Go Markets any good for forex?

[James Austin]

GoT spreads still too wide to take seriously,
but granted, good for testing ideas with micros.

 

[PR@GoMarkets]

Just to keep you guys in the loop, we have some additional feeds being plugged into MetaTrader in the next few days which will improve liquidity and spreads significantly.

 

[Stormin_Norman]

Just to keep you guys in the loop, we have some additional feeds being plugged into MetaTrader in the next few days which will improve liquidity and spreads significantly.

fantastic. was hanging out for some improvements.

 

[glenn_r]

What are the new markets/instruments that will be available on GoMarkets MT4 platform soon?

 

[rasta]

GoT spreads still too wide to take seriously,
but granted, good for testing ideas with micros.

I have just recently bumped into this thread and found that i am not the only one concerned with the spreads. Right now when the liquidity is high, my spreads are ranging high as well

At the moment i have eur/usd spread of between 2.8 and 4.1 pips all day and gbp/usd 4.8 pips. as you can see from my attachement below

Is anybody live on this forum who can confirm that i am not the only one. Otherwise i'll have to follow this up

 

[James Austin]

traders simply need to accept that when trading with MMs you are always at a disadvantage: requotes, wide spreads, data spikes, not to mention an MM who makes most of their money when you lose. [for the first 3 we have our own first hand experience to validate this]

i know that GoT likes to assert that they dont have a dealing desk, and therefore they dont care if you win or lose, they just want you to trade because their interest is only in the spread.

well even if you accept this, there is someone, somewhere, who is very interested in the trades "you" place with GoT. and that someone is GoTs MM [or hedger, as GoT prefers.]

[note: i'd be very surprised if GoT is not recieving at least some of the MMs profits, ie. your loss; it simply makes no business sense that GoT does all the work drawing in and servicing the customers, only to see most of the profit go to the MM -- but this shouldnt matter to you in the end, as i explain below]

the ONLY advantage of MMs such as GoT, as i see it, is you can test and refine trading ideas using very small lots.

as your lot size increases (implying you are overall profitable) it makes no sense to stay with an MM; you are now taking money from them, which is contrary to their agenda.

in sum, trading has enough challenges, so you dont want to be battling the technology as well. hence, you never want to see a requote, data spikes (bad ticks), or excessive spreads, and you certainly dont want to be battling someone who has an interest in you losing.

you are better to trade through an ECN or Fx futures as soon as you become proficient.

 

[hyperseer]

you are better to trade through an ECN or Fx futures as soon as you become proficient.

From the research I've been doing, I agree that fx futures appears to be the way to go when your capital increases in order to get the fairest chance.

However, I think someone posted this earlier - CME now offers micro forex futures lots over a regulated exchange:

http://www.cmegroup.com/trading/fx/fx/forex-e-micros.html

They even have an online tool called e-quivalent which shows the futures fx prices like spot forex for better comparisons. Could be promising!

hyperseer

 

[James Austin]

unfortunately CME spreads are no good, up to 20pnts on micro AUDUSD

 

[PR@GoMarkets]

[note: i'd be very surprised if GoT is not recieving at least some of the MMs profits, ie. your loss; it simply makes no business sense that GoT does all the work drawing in and servicing the customers, only to see most of the profit go to the MM -- but this shouldnt matter to you in the end, as i explain below]

James,

We are a straight through processing broker. We pass all trades through to hedging partners and we then make our money as a volume rebate. We make more as clients trade more, simple as that.

 

[PR@GoMarkets]

As for spreads, as has been mentioned on a number of posts, our prices are in the process of being improved. We have just arranged a setup with two new liquidity providers which will be plugged into the platform very shortly to greatly improve spreads. If you think your individual spreads are too high, then of course call in and we can take a look and talk you through it.

Whilst the spreads will be greatly imrpoved, it is also worth noting that in pairs like GBPUSD, whilst you can get excellent spreads and liqudity in the European/US sessions, in the Asian times liquidity is far less and spreads can go wide. Personally at around 7.00 this morning I was at home, monitoring some new feeds (such is my dedication to you guys I am trying to get the best spreads!!!) and even on the most liquid feed cable was still regularly over 5 pips on a number of occasions!

As I said the new feeds will be plugged in very soon and you will see spreads better than we have ever had.

 

[el caballo]

Chris,

For EUR/USD, will you be able to get this to 2 pips at worst, and preferably 1 pip or less during the European session?

Thanks in advance.

 

[James Austin]

James,

We are a straight through processing broker. We pass all trades through to hedging partners and we then make our money as a volume rebate. We make more as clients trade more, simple as that.

Chris, that's fine, i'll take your word for it.

But you cant deny that there is someone, somewhere, who is very interested in the trades placed with GoT. and that someone is GoTs MM [or hedger, as you prefer]

can you confirm for me that the MM/hedger does not make money when you lose a trade and equally, the MM does not lose money when you trade profitably?

 

[PR@GoMarkets]

Chris, that's fine, i'll take your word for it.

But you cant deny that there is someone, somewhere, who is very interested in the trades placed with GoT. and that someone is GoTs MM [or hedger, as you prefer]

can you confirm for me that the MM/hedger does not make money when you lose a trade and equally, the MM does not lose money when you trade profitably?

James, you do not have to take my word for it - check our legal documents!

One thing worth pointing out is that I doubt our partners have any interest in the trades put through - Do you really think that many of them would even make a difference to any risk/exposure? Most clients get naturally hedged and with micro lots etc that you say you have been testing with I don't think they would even notice it!

I can confirm that they have zero access to change our clients trades and/or prices, but I do not know what they do with each trade. Being honest, they probably do not directly hedge everything. One reason being that most retail FX trades are far too small to hedge into the market and secondly as I said above many clients have opposite opinions and become naturally hedged.

As for the prices, once again, go and download a Currenex demo (not one with different liquidity, but an actual currenex) and then come back to me.

 

[PR@GoMarkets]

Chris,

For EUR/USD, will you be able to get this to 2 pips at worst, and preferably 1 pip or less during the European session?

Thanks in advance.

You can never guarantee an 'at worst' because that is the nature of a feed coming from a number of bank sources, but in the most part EURUSD will be below 2 pips. Even with our lower liquidity it is showing 1.8 at the moment. One of the feeds I have been looking at has regularly been showing choice on EURUSD at around 7pm, so you will not have a problem there!

 

[ISPIZ]

hey Chris,
When do you think these other banks are coming in bud some of these spreads are killers.

 

[rasta]

hey Chris,
When do you think these other banks are coming in bud some of these spreads are killers.

Tell me about it .. im a scalper, and paying 3 pips for spreads on a pair like eurusd makes no sense, let alone other pairs.

I have a gut feeling that scalpers/short-term-traders are not welcome with this broker .. PR@GoMarkets can you comment on this?

London is open for a while and these are what im getting:

 

[James Austin]

what is the motive for you guys to stay with Go if you dont like the spreads.
why arent you simply using another provider?

just curious

 

[el caballo]

Concur with James. For a scapler / short-termer, those spreads are simply untradeable. Why do you persist?

 

[ISPIZ]

Well for starters they are Australian I have been dealing with them for along time and they have always done right by me, funds to me are alot safer than say in UK or US. I have longer term positions in place where i cant really and dont want to close and reopen elsewhere.
Chris said the spreads were going to get better pretty soon and I was just asking for a update I think you will agree even for a medium term trader 5 pip spreads on majors is pretty big, now before you come back they arnt 5 pips all the time I know that and I havent said they are but they are very wide alot of the time so in saying all that I would like to stay with them and I am awaiting the tighter spreads and if that doesnt happen soon then I will look at moving. To easy.
One thing I must comment on that I have noticed is when the latest feed first started the spreads were great and as time has gone on they have widened maybe Chris can shed some light on this I wonder what has happened.

I have a question for you why arnt you pushing him for tighter spreads as you can see by a example someone had posted earlier in the thread wider spread costs a trader alot of money over time so why not put pressure on for some tighter spreads as quick as possible Chris is here for feed back lets give it to him.

 

[James Austin]

I have a question for you why arnt you pushing him for tighter spreads

because there are other providers that fulfill my needs, i use them.
so i'm not motivated to make changes at GO, or GoT as I prefer.

this thread is interesting, its recieved heaps of posts and hits, this probably gives many the impression that GoT is "the" provider of choice.