AMP, how could you?

Discussion in 'Retail Brokers' started by J.P., May 21, 2020.

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  1. J.P.

    J.P.

    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.
     
    #81     May 22, 2020
  2. destriero

    destriero

    So you were carrying 400 in, 400 out. You're probably one of their least leveraged traders.
     
    #82     May 22, 2020
    Eigthenn_0_six and J.P. like this.
  3. tiddlywinks

    tiddlywinks


    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...
     
    #83     May 22, 2020
    AMP_Futures likes this.
  4. 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
     
    #84     May 22, 2020
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  5. old coot

    old coot

    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?
     
    #85     May 22, 2020
  6. Overnight

    Overnight

    Trading against yourself violated the wash trade rule, no?
     
    #86     May 22, 2020
  7. old coot

    old coot

    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
     
    #88     May 22, 2020
  8. 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
     
    #89     May 22, 2020
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  9. old coot

    old coot

    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.
     
    #90     May 22, 2020
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