There were two accounts, a Roth IRA and a cash account. I traded 200 ES and 200 NQ in each, so it's 800 contracts combined. Very short term. Ninety percent of these trades were flat in less than five minutes win or lose; 100% were flat in less than eight minutes.
AMP, how could you?
- Thread starter J.P.
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So you were carrying 400 in, 400 out. You're probably one of their least leveraged traders.
AMP does not know your plans for the trade(s). You can say anything you want about how you expect the trades to work out, hold time, etc. Meanwhile, AMP is at risk for FULL margin of the positions (if YOUR plans don't work as intended). Not to mention, there is a nefarious optic... you could be attempting to trade among yourself between 2 differently titled accounts, but with essentially the same ownership. I don't recall what such a scheme is called.
Anyway... AMP is an excellent choice of broker/FCM for day and other active trading styles. And therein is the greatness of competition...
I don't know about this particular case
But from what I have tested in recent times, AMP is one of the best, if not the best solution for scalpers and day traders.
Low margins and low rates and an interesting choice of trading platforms
They always answer to any question
But from what I have tested in recent times, AMP is one of the best, if not the best solution for scalpers and day traders.
Low margins and low rates and an interesting choice of trading platforms
They always answer to any question
Out of curiosity, if members were to bring up some activities that they are unsure of, would you(meaning AMP) tell us if this is the sort of activity that may cause your accounts to be closed??
I'll start. If I had 2 accounts, and traded against myself, but in such volume as to short term, attempt to manipulate the price would that cause the accounts to fall outside the compliance criteria?
I'll start. If I had 2 accounts, and traded against myself, but in such volume as to short term, attempt to manipulate the price would that cause the accounts to fall outside the compliance criteria?
Trading against yourself violated the wash trade rule, no?
No. He's trading futures. Futures are MTM there's no wash sale involved. At least, if you're trading normally. I'm asking about self-trading, and don't actually know what the deal is, but AMP rep who posts here surely can answer my question.
More specifically, I'm wondering about this issue: Rule 4.02C and issues discussed in this document: https://www.theice.com/publicdocs/futures_us/Wash_Sale_FAQ.pdf
More specifically, I'm wondering about this issue: Rule 4.02C and issues discussed in this document: https://www.theice.com/publicdocs/futures_us/Wash_Sale_FAQ.pdf
Self trading 100% prohibited
https://www.cmegroup.com/rulebook/files/cme-group-Rule-534.pdf
Rule 534 (“Wash Trades Prohibited”)
No person shall place or accept buy and sell orders in the same product and expiration
month, and, for a put or call option, the same strike price, where the person knows or
reasonably should know that the purpose of the orders is to avoid taking a bona fide market
position exposed to market risk (transactions commonly known or referred to as wash
trades or wash sales). Buy and sell orders for different accounts with common beneficial
ownership that are entered with the intent to negate market risk or price competition shall
also be deemed to violate the prohibition on wash trades. Additionally, no person shall
knowingly execute or accommodate the execution of such orders by direct or indirect
means
So, as I asked originally,
"Out of curiosity, if members were to bring up some activities that they are unsure of, would you(meaning AMP) tell us if this is the sort of activity that may cause your accounts to be closed??
I'll start. If I had 2 accounts, and traded against myself, but in such volume as to short term, attempt to manipulate the price would that cause the accounts to fall outside the compliance criteria?"
AMP won't discuss the accounts from the OP, but they could answer this question.
"Out of curiosity, if members were to bring up some activities that they are unsure of, would you(meaning AMP) tell us if this is the sort of activity that may cause your accounts to be closed??
I'll start. If I had 2 accounts, and traded against myself, but in such volume as to short term, attempt to manipulate the price would that cause the accounts to fall outside the compliance criteria?"
AMP won't discuss the accounts from the OP, but they could answer this question.
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