Australian (ASX) Stock Market Forum

Go Markets any good for forex?

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PR@GoMarkets said:
There is a very good reason, with there being no official open it is just when the first bank puts the first price through, but what we have found is that first thing on a Monday morning liquidity is pretty rubbish to be honest which can result in wider spreads coming from the banks. If we opened up earlier, we may see some really strange spreads and price spikes which could result in trades being done that clients may not have wanted etc.

Personally I have previously been an FX dealer and whilst working the night shifts in London, we used to open our market at 10pm Sunday night (7am Monday) and the liquidity was truly shocking.

Technically we could set things up so that it started at any time we want, but imagine if we started at 6am, and there were misticks all over the place... it would not be pleasant!
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I understand the reasoning from that perspective but when you are in a trade which is in profit and doing nicely on Friday night but then you wake up on saturday morning and find your still in profit but the market is poised to go against you on open on Monday morning and there's nothing you can do about it as the platform does not let you amend stops or take profit orders over the weekend, and then Go doesn't open till 8am by which time 30+ pips of your profit is gone then that doesn't leave you very happy.

Also my strategy provides quite a few entries on monday mornings so i was missing those.

A good solution would be to allow stops and TP orders to be ammended on the weekends.
 
havent checked the forum for about a week but good to see they now have a PR person to answer questions.
Megadroid has traded well for me this week and the GO execution speed is still working well from London.
Cant do to much trading today as must concentrate on the ashes!!!
 
PR@GoMarkets said:
There is a very good reason, with there being no official open it is just when the first bank puts the first price through, but what we have found is that first thing on a Monday morning liquidity is pretty rubbish to be honest which can result in wider spreads coming from the banks. If we opened up earlier, we may see some really strange spreads and price spikes which could result in trades being done that clients may not have wanted etc.

Personally I have previously been an FX dealer and whilst working the night shifts in London, we used to open our market at 10pm Sunday night (7am Monday) and the liquidity was truly shocking.

Technically we could set things up so that it started at any time we want, but imagine if we started at 6am, and there were misticks all over the place... it would not be pleasant!
Click to expand...

The official opening time in Australia is 5.00am on Monday morning by the interbank market.
That is recognised when orders are officially activated.
Opening 3 hours later can be lost opportunity for some punters.
Question: If you dont open until 8.00am how are stop losses or take profits treated?
 
i found TP were at the point set. sometimes when gapped in my favour, i didnt get any extra pips other then where my TP was set.

cant speak for SLs.
 
OFF TOPIC

dear norman . i have told a newbie to come see you .he came into chat asking in regards to EA,s etc and asked if we knew anyone in that field . i told him to chat to you as if you was not too busy , you would find it in ya jolly old soul to maybe help him a lil and point him in the right direction .

i do hope this was not too forward and have a great day
 
amy997 said:
I understand the reasoning from that perspective but when you are in a trade which is in profit and doing nicely on Friday night but then you wake up on saturday morning and find your still in profit but the market is poised to go against you on open on Monday morning and there's nothing you can do about it as the platform does not let you amend stops or take profit orders over the weekend, and then Go doesn't open till 8am by which time 30+ pips of your profit is gone then that doesn't leave you very happy.

Also my strategy provides quite a few entries on monday mornings so i was missing those.

A good solution would be to allow stops and TP orders to be ammended on the weekends.
Click to expand...

Personally I wouldn't leave positions over the weekend, but maybe I'm just a bit overly cautious! I will have to look into the ability to place stops etc over the weekend and see if this can be changed.

lasty said:
The official opening time in Australia is 5.00am on Monday morning by the interbank market.
That is recognised when orders are officially activated.
Opening 3 hours later can be lost opportunity for some punters.
Question: If you dont open until 8.00am how are stop losses or take profits treated?
Click to expand...

What I meant, and on reflection was not clear about, is that there is no official opening in that everyone must open at the same time. Obviously the banks will not be able to execute their trade through Reuters 'til 7am NZ time, but in that ensuing few hours prices and liquidity are crazy. One of the guys here was formerly a trader for a top 4 (Australian) bank and was saying that in that first couple of hours on a Monday they spent the time chatting about the weekend and laughing at some of the strange orders that come through.

In the most part those hours would likely cause lots of spikes etc, so not something that we will do at this stage.

In answer to your question, stops and limits are executed at the first available opportunity. So if it gaps through the price it will be executed on the open, not ignored.
 
Stormin_Norman said:
is the data from the history centre, the same time as the setting for the live account?
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Do you mean if you download the data from the history centre will it be the same? The data that shows is derived form the active price feed, so the same as the live accounts. But if you click to download, that connects to the MetaQuotes database and their own pricing.
 
"In answer to your question, stops and limits are executed at the first available opportunity. So if it gaps through the price it will be executed on the open, not ignored."

Who's open yours or the wholesale markets?
 
PR@GoMarkets said:
Do you mean if you download the data from the history centre will it be the same? The data that shows is derived form the active price feed, so the same as the live accounts. But if you click to download, that connects to the MetaQuotes database and their own pricing.
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so the metaquotes is their timeframe, not gomarkets?

your live feed is +2 GMT. the downloaded historical prices are metaquotes timeframe? correct?
 
i was just going through the faqs on the gomarkets website: http://www.gomarketsaus.com/faqs

and i came across this:

Q: Why does the price displayed on the charts sometimes differ to the FX price quoted?

A: Go Markets receives its FX price feed from 70 leading banks and institutions. Most FX providers offering this style of price feed will levy a fee per trade but to keep clients trading costs down GO Markets places a very small spread markup to cover hedging costs and this is reflected in the difference between the price quoted and the indicated chart level. In addition we would like to point out that charts are always for indication purposes only.

does this mean gomarkets HEDGE against clients trade positions.
That would not make them an ECN platform --correct?
Any broker who would trade against or hedge clients positions i.e take the other side of the clients trade would not be happy if the client makes money because that means the broker is losing money.
This would mean that anyone making consistent money in FX through gomarkets will not be in the goodbooks for gomarkets.

correct me if i am wrong in understanding this?
 
stawned said:
i was just going through the faqs on the gomarkets website: http://www.gomarketsaus.com/faqs

and i came across this:

Q: Why does the price displayed on the charts sometimes differ to the FX price quoted?

A: Go Markets receives its FX price feed from 70 leading banks and institutions. Most FX providers offering this style of price feed will levy a fee per trade but to keep clients trading costs down GO Markets places a very small spread markup to cover hedging costs and this is reflected in the difference between the price quoted and the indicated chart level. In addition we would like to point out that charts are always for indication purposes only.

does this mean gomarkets HEDGE against clients trade positions.
That would not make them an ECN platform --correct?
Any broker who would trade against or hedge clients positions i.e take the other side of the clients trade would not be happy if the client makes money because that means the broker is losing money.
This would mean that anyone making consistent money in FX through gomarkets will not be in the goodbooks for gomarkets.

correct me if i am wrong in understanding this?
Click to expand...

hedging is the opposite of trading against the client. if they didnt hedge, they would be counter trading.

as i understand it go matches up opposite trades then hedges/passes on their aggregate exposure to their counterparties.
 
Stormin_Norman said:
hedging is the opposite of trading against the client. if they didnt hedge, they would be counter trading.

as i understand it go matches up opposite trades then hedges/passes on their aggregate exposure to their counterparties.
Click to expand...

well true ECN brokers dont hedge but pass the trades to the banks. They are facilitators.
If gomarkets receives its FX price feed from 70 leading banks and institutions - i was under the impression that they pass the orders to these banks to be executed.

So like taking an example all gomarkets clients would say BUY gbp/usd together and there arent any clients who sell- then would they hedge the whole total amount ( aggregated exposure as u say ) to their counter parties and if all these traders would make money on that BUY of gbp/usd that would mean that gomarkets would have to incur a loss and viceversa.
correct?

this would be a major potential to them because brokers who hedge usually dont want traders who are winners as that would be detrimental to their profits. Correct me if im wrong !

Thats why TRUE ECN platforms dont hedge but pass the trades into the interbanks.

just wondering !
 
stawned said:
Thats why TRUE ECN platforms dont hedge but pass the trades into the interbanks.

just wondering !
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lol and you think liquidity providers, who take the orders from these "true ECNs" brokers actually execute retails orders on the open market? Give me a break.

You have been sucked in by the ECN marketing hype.
 
Naked shorts said:
lol and you think liquidity providers, who take the orders from these "true ECNs" brokers actually execute retails orders on the open market? Give me a break.

You have been sucked in by the ECN marketing hype.
Click to expand...

sucked in?
what makes you say that? Im just curious to know how gomarkets operates.

read this site for a bit more info to know how FX trades are dealt with by brokers : http://www.100forexbrokers.com/stp-ecn-brokers

there are other sites too so do your homework.

All i wanted to know ( and dont know the correct lingo ) is gomarkets and STP + No Dealing desk broker?
know the difference.

Do u know? does everyone know the pros and cons of both types of brokers. Looking at the picture on the website mentioned above.
 
stawned said:
sucked in?
what makes you say that? Im just curious to know how gomarkets operates.

read this site for a bit more info to know how FX trades are dealt with by brokers : http://www.100forexbrokers.com/stp-ecn-brokers

there are other sites too so do your homework.

All i wanted to know ( and dont know the correct lingo ) is gomarkets and STP + No Dealing desk broker?
know the difference.

Do u know? does everyone know the pros and cons of both types of brokers. Looking at the picture on the website mentioned above.
Click to expand...


where in the list would gomarkets go? ECN vs STP vs NDD vs DD

there is a big difference between all these different kind of brokers and different agendas for the brokers in different categories.
I hope everyone knows that.
 

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