>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
just another bucket shop boys......
Go Markets any good for forex?
- Thread starter dhruv
- Start date
-
- Tags
- forex forex broker go markets
just another bucket shop boys......
it appears so Apoc ---- i think a lot of us had hoped they might have offered something a bit better than a bucket :shake: ----
their marketing department certainly needs a rev up if they think they can get away with that nonsense today ---------- basic psychology not to bite the hand that feeds you -------- reeks of desperation imo -----
>Apocalypto<
20.03.2012
- Joined
- 2 February 2007
- Posts
- 2,233
- Reactions
- 2
Alpari pulled the same stunt... gave a bonus that was impossible to collect unless you made over 100 trades or something.
o well that's the MM gave from u....
this was on the back of them trying to get up the required cap for the NFA i assume
im pretty new to trading forex here in oz but used to trade through a cfd provider in london. i moved to oz about a year ago.
go are ok, cmc and ig are very questionable firms but GO havent let me down as yet apart from the server issues last week. i will see what their offer is all about until i judge.
im using fap turbo again through go and seems to be going ok and at least im in profit.
go are ok, cmc and ig are very questionable firms but GO havent let me down as yet apart from the server issues last week. i will see what their offer is all about until i judge.
im using fap turbo again through go and seems to be going ok and at least im in profit.
Stormin_Norman
Currency Trader
- Joined
- 12 January 2008
- Posts
- 1,256
- Reactions
- 0
apart from server problems, which can happen their actual broking performance has been fine.
its just the marketing department/customer service reps that irk me.
if you want to be taken seriously dont do gimmicks. and tell punters what's going on with your systems truthfully, rather then minimise the sound of the problem.
i would rather have the problems overstated and be warned early not to trade, then be told prematurely the problems had been solved.
id rather be shown the deposit insurance policy (which ive asked to see 3 times and havent yet) then get a 'pretend' 10% bonus.
i have a big big chunk of money sitting in the bank to deposit, but they seem more interested in indian giving out $250 then attracting serious players through no BS professional service.
its just the marketing department/customer service reps that irk me.
if you want to be taken seriously dont do gimmicks. and tell punters what's going on with your systems truthfully, rather then minimise the sound of the problem.
i would rather have the problems overstated and be warned early not to trade, then be told prematurely the problems had been solved.
id rather be shown the deposit insurance policy (which ive asked to see 3 times and havent yet) then get a 'pretend' 10% bonus.
i have a big big chunk of money sitting in the bank to deposit, but they seem more interested in indian giving out $250 then attracting serious players through no BS professional service.
Agree with all the comments so far, in any investment situation I want truth and honesty from the company.
I don't want snake oil salesmen, complicated schemes or waffle, that is for those whose business won't stand scrutiny.
If a company is indeed good at what they do and reliable, they will soon build a loyal following of clients, if you only attract the newbies you aren't going to stay in business too long IMO.
If the business is structured to provide a reliable brokerage service to profitable traders then the company will prosper in any environment.
I do hope that a Go Market rep does read these forums and takes our thoughts on board.
I don't want snake oil salesmen, complicated schemes or waffle, that is for those whose business won't stand scrutiny.
If a company is indeed good at what they do and reliable, they will soon build a loyal following of clients, if you only attract the newbies you aren't going to stay in business too long IMO.
If the business is structured to provide a reliable brokerage service to profitable traders then the company will prosper in any environment.
I do hope that a Go Market rep does read these forums and takes our thoughts on board.
Some of the other MT4 brokers offered a 3% bonus around Christmas, but I think it was conditional on trading a certain number of full lots within a certain time.
Anyway, what is this offer really giving us?
I re-read the email a couple of times and basically they lend us (up to) $250 for a month. Obviously, they are hoping that we trade more in the hope of making a few $$ using "their" money as margin.
There is no real cost to them because they are not actually giving us the money (we can't withdraw the bonus), and of course they will collect 3% interest on any additional funds deposited (e.g. the $2,500, although there is nothing to stop me withdrawing it immediately). There is some credit risk to them that a client wipes out their account, leaving them unable to recover the money at the end of the month.
So the email is presented to make you think you are getting a generous deal, but in fact you are gaining (almost) nothing, but there is considerable upside for Go.
Come on, Go - reliable, honest service at a fair price is what traders want from brokers, not gimmicks like this.
Jon
Anyway, what is this offer really giving us?
I re-read the email a couple of times and basically they lend us (up to) $250 for a month. Obviously, they are hoping that we trade more in the hope of making a few $$ using "their" money as margin.
There is no real cost to them because they are not actually giving us the money (we can't withdraw the bonus), and of course they will collect 3% interest on any additional funds deposited (e.g. the $2,500, although there is nothing to stop me withdrawing it immediately). There is some credit risk to them that a client wipes out their account, leaving them unable to recover the money at the end of the month.
So the email is presented to make you think you are getting a generous deal, but in fact you are gaining (almost) nothing, but there is considerable upside for Go.
Come on, Go - reliable, honest service at a fair price is what traders want from brokers, not gimmicks like this.
Jon
Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
- Reactions
- 204
Why is that a risk? They are MM, a client blows up where do you think the money goes?
I know where the money goes, but if I fund my account with $2,500 and get a bonus of $250 then get wiped out losing the entire $2,750, if they want the loan repaid then they will have to come after me for it.
Stormin_Norman
Currency Trader
- Joined
- 12 January 2008
- Posts
- 1,256
- Reactions
- 0
to the market?
- Joined
- 16 June 2005
- Posts
- 4,281
- Reactions
- 6
whoever took the winning side of the trades - presumably the MMs working for the bucket shop
They read them Macca and shake in their boots when sprung .
Thus the power of forums like this .
GO-Your latest market ploy is pathetic , what goose thought that up ?
Just stupid stupid stupid , how embarrassing
Stormin_Norman
Currency Trader
- Joined
- 12 January 2008
- Posts
- 1,256
- Reactions
- 0
i doubt there are too many bucketshops around anymore. im quite sure gomarket's arent. their market/customer service makes you wonder sometimes though.as ive said many times, every bank, broker and player in the forex market is a 'market maker'.
Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
- Reactions
- 204
No they will look after their own interest and close you out just above zero.
Nope, to their P bit of their P & L
In all my 1000s maybe even 100,000 CFD & FX trades i have never seen them go to market to directly hedge a position. they happily sit on the other side of your trades. they may hedge or pass on their overall exposure.
Stormin_Norman
Currency Trader
- Joined
- 12 January 2008
- Posts
- 1,256
- Reactions
- 0
exactly.
- Joined
- 27 January 2009
- Posts
- 188
- Reactions
- 0
that's what i am concerned about ??? they trade against you rather than real market trading, they have more information and might hold it against you, when they could set their own pricing ...
that's simply fraud in my understanding ... especially when you have a limit position, they could detect it .. .that's why i am a bit wary of limit trading
Stormin_Norman
Currency Trader
- Joined
- 12 January 2008
- Posts
- 1,256
- Reactions
- 0
they aggregate their positions. match them off and pass on their exposure.
nothing to be paranoid about. passing through all positions would have them losing profits. and fair enough.
nothing to be paranoid about. passing through all positions would have them losing profits. and fair enough.
Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
- Reactions
- 204
- Joined
- 27 January 2009
- Posts
- 188
- Reactions
- 0
No they don't. They don't have to. 90% of people trade against themselves
i get your drift. i am wondering if anybody could show me how to do stop loss, trailing loss in go market. do we need to do it in advance as when we enter the trade or can we do it after we are in the trade ? i am too nervous to try it.
any hints, tips etc
thanks
Trembling Hand
Can be found on the bid
- Joined
- 10 June 2007
- Posts
- 8,852
- Reactions
- 204
With their FX you can do it on entry. Create a limit take profit order and a OCO (one cancels the other) stop. With their pretend futs you have to do it after entry,
Just do a min trade to test it. will cost you a couple of bucks. that won't make a diff will it?
