AMP, how could you?

[southall]

I read on the AMP website they require double day trade margins for accounts >$100K.

Basically they are saying they consider any accounts over 100K as big.

Seems you were a whale there.

 

[J.P.]

I read on the AMP website they require double day trade margins for accounts >$100K.

Basically they are saying they consider any accounts over 100K as big.

Seems you were a whale there.

I guess so. I would decrease the size that I was trading if that was the issue and that's what they wanted. I just don't get it. Why won't they just state upfront what their policies are?

 

[JamesJ]

Has anyone seen a number how much amp set aside for oil related losses?
I did hear that there are negative balances at amp...

 

[southall]

Has anyone seen a number how much amp set aside for oil related losses?
I did hear that there are negative balances at amp...

Cant have been that much otherwise the OP wouldnt be getting his $3million back.

 

[schizo]

Limit orders were on the exchange and were being filled. Take-profit limit orders were also on the exchange and were not (yet) filled. I also had both buy and sell flattening orders that were not at the exchange but were lined up on the platform to be sent in case any of my take-profit orders were not filled within a short period of time (less than five minutes, 10 at the most). These platform orders were filled out and ready to go so that I could send them and be flat very quickly, regardless of the number and type of fills, in order for me to rapidly flatten my positions. If my take-profit exchange orders were filled these platform orders would not be sent. If any exchange take-profit orders were not filled select platform orders would quickly be sent to flatten my positions. That's it.

Sounds like they caught you spoofing. Naughty you.

 

[hafez50]

There is something wrong with you if you keep a $3MM net liq with AMP.

Thanks for this good information and good advice.

You've been on here since 2008 so you obviously have good knowledge . Why the hell would you put $3 mil with a tiny firm like AMP? Thats pure insanity .Nothing against Amp as i have a small amount there and there excellent but one big blowup like IB had and its lights out . I'm sure doing that much volume and account size you could negotiate overnight and daily margins,commissions with a well capitalized broker like advantage.

 

[J.P.]

Another potential cause is if you got flagged as a "spoofer" - which is a CFTC violation.

Nah, thanks, but that's not it. It doesn't meet the criteria and besides with something like that you would be clearly informed as to exactly what the issue was.

 

[destriero]

Doesn't AMP limit the $500 haircut to 10-lots max? He's not spoofing.

 

[hafez50]

Nah, thanks, but that's not it. It doesn't meet the criteria and besides with something like that you would be clearly informed as to exactly what the issue was.

You based out of the US or foreign account?

 

[abc1234]

You based out of the US or foreign account?

Has a Roth IRA = US Based