GoMarkets Discussion

Don't know about the hedging strategy he had applied therefore can't comment.
Mayor pair, +100 pips spread only at GO apparently, in a 4 trillion $ daily pool ???
Any trader having extensive risks such as presented is doomed to fail.

you don't get it.

that poor guy did overtrade! so what?

even if you trade 2% of your capital, then if go markets raise the spread from 10 to 200 pips, and you lose 10% becoz of it. Does this mean that you are a seasoned trader and go markets is a good broker?

i'm very pissed off that i've just depozit 20k into go markets and then heard this great story.

What risk is there in holding a hedged position except that you lose money on daily swaps? The real problem does not lie with the hedged position but the fact that Go Markets widened the spread by 200 pips or over. May be that guy is a poor trader but let's not lose sight of the fact that a 200 pips spread is scandalous really. And you will find that no other broker came close to this 200 pips spread so I think that this guy has a case for compensation. To be honest, this should never have come this far. It is an extreme situation and the broker should already have compensated him for at least part of his losses instead of having all this bad publicity.

no need to discuss about someone lost his account because of his trading style, hey man it is his money not yours , please give this man some help not just blaming his trading system. his account and money gone for minutes in one of the erratic price movement recent years.

Wide spread could happened in all brokers, including ECN, STP, market maker. period. The only thing that we do really concerned is about the world-record spread that reach into 100 pips spread, that's not good at all. Especially if you have account with the same broker. Wide spread is normal, but 100 pips spread is abnormal.

The only question left, where is Chris ? He hasn't responded from yesterday. GoMarkets customers need some official clarification about this one, not from another members who keep blaming others and scapegoating like a lil child. We won't stay calm, since there is always possibility that this condition could happen again in the future.

Hi Everyone,
I am here and I have read all the comments over the last couple of days and it is tough to know where to begin. I want to reiterate a few things and give you some new information.

Firstly, to everyone, I would recommend not putting your personal information such as email address and name on the forums as one poster has done. Nothing to do with us, but it is normally sensible to keep these things private.

There have been arguments and disagreements between a number of people on the forum about what are and what are not acceptable spreads and I guess that one side will never see the others, but I want point out that spreads in excess of 200 pips do happen. A lot of retail brokers, even so called ECNs may use filtering and smoothing functions. These are included in many platforms and price feed bridges. Some brokers put maximum spreads in place – that doesn’t mean it is truly representative of the market just because spreads are lower. I have mentioned before about the fact that I was a derivatives dealer a few years ago and we were directly quoting from institutional prices. I saw spreads in excess of 200 pips and over 100 pips on plenty of occasions. Those were around comparatively minor events like interest rate shocks. People need to put into perspective the magnitude of the situation. If this had happened during the UK session, when liquidity was higher, it may have been a much more muted reaction, but it happened after the US market closed and before Asian trading got into full swing. The market movements were brought about largely by blind speculation. There were increased rumours about potential nuclear meltdown and explosions at the plant in Fukushima which is obviously something which is going to bring about uncertainty. As I mentioned previously, safety spreads were implemented and many banks and institutions were left clueless with regards to what was happening for a few minutes leading to increased volatility and therefore higher spreads.

Ever since last week when the erratic price action occurred we have been in discussion with our feed provider. Firstly we wanted to double check on the accuracy of the prices involved as on the face of it some spreads did seem excessive. Our feed provider spoke to the contributing institutions responsible for sending through those prices and checked the validity. These were confirmed as being correct prices and were traded on in the underlying market. Once it was 100% confirmed that these prices were correct and accurate we have looked into the institutions in question to review their contribution to the feed. Since then we have decided to have one contributor removed from our price feed. This will not have any impact on the same low spreads that are available to our clients, but will mean that should there be a repeat of last week’s volatility this contributor will not be part of the feed.

The reality of the situation is that we do not want these spreads or movements – they are of no benefit to us. If the spread is 2 pips or if it is 100 we still make the same amount of revenue, so increasing spreads is a negative for us. As you all know if there is an incorrect spike, or incorrect prices we fix it without question. However, in order to fix such a thing we need to receive confirmation from our feed provider that the price is not genuine. In this case there is no such confirmation because the prices are genuine and therefore we cannot change anything. As a Straight Through Processing provider we do not take on the risk for trades and pass everything on to hedging partners, we are not in a position to reinstate trades. I wish we could as it would be better for those affected, but it is totally out of our hands.


One thing I did find a little strange was this:



I am not sure why you think that we or any broker should compensate any trader in order to avoid bad publicity. These were genuine prices and therefore the trades have been done. It is not up to us to pay for a client's losses. Would it not be worse if we were paying off clients to avoid them coming on forums? I would rather people have honest discussions as that leads to a better, more transparent relationship between us and our clients. There are other forums that are quite clearly filled with posts from employees and trying to paint a picture of everything being fine and dandy. I would prefer that everyone comes on and can discuss situations in a fair way. Of course I do not tolerate some of the libellous comments that are made against brokers, but if someone is not happy with a service of any broker they should be allowed to say so.


We always listen to our clients when they give us feedback and all we can do is try to improve. We believe that by updating the list of contributors to our price feed we have done this and will continue to improve.


Regards,
Chris

My symphaty to the dude who lost his shirt regardless of the cause.

I had two ea working on my Gomarkets account.
One with stop orders, with pending placed, and a scalper with auto stop on maximum spread.
These two ea with same MM also on FXPrimus ECN account.
On Gomarkets I lost half of the account, on FXPrimus I lost 10% of the account.
What you don't want understand is the fact that exist other broker, and that, in these days, is difficult to find people with only one account on a single broker.
So people can compare prices and datafeeds.

Widening spread in these manner has the only target to get money from traders.
If you, Gomarkets, don't get these money, they go in bank of the liquidity provider, but should be considered illegal.
One thing is the right concept of the liquidity provider that says : "I can't accept new order so I wide spread, the markets is very ... fuzzy", another thing is to get money sending all opened positions in stoploss in some seconds, or burning accounts like that guy...

Other brokers filters wide spread?
Others broker are better!

I`m sorry Chris but your response to that guy who lost his account due to your high spreads is code for find a broker with a fixed spread or risk all your money and stay with us. Not all fixed brokers are bucket shops, take tadawul fx as an example, maybe you should phone them and ask how they are able to survive because according to you theres nothing you can do about this giant problem. It is hard enough to make any money at all as traders and now your telling us that the banks you deal with can raise there spreads any time and wipe us out and its all totally legal and we can do nothing about it.

Hi,

Thanks for your post.
If you feel that trading with a fixed spread broker would be better for your needs than that is entirely your decision.
You may notice that some brokers during that time refused trades and also had freeze outs to overcome the wide spreads.
Imagine if we had frozen trading and then the price dropped another 500 pips without the ability to close trades. what would you do then?
It seems your damned if you do and damned if you don't.
We have posted that more updates have occurred with our feed to make these very very rare occurances hopefully a non event.
I would like to add that I personally am not going to answer any more forum posts regarding this market occasion and if any genuine clients have questions regarding this then they can contact us directly or PM me.


Thanks

Reading some phrases of your posts I can suppose you think to speak with childrens.

If you freeze positions for some time and after the price drop another 500pips, at that moment, with spread regulars, the server hit all stoploss/takeprofits at the right values after the swing.
The same thing happens after ANY weekend when the markets reopen.
If I had a stoploss inside the price gap the order is stopped at the right price on Monday opening.
Where is the problem?

Good day everyone!

I wish to send a Market order with a Stop & Profit Target, so I use this script:



It works fine with other Brokers, but I cannot get it to work with GO. All live accounts & 5 digit.

Is the problem at the other end, that GO cannot accept Stop & Profit Target at the same time as the Market order?

I have tried their LiveChat to get help but the poor operator was hopeless. Just thought I'd try here before phoning them.

If anyone has experience with this & can help with info that would be great.

AlienTrader

With GO and any other mt4 ecn/stp broker you need your script to modify the order after placing it and add a SL and TP a second or two after the order has been placed at market. Should be plenty of scripts around like what you want.

regards,

murray

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I received this email from Go Markets yesterday promoting their spreads.

My impression was Go Markets is trying to position itself as a responsible, accountable broker so it really makes me mad to be sent this sort of rubbish.

One week after losing half my account when Go Markets spreads reached 100 pips on the eur/usd I get this crap. How about be a bit "fair dinkuum" and mention the downside, that the spread could go to 100 pips without notice.

If you really wanted to work "with" your clients you should be offering advice on their use of EA's in these troubled times. You could advise your clients to include spread protection in your EA and minimum equity provisions and provide some sample code.
That would be the action of a responsible broker, not adverts based on half truths.

Can someone tell me when the spread goes to 100 pips who gets the money?

OK murray, thanks for info.

I was aware of the restriction with ECN brokers but did not know STP ones have the same limitation.

AlienTrader

No one gets the money because there is no money. Why are you trading forex with real money if you don't understand the simple concept of a bid/offer spread?

The spread is the difference between what buyers are offering to buy at and sellers are willing to sell at. If I want to buy say EUR/USD at 1.40, there's no law saying that someone has to sell it to me at that price. If sellers will only sell at 1.50, and buyers will don't want to pay 1.50 but will only buy at 1.40, you have a huge spread. This has nothing to do with the broker.

Maxx, do you trade with Go Markets?

the thing is that the spread is too huge. 100 pips, that's literally often 0.01 of currency $ value.

if Go Markets is really honest, it should make it known to customers like this:

"We usually offer 0.5~1 pip for eurusd, but occasionally, every once or twice per year, you may get 100 pips spread."

what do you like this kind of brokers?

I'll add some spread control in my EA, and still trade with them for a while. if this kind of crap comes out again, i'll let the whole world know, hohoho.

I don't understand why being ECN or STP could be an excuse for being stupid. for example, if the so-called liquid provider offer a spread of 1000 pips for USDJPY, that's literally ONE DIME, will Go Markets then instantly, faithfully, and beautifully to execute its customers' orders in a TIMELY manner without any protection measure?

I wanted to communicate to everyone that I have made a complaint to my account closed for lack of margin due to spread too high, are waiting for a decision to Go markets.
Greetings

They can and do - why not try this? I think you can get it FREE, at least give the trial a GO

GO MARKETS MYFX

hi TheSnowman,

NO I don't think they can, that is the limitation. One has to happen after the other, even by a few milliseconds.

Thanks for the heads up on MYFX, will explore.

AlienTrader

Yes I do.