For the Record. These are AMP Default Margins: https://www.ampfutures.com/trading-info/margins/ Confirmed. DayTrading margins are twice the displayed amount for account balances exceeding $100K. ALL of our customers with Account Balances exceeding $100K are trading on these margins. Please stop trying to create a fake narrative that AMP is dishonest or misleading with our services. The only variance to our standard business operations is you. You are setting off high risk alerts all over the place, including this thread (which is frankly, quite odd). As you can read, from the communications with you...You are a new customer, insisting on maximum available leverage. We have no experience with your trading strategy, so to get started we set our standard day trade margins with acceptable top level positions limits. After seeing your trading activity, such as max % risk, if you trade with protective stop-loss orders, etc....we would then be able to adjust as needed. We are a US regulated brokerage firm, we MUST follow proper AML, (KYC) Know Your Customer & Risk Management Guidelines, which is exactly what we are doing.
It’s become a common practice for brokers to entice new accounts with discounted day trade margins and once account is open to be no where near what they advertise. Their reasons of “we don’t know how you trade” etc... is just b.s. They should be held accountable. In the real world this practice is known as bait and switch and is punishable by law. FINRA is supposed to be the agency that regulates broker behavior but I’m not too sure about their involvement and their accountability to individual traders.
Correction. This is NOT common practice. All regulated brokers are audited and reviewed by regulators. Especially for promotional material. For the Record. These are AMP Default Margins: https://www.ampfutures.com/trading-info/margins/ Confirmed. DayTrading margins are twice the displayed amount for account balances exceeding $100K. ALL of our customers with Account Balances exceeding $100K are trading on these margins.
You should read factual information carefully. Do not twist and distort factual information. If brokers are questionable, report the matter to the regulators.
Maybe you should add that very large accounts can be required to go trough a risk analysis procedure, by answering questions and monitor trading in the first weeks of their new account opening, make it clear that if certain risk parameters are exceeded large traders can be required to have more margin per contract. I completely understand your reasoning for doing so, however adding this to your website would have avoided all this and could also prevent this from happening again in the future with other traders.
I don't have an account with AMP but I do understand their grave concerns. Hey, if I were them, given the exchange of conversations so far and the amount of funds initially deposited, I'd be scared to death of what my happen next with the added info that there has been months of continuous, super high e-mini volatility. What is your deal dude? Imho, AMP is basically saying WE DON'T KNOW YOU and your hypothetical statements of max risk suggest to us that you are a highly aggressive individual with super high emotional risk tolerances who could potentially run afoul of our trading safeguards in no time flat. Besides, it is beyond stupid for an at-homer to be holding 600 ES contracts for a day trade. Every futures broker in the US should not want to go anywhere near you without the full CME margin requirements in place BECAUSE YOU HAVE A FK'ING FEAR GENE MISSING IN YOUR FK'ING DNA. Fact. Reality check here people: the CME establishes minimum initial and intraday margin requirements for their futures contracts. It's not a suggestion. It's "you pay this or you don't play the game". So if a broker requires you to have $800 in your futures account to take 1 ES contract on a daytrade, guess who has to cough up the rest for the trade to be executed at the exchange? Exactly!
It's D1. All you can do it buy and sell. I don't know what can be gleaned by watching the guy trade. You arrive at a risk-figure and go. balcka goes all in with 500/$1MM and he's got 40 pts of risk. There is a lot more risk on a BP simply because there is no guarantee that the book will be liquid enough to cover inside that 40-point limit. 500 isn't going to sweep the book. Put the guy on liquidation if he touches $200K in net liq. This isn't rocket science. You have the trader sign off on the custom risk. Amp doesn't like the BP client because 500 individual one lotters is diversification. No FCM is blowing up on a client base averaging $5-$10K in net liq. They want/need hobbyists with a few grand.