Go Markets any good for forex?

[lindsayf]

If you look at a 5 minute NZUSchart you will see that the stop loss was 27 pips above price at open of the bar and it went down from there. So it was more than an 18 pip spike that got me.
Anyway I am glad I was trading with a small position. And the moral of the story is I suppose that I can only have faith in stops during known high liquidity periods, especially in the case of the non major pairs. Makes it hard to manage a long term trade though, when you cant have stops in play because they, ironically, add risk.

Bloody good trade though!

 

[PR@GoMarkets]

The trade was originially stopped out at 23:40 server time when the spread exceeded 60 pips. As mentioned, we reinstated the trade as a gesture of goodwill because there was no real reason for the spike and it was not readily visible to the client.

Almost two hours later, at 01:35 the stop was hit having been moved to 0.71578. You need to look at the high of the 1 minute bar at this point, not the open. The highest bid was 0.71388. This means a stop was hit with a spread of 19 pips.

Yes, this is a wide spread, but as outlined above it is due to the nature of our feed. By getting data direct from institutions it means we are able to give very tight spreads and excellent execution speed. It does mean that these spikes can occur on occasion, however. The nature of MT4 is that there are settings we can apply to 'smooth' prices and to try and avoid 'spikes', but we prefer to give an honest feed, exactly as provided to us. Taking genuine spikes away may restrict trading opportunities, which is obviously not something we want to do. Of course, when prices are clearly wrong then we are more than happy to fix up trades should clients be caught out.

I think I have already mentioned it, but this week our feed provider added some further liquidity by way of another bank which has further improved spreads. I have been seeing cable below 2-pips during the Asian session, which to me is more impressive than EURUSD at 0.8pips!

 

[lindsayf]

Right you are Chris.. I had hidden the bar tail with my time line sorry about that...I will edit that post... Still...it is a disappointing way to be taken out of a trade. Is the 60 pip threshold an arbitary one? And I take it that sub 20 pip spikes are so common on this pair that platform users just have to live with it?

edit...I see that I cant edit that post now but hopefully subsequent posts clear up any confusion.

 

[lindsayf]

Anyway I am glad I was trading with a small position. And the moral of the story is I suppose that I can only have faith in stops during known high liquidity periods, especially in the case of the non major pairs. Makes it hard to manage a long term trade though, when you cant have stops in play because they, ironically, add risk.

Bloody good trade though!

Note the bar high at 0.73188 is hidden by the timeline...

 

[Cartman]

Makes it hard to manage a long term trade though, when you cant have stops in play because they, ironically, add risk.

lol i appreciate your frustration ---- good stops in forex is an art form in itself --- the older u get the more artistic you get

your trade would be stopped out now anyway --- but if the Kiwi spread blows out that easy on sharp moves i'd be looking for another animal to trade :sheep:

 

[lindsayf]

Hey Cartman

...its academic...but actually it would have hit my profit target at 0.7110 ..so you can see the stop out buggered a good trade.. cost me 50 pips out of the 120 TP from entry .

you see, if I keep thinking like this I can maintain my frustration levels..which of course will help my trading......


but yes..I wont be trailing any stops on this beastie out of US/UK hours anymore

 

[caribean]

lol i appreciate your frustration ---- good stops in forex is an art form in itself --- the older u get the more artistic you get

your trade would be stopped out now anyway --- but if the Kiwi spread blows out that easy on sharp moves i'd be looking for another animal to trade :sheep:

I have a question for you, have you ever experienced illiquid times on MAJOR pairs, not NZD, in real market??
Some people think the "real" market is just an oasis in the middle of the MM desert.
I have seen GBP/USD (6B on Globex), and even the usually highly liquid EUR/USD (6E) with large spreads, and not just at news times.
If you want real market feed, and always tight spread...well,
welcome to the real world

 

[Cartman]

I have a question for you, have you ever experienced illiquid times on MAJOR pairs, not NZD, in real market??
Some people think the "real" market is just an oasis in the middle of the MM desert.
I have seen GBP/USD (6B on Globex), and even the usually highly liquid EUR/USD (6E) with large spreads, and not just at news times.
If you want real market feed, and always tight spread...well,
welcome to the real world

Caribean we all know the spreads move around whether it be the "real market" or the "fake market" on all instruments ---- Lindsays experience of losing a crap load of pips would basically not have happened if he was trading the euro or the pound in either the real market or the fake market at that point in time -- on most occasions ----- that is the difference!

PS Lindsay --- good trade anyway if u collected 70 pips -- the problem is if its a "close to the wind" trade and u want to get out, the kiwi is gona cost u a lot more relative to some of the majors ---- i know u know that, but for longevity us little guys need to play in the casino where the dice are loaded with less weight --- cheers.

 

[Stormin_Norman]

The nature of MT4 is that there are settings we can apply to 'smooth' prices and to try and avoid 'spikes', but we prefer to give an honest feed, exactly as provided to us. Taking genuine spikes away may restrict trading opportunities, which is obviously not something we want to do.

yes. please dont change that. my bots love those spikes. had two this morning in and out in under a minute.

 

[Cartman]

yes. please dont change that. my bots love those spikes. had two this morning in and out in under a minute.

hey Normo ----- have u programmed a "spike attack" into your EA's? -- U cheeky fella ---- one of the most under developed trading strategies left methinks ---- i cant programme so i have to stay up all night waiting for them -- and u do them while u r asleep !! ---- i am jealous (and tired !!)

 

[lindsayf]

there you go I thought Norm might have been concerned about this but he is just calibrating his bots off my stop outs...:

btw cartman..running 60 and 20 pip stops is not THAT close to the wind is it..hmmm yes it is..obviously..on some instruments

 

[caribean]

Caribean we all know the spreads move around whether it be the "real market" or the "fake market" on all instruments ---- Lindsays experience of losing a crap load of pips would basically not have happened if he was trading the euro or the pound in either the real market or the fake market at that point in time -- on most occasions ----- that is the difference!

PS Lindsay --- good trade anyway if u collected 70 pips -- the problem is if its a "close to the wind" trade and u want to get out, the kiwi is gona cost u a lot more relative to some of the majors ---- i know u know that, but for longevity us little guys need to play in the casino where the dice are loaded with less weight --- cheers.

You know what i mean, don't you? with all that bashing of MM's (deservedly so mostly) everyone thinks that real markets are peaches, somehow nothing can go wrong there, lol
Was not meant to be that relevant to Lindsay's trouble, it is bad when you finaly come up with a good trade, only to see it turn to s..t for no apparent reason.
I remember one occasion on Oanda long ago, jumping in just prior to a news release with 5 full lots, the spread widened just enough to take me out before dropping 60 pips, or another, well known notorious MM which would not let me exit while in profit, only when it turned to loss did the platform magicaly worked again! lol

 

[Cartman]

btw cartman..running 60 and 20 pip stops is not THAT close to the wind is it..hmmm yes it is..obviously..on some instruments

You know what i mean, don't you? with all that bashing of MM's (deservedly so mostly) everyone thinks that real markets are peaches, somehow nothing can go wrong there, lol

lol -- yeah i understand ya Sharkman -------- no market is a peach --- more like a balloon filled with water --- and the guys looking after the balloon have needles, and suffer from Parkinsons (no disrespect to Parkinsons sufferers --- my grandad died from it )

us little guys are in a precarious position ---- we need the big guys to lead us but we are often at their mercy when they have a bad hair day

 

[Stormin_Norman]

btw cartman..running 60 and 20 pip stops is not THAT close to the wind is it..hmmm yes it is..obviously..on some instruments

copping a 20 pip spread is really rough.

i had a bad, evil robot who got me into a long GBPUSD position this morning, just as it fell off a cliff.

came within 3 pips of my SL before coming back and closing a basically break even.

i was crying, but ended up laughing. while 20 pip spreads taking out stops is rough, theyre not hunting them deliberately at least.

 

[dasmith1973]

copping a 20 pip spread is really rough.

i had a bad, evil robot who got me into a long GBPUSD position this morning, just as it fell off a cliff.

came within 3 pips of my SL before coming back and closing a basically break even.

i was crying, but ended up laughing. while 20 pip spreads taking out stops is rough, theyre not hunting them deliberately at least.

My (similar system) stop must have been closer, I got taken out by that one...poop! How wide is your stop on that gbpusd system?

 

[Stormin_Norman]

90 stop loss.

 

[dasmith1973]

ta stormin....mine is similar, must have gotten in a little earlier. Chrs, Dave

 

[lasty]

Hey Cartman

...its academic...but actually it would have hit my profit target at 0.7110 ..so you can see the stop out buggered a good trade.. cost me 50 pips out of the 120 TP from entry .

you see, if I keep thinking like this I can maintain my frustration levels..which of course will help my trading......


but yes..I wont be trailing any stops on this beastie out of US/UK hours anymore

Umm last time I looked NZD/USD was a native to NZ and not US and UK markets.
NZ have an interbank market and are part thereof Australian bank ownership.

If a forex broker only has links with certain liquidity providers then who is to blame ?
The time zone or the broker?

 

[denl]

Re: Mt 4 Platform keeps freezing

Hi Chris,

I seem to be having ongoing issues with the platform freezing. I have uninstalled it about 3 times now and re-installed it again. The platform goes okay for a while and then freezes again.

I have been searching on Google for a solution and I notice that I am not the only one having issues with mt 4 freezing. Can anything be done to make the platform more stable?

Regards,
Denis Hay

 

[caribean]

Question for Chris or anyone, can MT4 brokers actually see a clients platform set up?