AMP Charging me for $300 Margin

2

2Fast2Good

Okay so I deposited around $1,000-$1,500 dedicated to day-trading 1 lot on /ES. Yesterday, I noticed my account balance dropped SIGNIFICANTLY, and I was scratching my head wondering what the hell happened, I made money. I contacted AMP, and they told me I was being charged...$9 RT! I remember on the application I had checked the $300 margin but decided to just put more money into my account since the extra commission wasn't worth it. I sent a live-chat requesting I get the credentials to the recent application which didn't have the $300 margin, and this whole time I thought I've been trading without those extra fees.

Is there anything I can do at this point? I am seriously pissed commission have put me in the red. I sent them an email but they responded that I had signed up for the $300 commission. Not sure if replying back would be worth it or change anything.
 
Lol, yeah. I'd be crazy to sign up for $300. Idk man, they know how much I deposited, and they have the chat logs of me requesting the representative to send me the credentials for the application without the $300 margin. I doubt there is anything I can do.
 
2Fast2Good said:
Okay so I deposited around $1,000-$1,500 dedicated to day-trading 1 lot on /ES. Yesterday, I noticed my account balance dropped SIGNIFICANTLY, and I was scratching my head wondering what the hell happened, I made money. I contacted AMP, and they told me I was being charged...$9 RT! I remember on the application I had checked the $300 margin but decided to just put more money into my account since the extra commission wasn't worth it. I sent a live-chat requesting I get the credentials to the recent application which didn't have the $300 margin, and this whole time I thought I've been trading without those extra fees.

Is there anything I can do at this point? I am seriously pissed commission have put me in the red. I sent them an email but they responded that I had signed up for the $300 commission. Not sure if replying back would be worth it or change anything.
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They Charge extra to get that leverage which is about 1/16 SPAN? And is that all in or just their commission?
 
You agreed to the 300 initial margin requirement and were charged accordingly. Now you need to re-negotiate the terms of your agreement. AMP is an above board broker who will make things right. And I am not a shill...just a long time client.
 
Yea I emailed them to get it removed. I just thought this whole time I was using the account for the application I made after that didn't have the $300 margin.
 
2Fast2Good said:
Yea I emailed them to get it removed. I just thought this whole time I was using the account for the application I made after that didn't have the $300 margin.
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You also might reconsider having more than $1500 to day-trade anything except micro. Why you would initially fund that low to trade ES is curious.
 
2Fast2Good said:
$9 was my total all in.
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That looks like a commissions of $3.30/side. I don't charge that but I would never offer $300 margin on ES for DT with the initial margin being $5280. A 6 point move can wipe you out. Sounds fair to me. I know hedge funds that pay that at the larger banks with larger accounts to get their balance sheets.
 
comagnum said:
oh my ... that's leverage well above 100:1. Hard to believe that is even possible but it is these days.

$300 to control $141,814 is like getting 7 kilos fronted to you by handing over your couch change.
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the $300 margin is some special AMP has, the regular day-trading margin is around $500 for them. I think people here are missing the point of the thread but oh well, my fault for believing AMP sent the correct log-in that reflected my new application requesting to use standard DT margin.
 
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