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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

  #301 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
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ThatManFromTexas's Avatar
 
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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)
Site Administrator
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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...

https://futures.io/brokers-data-feeds/21573-peregrine-financial-group-pfg-accoun...-scandal-big-thread.html

Mike

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  #303 (permalink)
Trading Apprentice
Daytona Beach, FL
 
Futures Experience: Advanced
Platform: NinjaTrader, Gnuplot
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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)
Elite Member
cologne, europe
 
Futures Experience: Intermediate
Platform: jforex, ninjatrader, t4-trader
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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)
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CFuture View Post
As FCM Amp should be clearing on itīs own, right?

Amp is a non-clearing FCM.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
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  #306 (permalink)
Elite Member
cologne, europe
 
Futures Experience: Intermediate
Platform: jforex, ninjatrader, t4-trader
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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)
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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.

https://futures.io/brokers-data-feeds/21573-peregrine-financial-group-pfg-accoun...-scandal-big-thread.html

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #308 (permalink)
Elite Member
cologne, europe
 
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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)
Elite Member
New York, NY
 
Futures Experience: Intermediate
Platform: Sierra Chart, thinkorswim
Broker/Data: Amp-Rithmic/TT, IB
Favorite Futures: CL, GC, NQ
 
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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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AMP Futures and Mirus (NinjaTrader Brokerage as of June 30 2014), which one is better-screenhunter_24-sep.-08-19.16.jpg  
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  #310 (permalink)
Elite Member
Houston,Tx
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Mirus Futures/Zen-Fire
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Posts: 2,302 since Feb 2010
Thanks: 1,208 given, 4,293 received



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

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!"

Last edited by ThatManFromTexas; September 8th, 2012 at 08:51 PM. Reason: Piss poor typing.
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