Australian (ASX) Stock Market Forum

Go Markets any good for forex?

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>Apocalypto< said:
well that's a fact of life for the way I trade, I only enter at market.

I can live with it that's why I look for the cheapest spreads.

If you can get around it well done!
Click to expand...

Commissions for currency futures are around $4 per round trip. 1 tick on the e/u futures is $12.50....so trading this way is equivalent to trading with a fixed commission spread of 0.32 pips (you can also expect to get discounts if your high volume).
 
Trembling Hand said:
Guys all this talk about ecn but no mention of whats really wrong with bucket shops.

Having to enter and exit every trade @ market or at the other side of the spread.

If you have a 60% win rate with a 2 point spread thats gong to cost you about 120 pips every 100 trades!! More maybe depending on how you trade.

If you do 100 trades a week you are giving up 6000 pips per year!!!!

Why does no one know or comment on this stuff :confused::confused::confused::confused::confused:
Click to expand...

Oanda has only a 0.9 pip spread on the EUR/USD during the London session. That's pretty good compared to other forex brokers and bucket shops.

You are right about expectecy though making it difficult. But then again it's always going to be difficult.
 
I must admit im not going to complain, i'm very happy with the new feed, there is no such thing as a free lunch and if i can pay 0.5 pips with Go then i'm a happy man.
Lets just hope the system holds up!!!! as I think they could get pretty busy.
We dont want any downtime like they had a couple of months back.
 
Stormin,

You mentioned earlier that Go have insurance on deposits. Does that mean client deposits are fully protected against their insolvency? Or something else?

Your comments would be appreciated.

Greg

PS: IG Markets charts fell over again tonight. Time to change ...
 
This is what I understand TH to be referring to:
(copied without permission so don't quote me)

"Let's say the current bid/ask is 1.5010 x 1.5015

The current spread is 5 pips.

You want to SHORT.

You SHORT at 1.5010.

You set a TP at 1.5005.

Bid/Ask becomes 1.5005 x 1.5009 and the current spread is 4 pips.

At EFX, you will get filled if the bid is 1.5005 and someone TAKES your offer.

Bid/Ask is now 1.5004 x 1.5009 and YOU HAVE YOUR PROFIT.

Note: the ASK never reached 1.5005. THIS IS IMPORTANT!

If you entered this order at a FIXED SPREAD broker, your order is STILL OPEN!!

The bid/ask must become 1.5000 x 1.5005 and your order HITS the Ask.

With FIXED SPREAD BROKERS you have to wait to hit their offer.

Maybe this might help:

First:

1.5010 x 1.5015

and price drops...

1.5009 x 1.5014

1.5008 x 1.5013

1.5007 x 1.5013

1.5006 x 1.5012

1.5006 x 1.5011

1.5005 x 1.5011 You may get hit

1.5005 x 1.5010 You may get hit

1.5004 x 1.5009 YOU COVERED 5 PIP GROSS PROFIT

AND LET'S CONTINUE

1.5003 x 1.5008

1.5002 x 1.5007

1.5001 x 1.5006

1.5000 x 1.5005 YOUR FIXED SPREAD BROKER FILLS YOUR ORDER."
 
Setup stops using the right click on Gomarket. Did not work !!! and wild night while I was in bed !!! how rude !

How to get stop loss after you buy or sell anybody ? I think it has something to do with trailing stop I used.

Need to get back losses overnight today !!!
 
CFD,

There are two types of platforms as you have explained.
One is the ECN.
Upside
Its great if you are "jobbing" the market ie buying n selling very frequently.
The Downside
liquidity and brokerage.

The other is a Price maker. ie fixed spread.
Upside
liquidity and brokerage is in the spread.
Downside
you pay the spread

Different systems suit different players.
Some guys use both.
FX is unregulated ie there is no central exchange, so different providers can operate how they want.
May I suggest you use a broker that is ethical, has genuine liquidity and provides the service that suits you.
When it comes to spreads, its not the one with the narrowist thats the best.
Its the one that you can actually hit that counts.
Its no point going to a broker who says I offer 2 pip spread in AUD but they keep moving the price. The broker who may have a slightly wider spread and isnt moving it as much, may actually be the better price.

Good luck
 
I didnt have any requotes on my broadband pc but on my wireless I had some requotes. I spoke to Go only a few minutes ago Go and also took a at my FXCM account.

FXCM use a market execution on MT4 so you dont get requotes but you may not get the price you hit and you cant leave stops and limits at time of entry.

Go use instant execution but if the price has changed ever so slightly by the time you have clicked and the system has received your click then their is an automated requote, but you can leave stops and limits on entry.
Go suggested that I might want to put a small deviation to avoid the auto requotes but they did say that if this effects more clients and if the clients want to change style over a period of time then they will consider the FXCM route of Market execution.

Hope this helps ,
 
spreads a little wider compared to the demo on first live night.

have taken one short on E/$ no issues with requotes, execution very fast.
 
>Apocalypto< said:
execution very fast.
Click to expand...

Only if the market is stationary. Ive tried entering orders in anticipation of a move, and what happens is this.

I think E/$ is about to jump 7pips.
I press buy
The price jumps 7 pips
My order is filled
Price retraces as people take profit
I close for a loss
I come within an inch of punching the screen
 
Naked shorts said:
Only if the market is stationary. Ive tried entering orders in anticipation of a move, and what happens is this.

I think E/$ is about to jump 7pips.
I press buy
The price jumps 7 pips
My order is filled
Price retraces as people take profit
I close for a loss
I come within an inch of punching the screen
Click to expand...

this is where I think gomarkets is giving us a real sale pitch....

on ATC many times I hit buy or sell i would be filled in profit. I have never seen this on a MM
 
5 or 6 pips GBPUSD ???

I am so not sure their quotes are really interbank, more like market making thingy ... like they hold prices or something ....
 
anyone getting these ridiculous spreads rite now on the EURUSD?? 6-8 pips ..... and news was like 20mins ago!! bs!!
 
Naked shorts said:
Only if the market is stationary. Ive tried entering orders in anticipation of a move, and what happens is this.

I think E/$ is about to jump 7pips.
I press buy
The price jumps 7 pips
My order is filled
Price retraces as people take profit
I close for a loss
I come within an inch of punching the screen
Click to expand...

That is not good. Were you trading during a major announcement/report release? Sometimes the spreads will widen during things like NFP or interest rate announcements etc etc.

I use Oanda and have never had that problem. True you will get 0.5pip spread, and Oanda will have 0.9 but I feel confident that what I click on is what I'll get with Oanda.

I wonder what it would be like to be with currenex. They are supposed to be huge. I don't have sufficent money to use them but if I get good at this stuff I'd be looking at interactive brokers and currenex. I've heard they are quite good on the bigger scale for forex.
 
stawned said:
anyone getting these ridiculous spreads rite now on the EURUSD?? 6-8 pips ..... and news was like 20mins ago!! bs!!
Click to expand...

Yes and that is because of major annoucements.

1. Euro interest rate annoucement
2. BOE interest rate announcement

edit: I've seen it stay for quite a long time like this many times.
 

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