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AMP Futures / AMP Global Review
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AMP Futures / AMP Global Review

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


met68 View Post
And where did you read that I lose money trading? Ah, that's right, you did not. You just inferred/ implied and then went on to insinuate. Not intelligent.

And not that it is relevant to the matter at hand nor that it is any of your business, but my trading is profitable and the issues I keep having with brokers is not related to my trading performance. Not sure what makes you think the two are related.

I just know what good customer service looks like and AMP are way off. IB and OEC have other issues, but at least I have found their customer service to be more responsive, when there were issues. AMP simply will not even respond to e-mails or they hang-up on customers or let them hanging on a call.

Also, the reasons I have to interact with them in the first place are odd (if I were cynical I would say looking fraudulent).

AMP keep putting charges through my account and misreport trades in their favour all the time. And then trying to right the wrong using their unresponsive customer service is very frustrating.

Example at hand.

Last week, in one of my daily statements, they suddenly charge me for Sierrachart package 5. I have never ordered or requested this and never had it in the past.

Then on Friday, they misreport a trade in their favour.

So I call their main number and chose to talk to general support. I explain the two issues. I then get passed to the trading desk. Explain the issues again. Guy puts me on hold. I wait and listen to their on-hold music. But after 30 minutes of this playing in the background I hang up. I call again. Nobody knows anything about my last call, so I start all over again. The guy says he can have the trade desk send me the trade logs. I say that I would like to go through it with them on the phone. He (I think it was Dan/ Daniel?) says this is not possible and gives me an e-mail address. Asks me to explain the issue in the e-mail...... So I write an e-mail and I have yet to hear anything back. And on and on......

If this were a one off I would not be writing, but I have had very similar experiences with AMP many times in the past, so this is not a one-off. It is systematic and part of their pile them high sell them cheap business model. Really, avoid them if you can.

Hi met68,

Thank you for sharing your experience. As I mentioned earlier, I also had unsatisfactory experience with AMP. I think having lousy customer service is one thing, but reporting trades incorrectly is a much serious problem! I haven't noticed they misreport my trades, I'm using Ninjatrader+CQG data feed, so you might want to give it a try to see if they still misreport your trade.

I'm really sorry to hear that you have to gone through so much trouble, and I hope your future trades will get reported correctly.

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  #212 (permalink)
Elite Member
pittsburgh, pa
 
Futures Experience: Intermediate
Platform: Ninjatrader, ensign, wave59
Broker/Data: IB , AMP/ cqg
Favorite Futures: ES, CL
 
traderTX's Avatar
 
Posts: 146 since Mar 2010
Thanks: 50 given, 36 received

i have amp/ cqg ..
i cant say my experience has been that bad with them.
i trade very little and use them mostly as a data provider.
their customer support usually gets my questions answered.
why they havent upgraded their phone system is beyond me, everytime i call, it is so scratchy i can hardly understand the guy, and i always ask when are you guys going to upgrade your phones? and they usually say it is in progress...

as long as they dont go belly up like PFG did,,,

Trade what you see, not what you think.

"The better the mechanic, the fewer the tools"

"Futures Trading is risky and can cause substantial financial gain"
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  #213 (permalink)
Trading for Fun
Ragusa Italy
 
Futures Experience: Advanced
Platform: If only I knew...?!
Favorite Futures: ES, FDAX
 
Posts: 50 since Jan 2014
Thanks: 6 given, 24 received


AMP really are the biggest clowns in town.

I am using X_Trader Pro and trade the YM contract. And guess what, AMP have the tick values of that contract setup wrongly on their TT Gateways. Instead of using a 5$ tick value, they show/ use a 1$ tick value.....

Obviously there can't be many AMP customers trading YM with X_Trader Pro, as I am amazed, this has not been picked up before.

Again, AMP are by far, the worst broker I have ever had the misfortune of trading with and I really will have to look into finding an other broker (yet again!).

Basically, if you trade with AMP, you need to check EVERYTHING to make sure, they have not screwed-up, because they seem to be screwing-up pretty much everything humanly possible.

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  #214 (permalink)
Elite Member
@ Germany
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: FDAX
 
Posts: 436 since Nov 2011
Thanks: 246 given, 366 received


met68 View Post
AMP really are the biggest clowns in town.

I am using X_Trader Pro and trade the YM contract. And guess what, AMP have the tick values of that contract setup wrongly on their TT Gateways. Instead of using a 5$ tick value, they show/ use a 1$ tick value...

Unbelievable, i was very amazed about the X Trader Pro / TTNet package from AMP, but i am really concerned if they can handle the technology in an professional way. I want to use the low latency connection thru an own server in frankfurt. But if they can't even set the risk setup right - it's not really trustworthy. Very sad.

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  #215 (permalink)
Trading for Fun
Ragusa Italy
 
Futures Experience: Advanced
Platform: If only I knew...?!
Favorite Futures: ES, FDAX
 
Posts: 50 since Jan 2014
Thanks: 6 given, 24 received

@Koepisch,

Yes, be very careful. I lost $1300 yesterday because of this. I was legged twice in a spread and ended up with a naked YM position both times. I went by the X_Trader Pro position P&L and bailed, when the losses across the two trades amounted to $260. In the daily statement I then see, that I lost $1300, because the position P&L in X_Trader picked-up 1$ instead of 5$ per contract.....

Would be interested in what you guys think the legal situation is here? Do I have any recourse against AMP for the difference between $1300 and $260?

Surely I can expect an expensive platform like X_Trader Pro to work and at least have the right contract specs for the most widely traded futures contracts out there?

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  #216 (permalink)
Elite Member
Russia, St.Petersburg
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: AMP/Rithmic
Favorite Futures: Futures
 
Jonson's Avatar
 
Posts: 242 since Jan 2011
Thanks: 210 given, 108 received


met68 View Post
@Koepisch,

Yes, be very careful. I lost $1300 yesterday because of this. I was legged twice in a spread and ended up with a naked YM position both times. I went by the X_Trader Pro position P&L and bailed, when the losses across the two trades amounted to $260. In the daily statement I then see, that I lost $1300, because the position P&L in X_Trader picked-up 1$ instead of 5$ per contract.....

Would be interested in what you guys think the legal situation is here? Do I have any recourse against AMP for the difference between $1300 and $260?

Surely I can expect an expensive platform like X_Trader Pro to work and at least have the right contract specs for the most widely traded futures contracts out there?

hey
sad
try use t4 or rithmic platform

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #217 (permalink)
Elite Member
@ Germany
 
Futures Experience: Beginner
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
Favorite Futures: FDAX
 
Posts: 436 since Nov 2011
Thanks: 246 given, 366 received


Jonson View Post
hey
sad
try use t4 or rithmic platform

I don't think that they have their quoting and risk managment servers within europe.

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  #218 (permalink)
Elite Member
Russia, St.Petersburg
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: AMP/Rithmic
Favorite Futures: Futures
 
Jonson's Avatar
 
Posts: 242 since Jan 2011
Thanks: 210 given, 108 received


Koepisch View Post
I don't think that they have their quoting and risk managment servers within europe.

rithmic trader have gateway to europe when before enter to account
and for you too, mirus have a rithmic feed and eurex with rithmic too

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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  #219 (permalink)
Trading for Fun
Ragusa Italy
 
Futures Experience: Advanced
Platform: If only I knew...?!
Favorite Futures: ES, FDAX
 
Posts: 50 since Jan 2014
Thanks: 6 given, 24 received

More AMP woes.....

I was trading some US index futures spreads on Thursday and Friday last week.

I have always wondered, how AMP calculated my margins on this, when I carried positions over-night. However they did it, they did it wrongly, by a factor of about 10 in my favour!

So on Thursday, I decided to carry two lots of the spreads I normally put on overnight, to see what would happen, as I did not have enough margin in the account to carry two lots, based on the way I calculated the initial and maintenance margin requirements for the contracts in question.

And lo and behold, AMP did not force liquidate any of the positions. Instead, the positions were still on on Friday, when the markets opened.

Now as I said, the positions in question are spreads, which have >90% of the market risk hedged.

So I figure, AMP must be treating my RegT account as a portfolio margin account (of sorts) and hence give me more margin to play with, recognising that I have a hedged position.

So I decide to carry the same sized position into the close on Friday.

But on Friday, for some bizarre reason, AMP now liquidate part of the position.

But it gets even more bizarre.

First, they actually liquidate all of one of the hedge legs.....

So now my account, while technically requiring less margin, in fact has an exponentially larger risk....

But there is more: sometime mid Friday afternoon, I transfer $10k from my AMP sub-account into the root account, which holds the positions described above. An internal transfer which I have done many times before and which is effective almost instantaneously - normally.

Only when the markets closed on Friday, the 10k were not in the root account.....

So the size of the forced liquidation was larger than it would have needed to be.

So on the open on Sunday, I decide I better move the 10k again...., but now, suddenly, the 10k appear in my root account as they should have sometime mid-afternoon on Friday (a few hours prior to the close, when I originally made the transfer).

If anything, I believe this is yet more evidence for the fact, that AMP haven't a clue what they are doing and that you all better be real careful ....

As I said, my margin calculations in the AMP daily satetements was wrong by a factor 10 (in my favour!) or so for as long as I can remember. If they do this systemically across all/ most accounts, then our monies may not be as safe as we all think they are....

I shall now move on. Not sure where to. My experience has not been a good one with any of the brokers I have used to date (i.e. AMP, OEC, IB - but AMP are by far the worst of the three!) and frankly I am tired of dealing with crappy brokers and may therefore stop trading altogether. I was trading full-time for a few months now and dealing with broker issues has been a constant headache. So I may just go a do something else instead.


Last edited by met68; May 4th, 2014 at 06:57 PM.
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  #220 (permalink)
Elite Member
Russia, St.Petersburg
 
Futures Experience: Advanced
Platform: Sierra Chart
Broker/Data: AMP/Rithmic
Favorite Futures: Futures
 
Jonson's Avatar
 
Posts: 242 since Jan 2011
Thanks: 210 given, 108 received


hi met68
I recommend you not to despair and to recover, tie your account to another broker and make money

* If investing gets too difficult for a seventh grader to understand, the system is needlessly complex
* Markets produce an enormous volume of information, much of which is redundant
* In every game and con there's always an opponent, and there's always a victim. The trick is to know when you're the latter, so you can become the former
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