Anyone using Amp futures ?

[Scataphagos]

Some years back I was looking for (yet another) futures broker and settled upon Crossland (since bought out by Wedbush). Though a smaller broker, they had a decent ratio of "Adjusted Net Capital-to-Net Capital Requirement".... that's "shock cushion". They also told me they made their money only on "commissions and fees" and did not try to "do anything" with customer funds. By "doing something" with customer funds means trying to make some "float money" to the benefit of the firm. (Recall, that sort of thing is what got Refco and MF Global, others, in trouble. I had accounts at each of them when they had their difficulties... and those weren't the only ones for me over the years.) I don't know whether futures brokers decided trying to make float money was actually a bad business risk or whether the regulators enacted rules to prohibit it. In any case, it's been a while since I've heard of any problems like that. I'd like to believe that risk has been eliminated.

We all should do our own "due diligence".... but just because AMP is small doesn't mean they're a "problem waiting to happen".

FWIW...

 

[RosyScenario]

If you want an FCM with $billions in excess net capital, they're available -- at a price. You pays your money and you takes your chances.

http://www.cftc.gov/MarketReports/financialfcmdata/ssLINK/fcmdata0817

Thanks for posting that link. Is AMP Global Clearing LLC the same firm as AMP Futures?

 

[AMP_Futures]

yes. AMP Global Clearing LLC is the company name - registered DBA > AMP Futures

 

[RosyScenario]

Is there any way to get interest on idle funds at AMP Futures (like Interactive Brokers and others are now paying)?

 

[Ates]

I'm new AMP user and new Motivewave user as well. I couldn't find reporting option. I have been using Ninjatrader and Tradovate. I still have account. But i can't find reporting like win-rate and etc. Also AMP's dashboard is like first days of WWW. You only see your account ID. Nothing todo there. They don't provide detailed statement and etc.

 

[heispark]

I'm new AMP user and new Motivewave user as well. I couldn't find reporting option. I have been using Ninjatrader and Tradovate. I still have account. But i can't find reporting like win-rate and etc. Also AMP's dashboard is like first days of WWW. You only see your account ID. Nothing todo there. They don't provide detailed statement and etc.

So I purchased Journalytix......... In Futures trading, it seems everything requires additional cost... I miss the days I traded Forex in which everything's free.

 

[WS_MJH]

AMP is a great firm! They won't hold your hands, but all around one of the best brokers out there.

 

[Overnight]

I'm new AMP user and new Motivewave user as well. I couldn't find reporting option. I have been using Ninjatrader and Tradovate. I still have account. But i can't find reporting like win-rate and etc. Also AMP's dashboard is like first days of WWW. You only see your account ID. Nothing todo there. They don't provide detailed statement and etc.

With section 1256 contracts, you don't have to report every single trade. All you need is the net profit and loss, which comes with the 1099-B statement. For all the details, you can just print out the monthly statements they send...each month. Or if yer a Buffet-type, print out each daily statement, for redundancy. But that kills more trees, which convert global warming into O2, which we need to breathe.

So...Just file form 6781, fill in the blanks, and save the planet.

 

[heispark]

AMP is a great firm! They won't hold your hands, but all around one of the best brokers out there.

Agree, except for spread traders (high margin requirement). AMP said "although the CME offers reduced spreads our risk program does not so you must be full margined for each side of the spread." It sounds ridiculous to be honest.

 

[Overnight]

Agree, except for spread traders (high margin requirement). AMP said "although the CME offers reduced spreads our risk program does not so you must be full margined for each side of the spread." It sounds ridiculous to be honest.

It is because they do not support exchange-traded spreads, apparently, which is the "only way the exchange recognizes" a spread. I call bullshit on it because the daily AMP statement completely obliterates that idea, but what do the reps know.

P.S. Imagine if AMP actually supported that idea...Margin credits based on the CME's own rules? They'd get much more business I believe, if they just did that!