I have decided to put a significant amount of my money with AMP
- Thread starter balckagroop
- Start date
Man, why don't you act your age, for crying out loud. Never seen such a 50 year old
AMP_Futures
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NFA $0.02
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Total per Side $0.37
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- Micro E-mini S&P 500 : MES = $40.00
- Micro E-mini Nasdaq-100: MNQ = $50.00
- Micro E-mini Dow: MYM = $50.00
- Micro E-mini Russell 2000: M2K = $25.00
Which regulation, through which regulatory body, was violated? Last I recall, you specified the amount of money you deposited into an AMP account in a post here, which was then deleted. That is how I know it was 7 figures. (2 mil or 3 mil I cannot recall.)
And that is as personal as it got. We do not know your name, age, gender, mailing and/or street address, account number, account balance in total, phone number, marriage status, type of car, SSN...Etc ad infinitum. WHAT PERSONAL INFORMATION!
This is much ado about nothing, to be honest. From a logical standpoint, yes...If AMP guarantees a certain day-trading rate for all accounts above $100K, then that is fine. They should honor that. But people need to understand...That is a blessing and a gift, because they are placing faith in your ability to not overlever yourself to the point of ruin. There is a difference between someone slinging around 300K or whatever worth of contracts, and someone else messing with tens of millions.
The exchanges have a minimum requirement. They (broker/FCM) will try to meet your minimums if you do not have the cash (or other assets) to meet those requirements. They are lending you a hand on it. And they have a minimum amount they must put up on your behalf.
Bottom line, stop trying to trade with a crazy ratio, WAY over your initial balance. Have some sense of conservatism. 600-800 contracts with 3 million bux? That is NUTS!
The exchanges have a minimum requirement. They (broker/FCM) will try to meet your minimums if you do not have the cash (or other assets) to meet those requirements. They are lending you a hand on it. And they have a minimum amount they must put up on your behalf.
Bottom line, stop trying to trade with a crazy ratio, WAY over your initial balance. Have some sense of conservatism. 600-800 contracts with 3 million bux? That is NUTS!
No, there was a post where the dollar amount was listed. It was either 2 mil or 3 mil. I recall that.
I think you're being naive. I'm pretty certain the guy is a flake. Would you, as a millionaire, post that you are depositing 7 figs just to see if it passes the compliance? What's the point? That alone begs the question. Seriously, WTF is wrong with these people?
right.
He announced to the world when he deposited the $$$.
He announced to the world when he withdrew the $$$.
surely AMP would be able to know the nick, actual name, address ...
we should read his posting with a pinch of salt.
It is inherently obvious AMP knows who the person is, with regard to identity. That is not the issue.
What concerns me is that someone with 2-3million is making a stink over being promised 800 per contracts for ES, and then being told later it is 6K per account.
The failure is on both sides.
A) AMP should have told him (and it is probably in the account paperwork somewhere) that their risk department can adjust your personal margins based on your trading history, amount of deposit and risk profile. Maybe the client did not read the fine print closely enough.
B) The client made a mountain out of a molehill here. Seriously. So what if they increased your margins to 6K per contract? Like, dude! The exchange minimum is 15K per contract! OK! Get over it! You got a discount anyways!
C) If I deposit 100 billion dollars with your firm, I want to be able to trade a million ES contracts per day.
There's a limit to the insanity...The line had to be drawn somewhere. Anyone with a clear mind knows it, and should know that at some point, the risk department is going to perk up and go..."Huh, wha? We're used to sleepy retail folks. We got someone now depositing HOW MUCH? (3 million. (Whoa, we need to review that, we're not used to that kind of deposit)).
Pinch of salt? Nah, more like a grasp of reality.
And P.S. @destriero called that shit. Amazing. He said that the OP would trade some number of contracts at 800, and the rest at 6K. Afterwards, AMP came right back with that same figure which the OP is complaining about. 6K per. WTF is dest, like a robot? How did he know that amount is what AMP would call for? Is dest Dan Culp? lol!