I just opened a new account with AMP and wanted to check with some one else using AMP to make sure the margin for ES position opened on night times is still $500. The reason I wanted to make sure is IB charges like 7.5K for the same and I am not sure how AMP can allow me to open for just $500? Also do AMP have auto liquidate like IB?
As long as you close the trade in the same session, it should remain $500. Carry it into the close before the next session and it is an overnight hold. Watch your session times. http://www.apexfutures.com/trading-tools/market-hours/ Best to check with your broker. However, if you don't have funds to cover the overnight hold...of course! Plus there will be a liquidation fee probably from $50-$100. Do it enough and they may give you walking papers.
Yes, Same Margin Requirements at Night as during the Day Session. https://www.ampfutures.com/trading-info/margins/ DayTrade Margin is set by AMP. This is the amount required to enter into a position per contract on an intraday basis. These margins are in effect anytime the market is open, except the last 5 minutes of each trading session. AMP request that you either flatten open positions or meet the exchange required maintenance margin during this time period. Once the market re-opens, back to DayTrade Margins until the next daily close.
Thank you for clarifying, It's not i am plan to hold without funds, just wanted to know what's the worst that could happen. I am assuming they do some auto liquidation and I don't see any charge for this on their website currently.
Yes, AMP runs 24 hour Risk Management App. It will trigger an auto-liquidation if daily account balance loss reaches 80%. It will trigger a market order to attempt to liquidate any open positions and cancel any working orders, so like our customers, we are at the mercy of the market for the actual fill price. Disclaimer: This does not guarantee to protect against debit balance. Clients are responsible for monitoring their positions and are financially responsible for any losses generated by open positions in the account.