Go Markets any good for forex?

[Cartman]

I lost a big one last week should have heed the warning about not trading lol ... lost 8 grand about ...

thanks God I got it back, nearly all of it in the past three days . something is really wrong in my trading for sure .. back to the drawing board ..

not gona judge u Abun/In ----- did ten times worse than what u r doing a coupla years back ----- BUT ---- i get a bad vibe about the way u r travelling ---

Qu 1 Is this money u can afford to lose?

Qu 2 Do u have a family/ do they know about the risks u r taking?

Qu 3 R they happy about those risks??

Seriously, can u tell me what your entry and exit criteria are for any given trade? ---- u need to know this b4 u start pumping large orders on the market, otherwise u r gambling with yr families cash ---- and i aint talking thru my hat --- ive probably "gambled" 5X more than most have ever had in their trading accounts ------ its no fun when u FINALLY lose it all !!

my advice for what its worth --- take 3 steps backward ---- open up a new $2000 account --- trade it with mini lots (a buck per pip) --- when u double the account u may ( i repeat MAY) be ready to put more cash into the market ---

if u lose the 2 grand ( hopefully u will -- but also hopefully it will take u 2 years to lose it !!! ) u will more likely have learned what u r doing wrong, and be in a better position to stop worrying about whether yr broker is fiddling the books etc .... also --- stop scalping !!!! if thats what u r doing ---- scalping bucket shops will send u broke unless u r a trading genius (only a couple of fellas around here capable of that that i know of)

good luck with it

 

[AbundantIncome]

not gona judge u Abun/In ----- did ten times worse than what u r doing a coupla years back ----- BUT ---- i get a bad vibe about the way u r travelling ---

Qu 1 Is this money u can afford to lose?

Qu 2 Do u have a family/ do they know about the risks u r taking?

Qu 3 R they happy about those risks??

Seriously, can u tell me what your entry and exit criteria are for any given trade? ---- u need to know this b4 u start pumping large orders on the market, otherwise u r gambling with yr families cash ---- and i aint talking thru my hat --- ive probably "gambled" 5X more than most have ever had in their trading accounts ------ its no fun when u FINALLY lose it all !!

my advice for what its worth --- take 3 steps backward ---- open up a new $2000 account --- trade it with mini lots (a buck per pip) --- when u double the account u may ( i repeat MAY) be ready to put more cash into the market ---

if u lose the 2 grand ( hopefully u will -- but also hopefully it will take u 2 years to lose it !!! ) u will more likely have learned what u r doing wrong, and be in a better position to stop worrying about whether yr broker is fiddling the books etc .... also --- stop scalping !!!! if thats what u r doing ---- scalping bucket shops will send u broke unless u r a trading genius (only a couple of fellas around here capable of that that i know of)

good luck with it

thanks for the advice Cart. I know something is not right about my trading system atm. I have lost like 3 grands in one day numerous times now ... i still have not learnt ... i mostly lost what i have sort won, but lost it again in a day or two then get back again in a week lol I have been very very lucky indeed ... very very expensive lessons but worthwhile to show what went wrong ... I have nearly taken out all my initial cash so hopefully that's going to take the stress a bit ..

big issue is that I have issues with getting out and hence that's why i used the stop loss and then i was wary of the stop loss i am redesigning my trading systems as i go ... you are right i do not really have a predefined entry/exit. i let the charts but again sometimes I lose focus and forgot about following charts . so discipline is a big one here !!!

now back to stop loss nomatter what ....

about the cash, I think I could lose some of the capital I put in so yeah, I am kinda careful in that sense ... I also have a side business as I know this is not a money in all the time business. There are times we need to bear with those huge huge silly losses ...

I think I fit into scalper as I do short trades depending on the charts that's why slipping trades are no no for me ...

I am taking steps back a little with smaller trades minimum allowed on the system with IB. Gomarket, I have very small trades ... so I am quite relaxed with them ... although am 300 down atm ... time to get those precious 300 back some day !!!

Might take an easier night .. been sleeping not enough for the past few days to get those losses from last week ...

I am quite content now .. so I can catch up on other work for now :d, all positions out ... there are always other opportunities in the market so never ever fret the lost profits etc I find ... well hard way, I have found cos I have been too rushed to get into trades rather than just wait and be patient ...

Thanks again ... :d

 

[Cartman]

thanks for the advice Cart. I know something is not right about my trading system atm.

so discipline is a big one here !!!

M8, i know your position cause ive been where u r ------- that word ---DISCIPLINE is the key ----- it is the thing which separates crook traders from good traders ---

i like the fact that u r humble enuff to admit yr failings -- that is a good sign --- humility is a greater attribute than many realise

i think u will do ok --- but lower yr position size (by about a squillion %) and do what TH says --- review each trade and work out why it went wrong (hopefully right) ---- if u make money out of a lucky trade --- criticize yourself as much as u should when u stuff up ---- u have to be hard on yr self if u want to become proficient ------

bottom line -- dont gamble --- take calculated risk !! --- cheers my friend.

 

[ISPIZ]

Well looks like they may be listening, it has been very good for the past couple of hours, great stuff thanks guys if you are watching lets hope she stays this way.

K

 

[ISPIZ]

I spoke to soon lol am looking for a new broker now any suggestions, forex and futures would be nice and split contract sizing would be even better.

K

 

[lasty]

Sounds like they should change their name to No markets :

 

[ISPIZ]

ha I like it.

 

[macca]

Yep,

5 pips slippage on closing a trade is not good news.

Message says timed out or something, then trade closes at current price, ugly !!

I have another broker who gives "clicked price" but I am not prepared to trade that much on FX yet.

I love FX but still have the BIG L plates on my chest.

( no sense deluding myself)

 

[macca]

Last post on this topic, would have edited my other post if possible but just now at 7.15 pm 5 pip slippage when closing a trade when the market is quiet is ridiculous.

I have received this email from Go so I will be letting them know my thoughts.

I should add that I am pleased that they accept that there is a problem and are looking at it, well done Go Markets !!

 

[ISPIZ]

Yeah got that myself earlier Macca and yes good to see, I will be calling Chris myself tomorrow to let them know my thoughts and yes 5 pips is absolutly rediculus, I had a order last night sit in pending mode for something like 15 seconds and I couldnt do a damn thing about it, a few of my trades only last that long lol.
Anyway hopefully we can get them to fix it and all be well.
K

 

[stawned]

Yea, i like the fact that GO is Ausy and hence im all up to support fellow aussie brokers ... but has to be a 2 way thing.. I;m glad they are actually reading our comments and looking into new options.

Market execution is a fantastic tool no doubt, but it needs to be fixed for proper fills - and i dont mind if there is +/- 0.5-1 pip slippage, but more is pushing it ..

Also, just to see, has anyone trying to CANCEL a trade while the platform is trying to fill you into the market? Like for eg. I click on a particular price and the platform is takin a few sec to fill me in so i decide to "CANCEL" (since the price has now moved from my original entry) - then i get a message saying "are u sure u want to cancel etc etc ... and i quickly press YES!! Then all is good for 3-4 more seconds, looks like my call to jump into the trade has been cancelled - and then all of a sudden i get filled into a position at market price - and im like WTF? And this is EVERY SINGLE TIME ... there has not been 1 time i have actually successfully cancelled the trade - anyone with same experience??

Go Markets, thanks for listening; these are genuine issues and not just some whinners complaining about brokers.. hope u understand that. There are a lot of brokers which are good with their execution, thats why i say what i say ...

Cheers!

 

[ISPIZ]

Hey Stawned,
Yes I have pressed cancel a few times it makes no diff whats so ever just comes up with a message sayign something like this trade may still go through, I havent had one cancelled yet after pressign it so mosewell not be there.
I will be wrapped if they can fix this.
K

 

[wabbit]

Just to clear up something in my own mind...

Since some brokers and/or software has changed over to 5/3 decimal places and others haven't, I get confused when people talk in pips without specifically identifying their measure.

Are the recent discussions here re: Go and slippage in "old pips" or "new pips"? For example, a AUDUSD pip on my Go account used to be 0.0001 but now they have 5/3 digits so it is 0.00001 "Old pips" are ten times bigger than "new pips" or conversely, "new pips" are ten times smaller than "old pips".

In the recent discussions here, are we talking about slippage of 5 "old pips" (0.0005, or 50 "new pips") or 5 "new pips" (0.00005)? (Some people are calling these 'pipettes'?) If the latter, then I suggest that you have a close look at your trading system because a shift of 0.00005 is only half of one "old pip" which was for a long time the smallest change in price. (Personal opinion: If you think this is the difference between profits and loss then you are sailing very close to the wind, skating on some very thin ice, playing with dangerous fires, (insert other analogies here...) and "trading" whisper-thin margins is extremely hazardous to the health of your account, more akin to gambling in my view.)

Market forces do come into play here a bit too, and markets can be anything but rational. To see an example, set up a monitor like I did today and see how often the last digit in a price (bid) is a 3 or a 7. I did a recording of part of a session today and the distribution of the last digits was (quite) unexpected. 0 and 5 were most prevalent by a considerable margin (not entirely unexpected) but 3 and 7 were the least common, 4 and 6 were also relatively sparse (meaning that whilst I was watching most of the prices were in the range 8,9,0,1,2. Without having recorded the order of events, it then makes some sense the fifth decimal of price could rapidly jump from 2 to 8 thru 5, or 8 to 2 thru 5 which is 6 pips (pipettes or new pips) slippage, even if the price pauses at 5 on the way through. If we assume this phenomenon was noticeable across the entire market, the broker is certainly not to blame; it is the onus of the trader to factor this possibility into their trading system.

But still, paying 5 pips in slippage in the new pricing system is still better than 1 pip in the old pricing system. What are people going to do when we get 6/4 decimal places? Complain about 5 "micro-pipettes" or 0.000005 ?



wabbit

P.S. As I type and drink wine, through Go, the max lot size on AUDUSD is 20 lots, so even if you traded the full 20 lots, 5 pips slippage (0.00005) represents about 0.0625% with 100:1 leverage or about 0.3125% if you have 500:1 leverage... either way, they're small margins.


[Sidebar: As there are still some brokers trading 4/2 digits, it makes me wonder who is keeping all the extra decimal places? It seems to me that'd be a sure-fire way to be making money :- the brokers themselves trade in 5/3 digits, but only allow their clients to trade in 4/2 digits; the broker rounding off (in their own favour of course!) and pocketing the difference?)]

 

[stawned]

Just to clear up something in my own mind...

Since some brokers and/or software has changed over to 5/3 decimal places and others haven't, I get confused when people talk in pips without specifically identifying their measure.

Are the recent discussions here re: Go and slippage in "old pips" or "new pips"? For example, a AUDUSD pip on my Go account used to be 0.0001 but now they have 5/3 digits so it is 0.00001 "Old pips" are ten times bigger than "new pips" or conversely, "new pips" are ten times smaller than "old pips".

In the recent discussions here, are we talking about slippage of 5 "old pips" (0.0005, or 50 "new pips") or 5 "new pips" (0.00005)? (Some people are calling these 'pipettes'?) If the latter, then I suggest that you have a close look at your trading system because a shift of 0.00005 is only half of one "old pip" which was for a long time the smallest change in price. (Personal opinion: If you think this is the difference between profits and loss then you are sailing very close to the wind, skating on some very thin ice, playing with dangerous fires, (insert other analogies here...) and "trading" whisper-thin margins is extremely hazardous to the health of your account, more akin to gambling in my view.)

Market forces do come into play here a bit too, and markets can be anything but rational. To see an example, set up a monitor like I did today and see how often the last digit in a price (bid) is a 3 or a 7. I did a recording of part of a session today and the distribution of the last digits was (quite) unexpected. 0 and 5 were most prevalent by a considerable margin (not entirely unexpected) but 3 and 7 were the least common, 4 and 6 were also relatively sparse (meaning that whilst I was watching most of the prices were in the range 8,9,0,1,2. Without having recorded the order of events, it then makes some sense the fifth decimal of price could rapidly jump from 2 to 8 thru 5, or 8 to 2 thru 5 which is 6 pips (pipettes or new pips) slippage, even if the price pauses at 5 on the way through. If we assume this phenomenon was noticeable across the entire market, the broker is certainly not to blame; it is the onus of the trader to factor this possibility into their trading system.

But still, paying 5 pips in slippage in the new pricing system is still better than 1 pip in the old pricing system. What are people going to do when we get 6/4 decimal places? Complain about 5 "micro-pipettes" or 0.000005 ?



wabbit

P.S. As I type and drink wine, through Go, the max lot size on AUDUSD is 20 lots, so even if you traded the full 20 lots, 5 pips slippage (0.00005) represents about 0.0625% with 100:1 leverage or about 0.3125% if you have 500:1 leverage... either way, they're small margins.


[Sidebar: As there are still some brokers trading 4/2 digits, it makes me wonder who is keeping all the extra decimal places? It seems to me that'd be a sure-fire way to be making money :- the brokers themselves trade in 5/3 digits, but only allow their clients to trade in 4/2 digits; the broker rounding off (in their own favour of course!) and pocketing the difference?)]

i DONT look at the 5th decimal point at all .. when i talk in pips, i talk in the good old meaning of pips (thats what a "pip" is by definition - there is nothing like new pip-old pip etc.) i.e. the 4th decimal place in EURUSD, and 3rd decimal in EURJPY

Current price EU is 1.3960x .... i dont care about the "x"

 

[ISPIZ]

Yeah I am the same doesnt even come into the equation in fact i wouldnt mind if they got rid of it and had it in the back ground have to look twice sometimes at prices.

 

[supermatt]

just have a spread indicator up then you dont have to squint your eyes to try see what it is.

 

[macca]

Hi Wabbit,

Fair question, but unfortunately not the solution.

I call the old pip a pip and the new 1/10 of a pip a pippette. I think it was Oanda who started calling them that, as they have had them for a long time.

The slippage I am having a whinge about is 5 old pips and this is after I clicked on close trade.

I realise that each broker has their problems and I guess right now Go s problem is slow processing of orders.

When I had a business and a customer was unhappy, I would much rather they told me and gave me the opportunity to solve that problem, than take their business elsewhere.

 

[macca]

HI

I am not sure if this has been posted before but it will show the last pippette in a smaller size.

It can be moved around the chart corners to wherever you want it just experiment with setting.

Remember to change the .txt back to .mq4 after downloading and before putting into MT4 files.

 

[roonapa]

Go markets seem to be on the right track with that last mailout. I personally havent had a problem with fills and order execution but it does seem like a few of you have so if they sort that then the only problem we have is making sure the market goes in the right direction.

Mega droid ( the only EA im running at the mo ) had a suprising good trade this morning, musty admit doesnt normally run on Fridays (for me anyway) not going to complain though.

 

[lasty]

Yea, i like the fact that GO is Ausy and hence im all up to support fellow aussie brokers ... but has to be a 2 way thing.. I;m glad they are actually reading our comments and looking into new options.

Market execution is a fantastic tool no doubt, but it needs to be fixed for proper fills - and i dont mind if there is +/- 0.5-1 pip slippage, but more is pushing it ..

Also, just to see, has anyone trying to CANCEL a trade while the platform is trying to fill you into the market? Like for eg. I click on a particular price and the platform is takin a few sec to fill me in so i decide to "CANCEL" (since the price has now moved from my original entry) - then i get a message saying "are u sure u want to cancel etc etc ... and i quickly press YES!! Then all is good for 3-4 more seconds, looks like my call to jump into the trade has been cancelled - and then all of a sudden i get filled into a position at market price - and im like WTF? And this is EVERY SINGLE TIME ... there has not been 1 time i have actually successfully cancelled the trade - anyone with same experience??

Go Markets, thanks for listening; these are genuine issues and not just some whinners complaining about brokers.. hope u understand that. There are a lot of brokers which are good with their execution, thats why i say what i say ...

Cheers!

Just because they are a registered Australian company doesnt make them "a true Aussie broker". They are whitelabelling a from a foreign source.
Quite a few "Aussie brokers" whitelabel different platforms.
Those questioning whether their funds are safe, most are if they have a presence in Australia.
Platforms that have a lag delay (its called latency) of 4 secs are infact a waste of time and obviously there is something wrong with their algorithm.
By comparison in the wholesale market the platforms are fighting over milli seconds.
4 secs is a long time in FX.... Go markets?... Go elsewhere..