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Go Markets any good for forex?

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i understand when news announements occur - spreads to be high within that minute or max 2 mins .. but last news was at 9.45pm AEST (which is server time 13:45 ... and i was getting these WIDE spreads constantly after 14:00 (server time). I've got 4 different brokers, including CMC (who also widen spreads during news time) and none of them had wide spread 1 mins after news ...

This just shows that GO MARKETS clain to be ECN-like spreads are just B.S. .. no doubt.. they are definetly manipulating (by widening spreads) all this time.

Here is a image for proof .. and it is LIVE account before anyone argues!

PS: Not to mention the **** load of requotes i was getting!
 

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stawned said:
i understand when news announements occur - spreads to be high within that minute or max 2 mins .. but last news was at 9.45pm AEST (which is server time 13:45 ... and i was getting these WIDE spreads constantly after 14:00 (server time). I've got 4 different brokers, including CMC (who also widen spreads during news time) and none of them had wide spread 1 mins after news ...

This just shows that GO MARKETS clain to be ECN-like spreads are just B.S. .. no doubt.. they are definetly manipulating (by widening spreads) all this time.

Here is a image for proof .. and it is LIVE account before anyone argues!

PS: Not to mention the **** load of requotes i was getting!
Click to expand...

http://fxtrade.oanda.com/

Check Oanda now and they still even at this moment have a 10pip spread on EUR/USD when normally at this time they would be at 0.9

I don't think it is the market makers fault at the moment.

Also yes, I agree that within 15min of a typical major news event, usually the spread goes back to normal. But i've seen it like this before for extended periods...particularly during the crash during October last year.

I'm not trying to defend market makers but I'm just saying that I've seen it take this long before.
 
If this happens with GoMarkets regularly, i am better off sticking to a broker that offers FIXED spreads (usually 2 pips on EU) - atleast that way im guaranteed regargless of volatility, i have constant spread (atleast 1 mins after news - coz i dont trade the news anyway).

Gomarkets offer an AVERAGE of 1.5pip spread anyway... its rearely less than 1 pip spread. Hence i'd rather pay that extra 0.5pip spread and be guaranteed to MOVE WITH THE REAL MARKET! not be manipulated. Dont u rekon? Its a no brainer thing.
 
stawned said:
If this happens with GoMarkets regularly, i am better off sticking to a broker that offers FIXED spreads (usually 2 pips on EU) - atleast that way im guaranteed regargless of volatility, i have constant spread (atleast 1 mins after news - coz i dont trade the news anyway).

Gomarkets offer an AVERAGE of 1.5pip spread anyway... its rearely less than 1 pip spread. Hence i'd rather pay that extra 0.5pip spread and be guaranteed to MOVE WITH THE REAL MARKET! not be manipulated. Dont u rekon? Its a no brainer thing.
Click to expand...

I agree that you are better off with a broker with a more consistant fixed type of spread, yeah.

The broker I'm using is pretty good like that but they will adjust their spread at times when you don't expect. You just need to watch the spread before you click that buy/sell button.

Also always watch and be careful 5-10min before a major news announcement as no matter which market maker broker you use, they will likely widen the spread.
 
Being watching all night, when trying to buy or sell, got put off by 4-5 spread at least ... like they are trading against you ..
 
alwaysLearning said:
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.
Click to expand...

Nah wasn't trading during a news release. I dont mind that much, I wasnt playing with serious amounts of money, more just testing the system as ninja trader was pissing me off.

Never heard of currenex before, might have to look into it.

Bit of a far cry from a Goldman Sachs brokerage account...they have some system where when you click buy (or sell), a confirmation dialogue pops up and you have 5 seconds to confirm your order at that price. At least, i think that was a GS thing.
 
Naked shorts said:
Nah wasn't trading during a news release. I dont mind that much, I wasnt playing with serious amounts of money, more just testing the system as ninja trader was pissing me off.

Never heard of currenex before, might have to look into it.

Bit of a far cry from a Goldman Sachs brokerage account...they have some system where when you click buy (or sell), a confirmation dialogue pops up and you have 5 seconds to confirm your order at that price. At least, i think that was a GS thing.
Click to expand...

hmm...it seems that I've been misinformed regarding currenex. See quote below from this link:
http://www.forexpeacearmy.com/public/review/www.currenex.com

I have read all of the reviews here on Currenex and there are some absolutely correct understandings of the system and brokers etc but also some absolute rubbish and misinformed nonsense so I thought I would try and set the record straight....
Currenex is a software vendor. In order to gain access to Currenex you need a broker to hold your account. Currenex does not have any direct relationships with the liquidity providers or brokers except as a vendor of software, therefor the broker you choose will dictate what terms of business you are on and what pricing you see.

Not all brokers have the same pricing on their versions of currenex as each other, why? Firstly the broker might only have relationships with a few banks, obviously the more banks the better the spread and the deeper the liquidity (theoretically).

Secondly, the broker might not be well capitalised and therefore in order to gain access to all the liquidity providers they inturn will use a prime broker. Some of the companies mentioned here do that. Obviously this puts up the fees. Finally, the broker might have many liquidity providers and his credit is fine but the liquidity providers dont like the flow from that brokers clients and therfore the stream a wider price.

So as you can see there are three main reasons as to why the pricing on currenex can be different from broker to broker. In my opinion when choosing a broker you have to consider the following how big is the broker what balance sheet, the smaller they are the more costs there will be and they will have to pass those costs on.

So as you can see above we have looked at the relationship between the Vendor Currenex The brokers and the liquidity providers. Lets now look at the brokers themselves.....So as you can see can the brokers be subjected to different pricing for all the above reasons you then have to factor in what the brokers offer publically in terms of their margin reates and $/per million fees and what they choose what not to tell you.

What they all tell you is their margin rate is 1%,2%, 3% or more and that is dependent on their own credit and risk policies. As you will see if you just make a few phone calls yourselves the larger institutions are more conservative with their margin rates and the smaller capitalised companies offer more aggressive margin rates. If you are highly leveraged then the decision is simple you can only go to a smaller company to get the bang for your buck. If you don't leverage and you are more conservative in your own risk management then the level of margin you pay is a mute point.

In addition the $/per million fee. As above if you are trading with a smaller company that has a prime broker and other people to pay then the fee will be higher. One of the people below mentioned $50 per million.This is criminal. Anyhing above $15 per million is the wrong number and for volume single figures is achievable.

What they don't tell you.....spreading the prices....Did you know that if the price the broker gets from the liquidity providers is less than 1 pip (which it often is, at the time of writing the price I see from my provider is 1.41764/770) They can widen the price a keep the difference. Did you also know that they can also choose for the trade to hit their book rather than allowing it to offset direct with the liquidity provider. And as some one else in this forum suggested they can choose weather they allow the clients prices to match off against each other or not.

So all is not what it seems eh! The brokers have different prices from each other different terms of business and are able to manipulate almost every part of the process. No change there then and those that have suggested its a level playing field need to get their heads out of the sand. I saw someone moaning about the slippage on the platform over numbers and with stop loss order, geez fella get a life!!! what you forget that these positions end up on real peoples desks at the liquidity providers and they have to manage them, so over numbers and in times of volatility the machines don't work.

Currenex is not a matching engine it is not EBS.

That said if you choose the right broker i.e. a larger one tyha doesnt need an prime broker and doesn't widen the prices and offers low $/per million then your off to the races the technology is fantastic and I use it everyday.
Click to expand...
 
hmm certainly some wild spreads tonight. Go, FXCM and MB have at least a pip more than normal. Its worth getting a free demo from Currenex then you can compare the aboves prices to see who keeps the tightest spreads.I downloaded capital forex demo , not bad for free comparison info to see who is keeping up.
I dont agree about keeping with a fixed spread broker as they must be betting against you. if the market is 3 pips but a fixed spread is 2 pips then how are they making money without wanting you to lose?? I used to work on the liffe floor in london as a futures trader for fimat you never experienced fixed spreads in those markets so im a bit sceptical about those guys now.
 
fixed spread brokers still make money, even though the real spread could be wider ---> how? well, just like a casino, 95% of the traders always loose, eventually! :)
 
Hi fellas,

Quick questions:

1. Anyone here trading more than 10 standard lots per trade? And if so, what broker are u using and happy with?

2. What brokers do you know or are experienced with that you can scalp with??

Cheers!
 
two trades last night.... over 3 hours before NFP

long E/$
Long $/Y

execution fine and fast. spreads a little wider then last two nights....
 
Interesting...from GoMarkets this morning talking about requotes...

To counter this the order execution style will now be switched to 'market'. This means you will be able to buy or sell without the risk of requotes. Please note that this style of order execution is still fully automated and there is will be no dealer intevention. Please adjust your trading system accordingly.
 
$20shoes said:
Interesting...from GoMarkets this morning talking about requotes...

To counter this the order execution style will now be switched to 'market'. This means you will be able to buy or sell without the risk of requotes. Please note that this style of order execution is still fully automated and there is will be no dealer intevention. Please adjust your trading system accordingly.
Click to expand...

what's the mean? automatic slippage?
 
FXCM have the same setup , i have tried it this morning with GO and doesnt seem to cause any issues in fact the execution seems to be faster. I have tested the slippage theory and the prices I click on are executed so I dont think you will have any problems but at least it will stop the annoying auto requotes that i get on my wireless internet.
The only minor negative point is that I now have to place the stop orders once the order has been executed.
On another note im suprised how much the prices are trading today even though most of OZ is on holiday!!
 

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