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Go Markets any good for forex?

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Still don't get it.

I have a live account with GoMarkets.

I made well over 100 trades in one week when I was testing something out.

I never had any requotes on two different internet connections had 1 invalid price. stops limits always filled. I just don't understand why only two of you are having these issues.

A few guys that I know also use GoMarkets every day no issues.... I hate to say it, but for the two of you it must be at your end.
 
Stormin_Norman said:
no dice. was the sell that went down that low apparently, the buy price apparently stayed 30+ pips higher.

obviously no way of checking or knowing.

got treated like i was a bit of a dunce too, which wasnt really appreciated.
Click to expand...

What was the pair. I may be able to check and even give you a vid of the replay tomorrow morn. That computer is tied up till then.

Then again dudes that what you get for not using market trade prices rather than bid/ask. Another + for ECN over MM.
 
usdgbp.

no matter, ended up getting out of it anyway. the guy was probably correct. i have had my robots take advantage of this inadvertently before too, buying on a spike down which quickly came up again.

if i had a real problem, i would have called chris, but the story is probably true.
 
Blimey this thread has become hard to follow what with all the conflicting comments from you guys and what seems like the arguments going on between some of you!! I will try and answer the questions, but in reality I can't respond to every comment, as I have a job to do!

stawned said:
gomarkets is heading so far in terms of requotes and invalid prices as the MOTHER of bucket shops. ( seriously i thought at one point it was fxdd too--haha ) If this doesnt change -- Labelled it shall be, in various ways.
Click to expand...

Let me start by addressing this one.... Stawned, to call us a bucket shop is ridiculously unfair. I know many bucketshops through personal experience and the goals of bucketshops is quite different to that of our own. I have said to you and others on numerous occasions (but most frequently to you!) that we pass all trades on and run no inhouse risk book on clients positions. So to us it doesn't matter if you win, lose or draw. We simply make money when you trade. A bucket shop is a trading company who deliberately manipulate prices and trades to make profit against the interest of their clients. Our legal documents clearly state that this is not the case.

As for the requote situation, let me say this:

We were on market execution, like many of the most popular MT4 brokers such as FXCM and MB trading, and many clients asked us to go back to instant. We said that there was the possibility of system requotes and even told you how you could avoid these using the maximum deviation tool. As we said at the time, we have no preference either way, so if everyone asks us to operate market execution, we can do - it really makes no difference to us. But you guys all asked for instant, so we gave it to you.

Also, let me tell you guys exclusively, that over the next month we are undergoing some significant upgrades including additional servers in order to compete with the increasing demand from new and old clients. We will also be adding some new products (ISPIZ - you should enjoy that) to the MT4 which will give some further trading opportunities.
 
Stormin_Norman said:
usdgbp.

no matter, ended up getting out of it anyway. the guy was probably correct. i have had my robots take advantage of this inadvertently before too, buying on a spike down which quickly came up again.

if i had a real problem, i would have called chris, but the story is probably true.
Click to expand...

Stormin, I don't know the exact details of the trades, but I do notice that a couple of charts had some smallish spikes come through this morning, which it seems were caused by ridiculously wide spreads appearing in the market. As always if clients were caught out in this we would be happy to look into the trade and reverse if incorrect. This is probably the reason why the trade was not activated, because it was not on your side of the market.

As always, I encourage you guys to call me with any trade queries as we don't want our clients to lose out through no fault of their own.
 
Can anyone expalin how currenex works is it a platform similar to mt4 or is it just price feed or?
Look forward to the new things to trade Chris.
 
PR@GoMarkets said:
Blimey this thread has become hard to follow what with all the conflicting comments from you guys and what seems like the arguments going on between some of you!! I will try and answer the questions, but in reality I can't respond to every comment, as I have a job to do!



Let me start by addressing this one.... Stawned, to call us a bucket shop is ridiculously unfair. I know many bucketshops through personal experience and the goals of bucketshops is quite different to that of our own. I have said to you and others on numerous occasions (but most frequently to you!) that we pass all trades on and run no inhouse risk book on clients positions. So to us it doesn't matter if you win, lose or draw. We simply make money when you trade. A bucket shop is a trading company who deliberately manipulate prices and trades to make profit against the interest of their clients. Our legal documents clearly state that this is not the case.

As for the requote situation, let me say this:

We were on market execution, like many of the most popular MT4 brokers such as FXCM and MB trading, and many clients asked us to go back to instant. We said that there was the possibility of system requotes and even told you how you could avoid these using the maximum deviation tool. As we said at the time, we have no preference either way, so if everyone asks us to operate market execution, we can do - it really makes no difference to us. But you guys all asked for instant, so we gave it to you.

Also, let me tell you guys exclusively, that over the next month we are undergoing some significant upgrades including additional servers in order to compete with the increasing demand from new and old clients. We will also be adding some new products (ISPIZ - you should enjoy that) to the MT4 which will give some further trading opportunities.
Click to expand...

ok chris-- i give u the benefit of doubt.
i hope the new changes will be much appreciated

time will tell
 
ISPIZ said:
Can anyone expalin how currenex works is it a platform similar to mt4 or is it just price feed or?
Click to expand...

Currenex is a FX portal. It acts like its own exchange.
Its aimed at banks and/or wholesale clients.
They can either place orders or banks can stream prices into it.
They charge a brokerage fee.
There is no spread..Its market driven..
Retail brokers can link into and clear their positions.
They have a RFQ "Request for quote feature".
Price makers can also accept or reject trades on a last look feature.

Where it ranks in terms wholesale platforms.. its 2nd tier compared to EBS and Reuters.
How the food chain works is this.
Wholesale platform 1st tier>2nd tier> retail

Currenex,IB etc are second tier FYG.

Trading wise if you are looking to "scalp" on a retail brokering platform your on a wing and a prayer.
 
MT4,

As for this.
I have heard very mixed reports.
Yes its a front end retail system that you can do modelling from which suits the technical punter but some ex users were telling me that it can read your positions and price shade slightly. Im not sure if this is true but it has been highlighted in several conversations.

The big players dont use it and have their direct API's linking in.
 
Stormin_Norman said:
i put in stop losses, rather then market orders to exit my positions. this morning, the market went 30 pips through my stop loss, and it wasnt triggered.

...that's not 3 pips. that's 30 whole pips.
Click to expand...

Wow, that a bit! I noticed a few spikes in the data when I checked this morning but no trades, I think this wasn't unique to GoM, so assumed the spread also jumped. With variable spread I am noticing the market is sometimes just widening the bid/ask which gives the impression of a price change. I assume then the other bid/ask side didn't hit the stop.

Just wonder if the market is changing a little lately or reacting to the mass of trader doing short term trades during the asian session. I have tried diverting to alternative pairs from the typical EG/EC, just my perception but seems on all pairs the spreads have widenined during the asian session from a few months ago, particularly the first hour.

I know my systems lately have been churning instead of gaining steadily as they did 2 months ago.
 
Generally I also want to comment that my experience with Go has been excellent over the last 6 months. I run a VPS with multiple experts & have run 100's of orders ok. Working with a variable spread is just different to fixed.

I have multiple live accounts testing & this one is still the best so far. You should see the FXCM account on the same models which is market execution, the performance is woeful. They never execute at the posted bid/ask it is nearly always entered another price in their favour (at least they don't requote!..yeah right, its just requote by another mechanism!).
 
PR@GoMarkets said:
Blimey this thread has become hard to follow what with all the conflicting comments from you guys and what seems like the arguments going on between some of you!! I will try and answer the questions, but in reality I can't respond to every comment, as I have a job to do!
Click to expand...

I am sure that I speak for the vast majority of us on this forum that we are very grateful to have a rep from Go reviewing this thread and keeping us apprised of developments within the company.

Unfortunately, too often in life a very small percentage of people ruin something good for a much larger number of others - I for one do not want to see Chris run off because of a couple of people posting the same crap again and again.

Moderators - can we institute a rule that a user may not post the same question/concern/comment more than once so as not to detract Chris' from unique questions/concerns/comments?

If this is not possible, I kindly ask Chris to simply completely ignore these repetitive posts or just reply "already addressed in a previous post". The vast majority of us would certainly appreciate it.

Interesting Side Note -

A while back I saw a special on 60 minutes about this company in India that delivers lunches. This company is studied in business schools all over the world as they have a 99% efficiency rating (an astonishing stat given India's poor infrastructure and the fact that this company delivers hundreds of thousands of lunches every day, via train, and manages a less than one percent error rate).

When they asked the CEO the secret of their success, he simply replied -

"Abandon problematic customers."

There is just no pleasing some people.
 
Cheers Lasty,
So its liek another mt4 behind the mt4 holy crap 1 of them is bad enough lol.
So could the currenex mob be manipulating orders etc.
One thing I have noticed is I have never had a requote on a order when it moves to a better entry price for me it always goes through at price on ticket shouldnt it requote then aswell or am I clutching.
 
hyperseer the name of the thread is "Go Markets any good for forex?"
If you dont want to get both sides of the coin may i suggest you dont read the thread hows that sound.
 
ISPIZ said:
Can anyone expalin how currenex works is it a platform similar to mt4 or is it just price feed or?
Look forward to the new things to trade Chris.
Click to expand...

Currenex is a submission based system where up to 70 banks/institutions pass bid and ask prices through to them. They do have their own platform, but they also offer the price feed to plugin to other platforms such as MT4. Take a look at www.currenex.com.
 
Cheers Chris thanks for the fast reply are you guys on the ESP feed from them.
Hey any time frame on the other goodies coming online.
 
ISPIZ said:
One thing I have noticed is I have never had a requote on a order when it moves to a better entry price for me it always goes through at price on ticket shouldnt it requote then as well or am I clutching.
Click to expand...

We wish don't we!! I have wondered about this as well, but then someone is m/taking our money out of our transaction.

I have always wondered if I should try a slippage of zero & manage the requote slippage internally. Would this get me a better price?? maybe not, they (broker or bank) would probably still take/make the quote & make money as the prices continues to ride on thru!

On the TakeProfit side I notice the MT4 TP will be hit by the broker's server before you see the price change on screen & before your expert responds with a market order so I tend to set both a TP & have the expert monitor the desired TP. Some experts are written to 'hide' the TP by setting it a long distance away, thinking brokers won't know where it is. I tend to do the opposite & set the TP within a few pips of the real internal TP as it often gets hit & gets a better price than my expert's market order after slippage.
 
stawned said:
lol--still the same
cant wait for the new implentations- i hope they are worth it
Click to expand...

Funny you mention that...

I have just been in a meeting with the 'powers that be' and I brought up what I have been hearing on the forums regarding requotes for some clients. It was mentioned that offering market execution would be the best possible solution. It would seem to be industry standard with major MT4 and providers reflecting the wholesale market often using market execution.

It hardly makes any difference, but it would alleviate and system generated requotes. Is that something that you guys would welcome having had the opportunity to roadtest both trading styles?

We are happy either way...
 
Hey Chris,
Worth a try, its not to bad for me tonight, just as long as there is no slippage that has to be the worst option out of them all.
Thanks for going into bat for us.
 

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