Go Markets any good for forex?

[Stormin_Norman]

go market's spread seems a little larger than IB, 2-3 pips hmmmmm

a little off putting really

remember to include commission:
http://www.interactivebrokers.com/en/accounts/fees/commission.php?ib_entity=llc

IDEAL (Conversions, trades < USD 25,000) 1 basis point

>25,000 <=USD 1,000,000,000 0.2 basis point

in the end a pip or two of spread isnt as concerning to me as having a local provider with insurance for account balances - in the current environment.

 

[AbundantIncome]

does IB charge commission?

in the end a pip or two of spread isnt as concerning to me as having a local provider with insurance for account balances - in the current environment.

that can be true but i am concerned with systems where the other side can actually modify prices as they go ... same as some dodgy, CFD provider. that is what I am concerned about. When you execute, they could just change whatever they want in market prices, as I tend to trade market prices, maybe I have to change the system to avoid such issues lo but again even limit could be modified if they need to. the argument for free market pricing is that, there would be no adjustment apart from possible rounding to the whole pips.

commission is very low with IB, under 4 bucks but again do not like their margin model though as they are kinda too low for comfort ... 25:1

disclaimer: not necessarily meaning this provider uses this method but there is a possibility IMHO

 

[Stormin_Norman]

that can be true but i am concerned with systems where the other side can actually modify prices as they go ... same as some dodgy, CFD provider. that is what I am concerned about. When you execute, they could just change whatever they want in market prices, as I tend to trade market prices, maybe I have to change the system to avoid such issues lo but again even limit could be modified if they need to.

ive never seen that occur at any of my brokers.

every single broker in forex is a market maker. some are bucketshops, some are fixed spread, some are variable spread and some charge commission instead of spread for profits.

only bucketshops are out to get you.

 

[pilbara]

... even limit could be modified if they need to.

Limit price cannot be modified by the broker, you might get the opportunity to accept another price (requote) or reject the trade altogether.

commission is very low with IB, under 4 bucks but again do not like their margin model though as they are kinda too low for comfort ... 25:1

IB is 50:1 when trading the majors, but if you trade cross rates where your base currency is not involved then it's 25:1

 

[AbundantIncome]

IB is 50:1 when trading the majors, but if you trade cross rates where your base currency is not involved then it's 25:1[/QUOTE]

was chatting to the customer service, not sure if she is ignorant about the fact as I was using examples with AUD which is my base. I was told 25:1. It also could be due to the recent changes I think to margin ??? not sure if this affects or not. am just still trying out its demo account to understand more before I jumped ship ...

thanks for the reply

 

[AbundantIncome]

only bucketshops are out to get you.

I would not ever understand why people create business to practically steal from innocent people like that ... it is hard as it is to play the game, we do not need those extra things to be worried about already ...

 

[pilbara]

was chatting to the customer service

yeah go with their advice, I haven't used it for a while. IB is complicated regarding margin but it's worth learning because that's a real professional account setup.

 

[wabbit]

Me again

This is weird, I save it to my desktop, Yes, there it is. I save it into Go or IBFX scripts, Yes, there it is, OK, close that and open GO or IBFX MT4.

Not in navigator script list, go back to program files open up GO or IBFX files and the EX4 icon has disappeared for this script.

Come on guys, you are all having me on
LOL

WT? ............ aarrggghhhhhhhhhhhhh

Hey macca,

Did you get this working? If so, what was the problem? User? Or software?



wabbit

 

[macca]

Hi Wabbit,

Nope , gave up in disgust

I will have another go over the weekend, but the odd thing is that I can't get it to appear in the script folder in navigator.

It will save in scripts when I put it there through program files, I close to open MT4, not there, go back to program files/ experts/scripts , disappeared !! weird ..............

 

[Stormin_Norman]

you dont have some weird setting in vista going on? vista always does weird stuff to me.

 

[Cartman]

you dont have some weird setting in vista going on? vista always does weird stuff to me.

i've heard about that girl called "Vista" Norm ----- she is bad news ---- someone said she has "98 Windows" in her bedroom !!

sorry ---- its Friday night !!

 

[pilbara]

I would not ever understand why people create business to practically steal from innocent people like that ... it is hard as it is to play the game, we do not need those extra things to be worried about already ...

You must do due diligence on any broker before opening a real account. One interesting source of information for USA companies, check the Excess Net Capital in the following reports
http://www.cftc.gov/marketreports/financialdataforfcms/index.htm

For example you can see the relative size of Interactive Brokers compared to the retail forex brokers, and the size of Oanda compared to other retail brokers. And the immense size of the major banks in comparison.

 

[Stormin_Norman]

http://www.brokerontop.com/

same info presented at another site

yeah, the OandA rating is why i like using them and will probably move to their API when the time arises. AUD accounts too.

 

[pilbara]

yeah it's good to see the ranking but that report is from April last year (eg Bear Stearns is now part of JP Morgan). It's also interesting to see that Oanda hasn't grown in that time compared to the competition:

Oanda $154.5m --> $154.5m
Gain $59.1m --> $92.4m
FXCM $59.6m --> $83.5m
IBFX $16.3m --> $24.9m

 

[Stormin_Norman]

ive never considered GAIN.

has anyone used them?

an account with more then $10k balance has variable spreads which appear very good - pretty much equivalent to OandA's. + they use MT4.

they seem to be powering ahead, shown by the results above.

FXCM just opened in sydney too i found out by browsing their site (http://www.forextrading.com.au/).

excellent! some good options there to spread the risk amongst mt4 brokers before having to move up a level and re-program EAs.

edit: just contracted them, apparently no MT4 trading for australia at this time.

 

[macca]

Hi Norman,

<<you dont have some weird setting in vista going on? vista always does weird stuff to me.>>

Nope, I am using XP.

I will have another go, it is sitting there on my desktop ATM.

have a good weekend

 

[pilbara]

excellent! some good options there to spread the risk amongst mt4 brokers before having to move up a level and re-program EAs.

that sounds like a good plan, to scale up in size and limit risk by trading against multiple brokers at once. I'm interested in any broker that has an API (not MT4) and I'm starting with FXCM Australia and will next try Oanda. Once I've got a stable EA which I think has a good edge then I will rate the brokers by seeing which ones are profitable in live trading. For a scalping EA it might be better to avoid ECN with relatively high commissions (MB Trading), or pseudo ECN's like Gain where you've got to pay a commission plus spread and they also have a dealing desk. Maybe Gain has been successful because they are the provider for forex within Tradestation.

 

[Wysiwyg]

have a good weekend

Are you choosing "save as type" All Files Macca ?

 

[sidharthraina]

hi,
meta trading 4 is one of the better platforms.The spread with go markets is not gr8.Also,the real time market values and slippage can vary very fast.U cn try some other MT 4 s/wz as well...
...
sidharth

 

[Stormin_Norman]

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