Go Markets any good for forex?

[lasty]

"We would also like to reiterate that this is a completely automated process and guarantee complete STP trading with no dealer intervention."

So how do Go markets make their money?
Currenex will charge Go markets brokerage and thats passed on at a higher level?
Or does Go markets spread currenex's pricing?

 

[roonapa]

If they are monitoring this thread then at least they are listening to the power of the forums, it actually sits well with me because at least they are taking note
My account rep at GO stated that in their legal docs that they pass all trades onto independent liquidity providers and in turn they receive rebates through volume of trades, im asuming that the spread may be a touch wider than currenex to cover costs and receive rebates but they havent directly told me that.
Quite frankly I dont mind them making a bit as long as they continue to give us a fair go

 

[AbundantIncome]

Stop losses suck ... got taken out then it moved up again !!!

They are sneaky tactics to get stop losses ...

 

[macca]

Hey AI,

All brokers can see both sides of the market, the most common stops are in the same place for thousands of traders.

The Smart Money can see these and run the price up to trigger them, that is why some traders scalp from 80 to 00 because the SM will push it to 00 just to trigger the stops and the breakout trades.

Also look at old swing points, particularly on daily 4hr and 1 hr charts, these old SR points are used by thousands of traders so if you use the same places you will get hit as well.

I have had a few trades miss my SL by 1 or 2 pips then go my way so I really don't think Go Markets are stop hunting, but I KNOW the smart money is stop hunting all the time.

They want your money, just like you want theirs the difference is they know where the Stops and TPs are

We are in the biggest casino in the world, we just have to learn how to handle it.

Good luck

 

[roonapa]

Stop losses suck ... got taken out then it moved up again !!!

They are sneaky tactics to get stop losses ...

Get a currenex demo then you will have a good idea or at least peace of mind.
I use london capital groups currenex demo , its not perfect but it is good to cross reference on most occasions.

 

[lasty]

roonapa,

I think your broker is having a lend of you.
Anyway thats your call .. Hey if he is a nice guy then throw him a few coins.

Now there are some Fx brokers who will price you out of the market even when it hasnt traded there. Thats market making at its best rip and strip and lose a client.

There is one FX broker will guarantee the high or low of the day benchmarked off a wholesale market broker.
There is another that will provide you DMA to currenex as a retail player without spreading.You need to have at least 50k and show that your active.

 

[roonapa]

yeah he seems a good bloke. Even some ECN brokers get bad raps on loads of forums so I still rather deal with a fully regulated firm based here that is also insured .
Its the safer way to go and I can always complain if I dont think they have played fair.
Anyway the market awaits so better concentrate on that so i can afford beer for the weekend.

 

[Cartman]

Anyway the market awaits so better concentrate on that so i can afford beer for the weekend.

LOL ---- i like that ROO ---- priorities --- thats what life is all about

 

[Stormin_Norman]

Stop losses suck ... got taken out then it moved up again !!!

They are sneaky tactics to get stop losses ...

or poorly placed stop losses...

 

[Stormin_Norman]

"We would also like to reiterate that this is a completely automated process and guarantee complete STP trading with no dealer intervention."

So how do Go markets make their money?
Currenex will charge Go markets brokerage and thats passed on at a higher level?
Or does Go markets spread currenex's pricing?

they match up orders and pass on their exposure. pocketing the spread on the matching trades.

on their passed on trades they 'receive rebates' = 'spread currenx pricing'. so they probably gain a percent of the spread on those trades passes on.

 

[AbundantIncome]

or poorly placed stop losses...

maybe how would you do it ? i do it by how much i am willing to lose ...

spread on gomarket compared to IB is sometimes double !!! ... although no commission ... they hold the sell prices by one or two pips normally from observation .....

I think I have to give it more way to move I think .. just as a way to prevent massive losses rather than trading technique for being out as I have issues getting out of trade as I have had some massive massive losses a few times !!!

 

[Stormin_Norman]

SL pips decide lot size.

not lot size deciding pips.

 

[white_goodman]

SL pips decide lot size.

not lot size deciding pips.

hear hear lot size is determined by your chart...

off to money management camp for you

 

[AbundantIncome]

i am very convinced now that they do take stop losses out by monitoring them .. it just happened again .. just take my stop loss and run up they go up again !!!

considered warned !

hmmm very sneaky ... i think they move the trade along to take away

it just happens too many times

they could just create trades just to get you !!!

geez

 

[lesm]

i am very convinced now that they do take stop losses out by monitoring them .. it just happened again .. just take my stop loss and run up they go up again !!!

considered warned !

hmmm very sneaky ... i think they move the trade along to take away

it just happens too many times

they could just create trades just to get you !!!

geez

AI,

Sure you're not getting paranoid?

Which pair were you trading, what time and timeframe, entry price and stop loss?

Cheers
Cheers

 

[wabbit]

If you think its a conspiracy against you... open multiple data feeds from different vendors and watch the price action from a multitude of data providers. If it's only Go which hits those levels and no other data source then you MIGHT have some validity to complain (but there may be other reasonable and legitimate conditions). BTW: The easiest way to do this is use the DDE servers and see all the prices side-by-side in another application, like Excel.

If you're the sort of trader that has a fast computer, good data connections and lots of time, then why not write scripts to "stealth" trade; enter the stop level in your trading client terminal, then if the level gets hit then it places the market order for you (be prepared for requotes/slippage etc, depending on broker account)

I have heard a lot of people accusing brokers of stop hunting etc, but I have never seen anyone provide any conclusive hard evidence of it.

Let us know how it goes.


wabbit

 

[white_goodman]

if your scalping on short term time frames then maby have a rethink...

 

[Stormin_Norman]

i am very convinced now that they do take stop losses out by monitoring them .. it just happened again .. just take my stop loss and run up they go up again !!!

considered warned !

hmmm very sneaky ... i think they move the trade along to take away

it just happens too many times

they could just create trades just to get you !!!

geez

youre 10 pips away from the perfect stop loss point by the sounds of it then.

 

[AbundantIncome]

hmmm ... another thing i noticed tonight, they do not ask for confirmation on requotes, they just give you 5 pips higher, i watch the prices and the price is not within the range at all ...

i do watch prices with IB, IB prices are one pips or two at most and gomarket is always one or two pips more at least ...

 

[Trembling Hand]

it just happens too many times

AbundantIncome it is very clear from ALL your post two things,

1. You cannot trade,
2. Even more of a problem for you is that you are in denial of your lack of ability.

Just give up. Blaming your broker is completely gutless.