No, I said I held 800 lots at one point, but it was in an account with a balance of $12m. They just wanted to say, ‘well, we can beat that!’ So stay with us still even though we are offering you worse intraday margin than J.P. Morgan or TD Ameritrade.
I have decided to put a significant amount of my money with AMP
- Thread starter balckagroop
- Start date
No, I said I held 800 lots at one point, but it was in an account with a balance of $12m. They just wanted to say, ‘well, we can beat that!’ So stay with us still even though we are offering you worse intraday margin than J.P. Morgan or TD Ameritrade.
And yea, I understand them being risk averse. Then they should not being communicating the complete opposite when trying to get my business. They should not be saying shit like “we’re going to give you 1000 lots per click, but we’re going to check with clearing and see if we can actually raise that”.
They should not be telling me that they have such strong risk management in place that the second i open and fund the account I can trade $2m or $5m or $20m at 800 per.
Did I ever think this was going to happen? No. But I certainly didn’t think they’d be so quick to flip and pretend none of it ever happened, and end up giving me margins that imply they are a big house. It’s the only reason people go with them. No way am I putting $10m or $20m or even 2m with them at $6k per.
They should not be telling me that they have such strong risk management in place that the second i open and fund the account I can trade $2m or $5m or $20m at 800 per.
Did I ever think this was going to happen? No. But I certainly didn’t think they’d be so quick to flip and pretend none of it ever happened, and end up giving me margins that imply they are a big house. It’s the only reason people go with them. No way am I putting $10m or $20m or even 2m with them at $6k per.
With the way the ES has been swinging around, can't you make decent money on 100 lots? That's at $15,000 exchange minimums with room to spare on your 2 mil deposit. The thing goes up or down 10 points, you have made or lost 50 grand. Not bad risk/v/reward there?
Normally I'm swinging 200-650 (average position size), and yes my balances are larger and do not take advantage of intraday much. But that wasn't the point of this thread.
I understand. The point was that AMP told you one thing before the deposit, and said another after the deposit. Well, you could always try IB? I hear they are very generous on their risk control.
Exactly. And the level to which they are making excuses, on this thread as well, as well as the lies (I never stated I want to use max risk, not even ONCE).
As for IB, I am assuming that was a joke. I do need a broker for one of my accounts, whose intraday margins are quite liberal. I am assuming NT is my best bet.
Averaging one point per contract on the ES (or four ticks) consistently over a year isn't really "no big deal" for a veteran intraday trader. Tom Baldwin was one of the best open outcry traders ever and he made 19 million in 1987 trading futures for the 30 year T bond but he was trading, on average, 2000 contracts a clip and 20000 contracts a day according to multiple sources. Tick value is 31.25 for that contract. If he would have averaged "only" a tick per contract he would have made 150 million dollars that year (with 4.8 million contracts traded). he only made slightly over one tenth a tick per contract on average. "Profits per trade are fractions of an increment" - garachen talking about some of his trading (increment meaning "tick").
Also in terms of doubting the volume... Harris Brumfield was 20 percent of the daily volume in the 10 year T note pit and then went on to trade over 100,000 contracts per day in the Bund during the early days of the online Eurex exchange. Many sources say Paul Rotter was trading 100,000-200,000 contracts per day in the Bund in the early 2000s. And those are examples of just one guy, trading one contract. Nav Sarao was another example of someone trading around 100,000 contracts a day.
"For example, on May 4, 2010, Defendants had established a long position of over 2,000 E-mini S&P contracts, and over a 40-minute period, then proceeded to repeatedly sell and buy E-mini S&P contracts such that, at the end the 40-minute period, Defendants had established a short position of over 1,500 contracts. This cycle was repeated several times during the day, and Defendants ultimately ended the day flat, profiting $876,823 from this trading. On that day, Defendants had the fifth-highest trading volume in the E-mini S&P, trading 130,030 E-mini S&P contracts." source: https://www.cftc.gov/sites/default/...cuments/legalpleading/enfsaraoorder111416.pdf
130,030 contracts and he was only the fifth biggest player in the ES that day!
Ren Tech is very impressive but there's a lot of trading companies that stack up well to the performance of medallion fund (medallion fund is really more like a trading company than a hedge fund as I understand). They don't get much publicity (they dont want it) and they only trade their own coin and don't collect fees. It's hard to get good info as an outsider on them but when you do it's always impressive. DRW has like 800 employees all getting paid handsomely with profits from trading. That's pretty amazing. Virtu financial (HFT trading company) had their trading performance tracked and they had ONE single down day over the course of five years. I don't know which 5 firms are doing 2 million contracts a day (like garachen said) but JUMP trading might be one of them. It would be interesting to find out.
Of course, people lie on here frequently for various reasons but he's the real deal. I figured out with certainty who he is and which trading company is his (maybe I could have just asked him). I won't say because I should assume he wants to stay somewhat anonymous until I've heard other wise. If you go through his posts his market knowledge is pretty staggering. At least one veteran poster (and also really successful trader) here knows him in real life. Also notice destriero didn't jump at the chance to call BS (which is his go to move when encountering questionable claims and we love him for it). It's like Dostoevsky said "real recognize real". (Not saying im the real deal btw, I'm a broke ass noob)
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have u considered tradovate ? ...they provide 550 ES margin ...not sure they have any restriction on large account ...if you pay some monthly fee ...commision is 0.19 or 0.09
thrid party software is lacking though