 69 given, 268 received


learning0101 View Post
Hi @EuroMark what is the point of your postings, I mean yes they ask questions, after all it's an application to do business with them(the broker)??
Either you open or you don't, who is holding the gun to your head-- if you are upset or not comfortable--move on to a different broker. Not like there are not many to chose from!
Wish you the best in whatever is yu decide

Apparently he doesn't have a utility bill in his name.

Standard request for the utility bill. I had to do the same thing with Infinity.

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  #371 (permalink)
shanemcdonald28
new york
 
 
Posts: 355 since Mar 2012
Thanks: 665 given, 580 received

I have had excellent service from AMP for several years now. I use CQG, TTnet and Rithmic on multiple accounts there and they provide great support for all of the feeds and different platforms I use there. Multicharts, Rithmic trader, Xtrader and Sierra charts.

I have many different feeds to choose from and platforms also. Never had a mistake on statements, fees or commissions.

They have been great for me.


I also use TD , and Vision. I used Dorman previously but was not impressed with their service.


Thumbs up for AMP from me.

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  #372 (permalink)
 Righteous7 
Hong Kong
 
Experience: Beginner
Platform: Jforex, MetaTrader4, NinjaTrader, MultiCharts, Sierra Chart
Trading: TF, NG, CL, GC, FDAX, FGBL
 
Posts: 38 since May 2013
Thanks: 37 given, 35 received


shanemcdonald28 View Post
I have had excellent service from AMP for several years now. I use CQG, TTnet and Rithmic on multiple accounts there and they provide great support for all of the feeds and different platforms I use there. Multicharts, Rithmic trader, Xtrader and Sierra charts.

I have many different feeds to choose from and platforms also. Never had a mistake on statements, fees or commissions.

They have been great for me.


I also use TD , and Vision. I used Dorman previously but was not impressed with their service.


Thumbs up for AMP from me.

Excellent service?? Never had a mistake on statements??
You must have a huge account in order for them to treat you with this kind of respect.
It's simply not what I experienced from AMP Futures, not at all.

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  #373 (permalink)
shanemcdonald28
new york
 
 
Posts: 355 since Mar 2012
Thanks: 665 given, 580 received

No my accounts are quite small. I am a nobody with less than 10,000 there.

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  #374 (permalink)
 scalpingticks 
Chicago, IL
 
Experience: Intermediate
Platform: Ninjatrader
Broker: AMP
Trading: CL, TF
 
Posts: 41 since Jul 2012
Thanks: 18 given, 43 received

If you're looking for cheap commissions, great margins, great technology, it's hard to beat AMP. If you are looking for a lot of hand holding and great customer service, you're better off taking your business elsewhere. As long as my technology is working well, I don't really need customer service. I've been with AMP for a long time and I've never had an issue that required much customer service. All I really care is that I can enter and exit my orders quickly and for a low cost. I had an internet outage once and called the trade desk and I was out of my positions within 30 seconds, that's all the customer service that I care about. I take care of the rest myself.

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  #375 (permalink)
shanemcdonald28
new york
 
 
Posts: 355 since Mar 2012
Thanks: 665 given, 580 received


scalpingticks View Post
If you're looking for cheap commissions, great margins, great technology, it's hard to beat AMP. If you are looking for a lot of hand holding and great customer service, you're better off taking your business elsewhere. As long as my technology is working well, I don't really need customer service. I've been with AMP for a long time and I've never had an issue that required much customer service. All I really care is that I can enter and exit my orders quickly and for a low cost. I had an internet outage once and called the trade desk and I was out of my positions within 30 seconds, that's all the customer service that I care about. I take care of the rest myself.

I agree

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  #376 (permalink)
 EuroMark 
The Netherlands
 
Experience: Advanced
Platform: Ninja Trader
Broker: IB + AMP / NinjatraderBrokerage-Continuum
Trading: CL, GC, 6E, ES,NQ, YM
 
Posts: 14 since Sep 2010
Thanks: 3 given, 3 received


emini2000 View Post
Apparently he doesn't have a utility bill in his name.

Standard request for the utility bill. I had to do the same thing with Infinity.

emini2000

Over here in The Netherlands, all formal letters are written: M.K. Douglas in stead of Micheal K. Douglas unlike in the States. Any Dutch person in here can confirm that.
I was about to give up until I bumped into a US letter from Club Carlson. Sending them this letter along with my lifetime License key from Ninja Trader and the approval from AMP Futures, I got approved. Hallelujahhhhhhhh I guess they just didn't want to see me leaving to AMP

As soon I fund my account and know more about the Ninja Trader Brokerage, I'll let you guys know.

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  #377 (permalink)
 Fxfutures1976 
London
 
Experience: Advanced
Platform: cqg integrated,ninjatrade
Trading: Futures and forex
 
Posts: 52 since Apr 2015
Thanks: 6 given, 67 received

I was looking to open a second account but after reading through a lot of posts on this thread, I have decided to give Amp a miss and put more funds into my Ninja trader account. Anymore advice would be appreciated.
Thanks for all the info.

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  #378 (permalink)
 isomorph 
Dubain, UAE
 
Experience: Intermediate
Platform: tradingview, AlgoTrader,
Broker: Stage 5, DTN IQFeed
Trading: ZB, CL, J6
 
Posts: 7 since Feb 2013
Thanks: 1 given, 7 received


Big Mike View Post
I saw that.

It also seems some people are not paying close attention to what they are being quoted, and might be confusing "commissions" with "all-in". Some brokers are quoting "commission" but not clearly spelling out they are charging an additional "clearing" fee, where others have no such "clearing" fee. The importance is in the all-in grand total.

It's important to look at all the factors and pick a reputable broker after doing your due diligence.

Mike

damn, am glad i decided to swing by here after ages. finally, after dicking around in SPOT FX, it seems i have come to my senses and decided to go futures all the way. i got taken in by AMP (haven't submitted all the docs yet) and after some more digging around started to notice there seem to be a lot of additional fees on top of the 'lowest' comish. mmhhh

so... still looking for a futures broker. where can find out more about this story of lawsuit? (sounds completely outlandish, what happened?)

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  #379 (permalink)
 isomorph 
Dubain, UAE
 
Experience: Intermediate
Platform: tradingview, AlgoTrader,
Broker: Stage 5, DTN IQFeed
Trading: ZB, CL, J6
 
Posts: 7 since Feb 2013
Thanks: 1 given, 7 received


Futures Operator View Post
I've had some futures accounts clearing through TransAct as the FCM, here is the counter party agreement they required me to sign.

jesus! i thought this was not possible with exchange traded instruments. so not much difference between shady OTC SPOT and futures brokers. then why switch over to futures when SPOT FX is so much less of a headache?

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