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  • #2,501
  • Aug 3, 2011 2:45am Aug 3, 2011 2:45am
Quoting flaffie
Hi Chris.

Are Gomarkets planning on using a web based platform at some stage ?

Thanks

Flaffie
Hi Flaffie,

MetaQuotes have informed us that they are building the web platform functionality for MT5, so hopefully that will be available soon.

We will of course keep everyone up to date as and when we have more information about it.

Thanks,
Chris
  • #2,502
  • Aug 3, 2011 2:51am Aug 3, 2011 2:51am
Thank you very much Chris.

Have a super day.
Flaffie


Quoting GoMarkets
Hi Flaffie,

MetaQuotes have informed us that they are building the web platform functionality for MT5, so hopefully that will be available soon.

We will of course keep everyone up to date as and when we have more information about it.

Thanks,
Chris
  • #2,503
  • Aug 3, 2011 2:59am Aug 3, 2011 2:59am
Quoting ptarmigan
************
Dear Client,

We have been requested by our hedging and liquidity providers to
implement a minimum distance for placing pending orders away from the market.
Effective immediately, the minimum distance that a stop or
limit order can be placed from the market will be 2 pips on all currency pairs
including Gold and Silver.
We are well aware that this will probably not affect any clients
as it is an extremely rare strategy to place pending orders this close to the market.

If you, like most traders, do not place...



I just got this too, after having a decent day trading I thought it was directed at just me haha well looks like its for everyone, AS for so called STP I think that only goes for standard lots I think most everyone hedges mini and micros could be wrong though maybe GO will weigh in on what is STP and whats not.

PS good job GM on the new news feeds muuuch improved :-) I like seeing your company keep on evolving been with you since your old logo .... Also I was getting a lot more delay on order executions last week but seems to be back to normal again now.
  • #2,504
  • Aug 3, 2011 3:02am Aug 3, 2011 3:02am
Quoting ptarmigan
This change was done suddenly.
I was trying to their "pure STP", but it's really a waste of time
If Stop/Limit orders are not to your liking best stick with Market Orders.
  • #2,505
  • Aug 3, 2011 3:22am Aug 3, 2011 3:22am
Quoting ptarmigan
************
Dear Client,

We have been requested by our hedging and liquidity providers to
implement a minimum distance for placing pending orders away from the market.
Effective immediately, the minimum distance that a stop or
limit order can be placed from the market will be 2 pips on all currency pairs
including Gold and Silver.
We are well aware that this will probably not affect any clients
as it is an extremely rare strategy to place pending orders this close to the market.

If you, like most traders, do not place...
I just went and verified this email in the platform. Two comments.

1) This is kind of worrying. especially the [edit] restriction on limit orders. the whole point of limit order is to ensure you get the price you want (or better) at your requested limit. [edit] If go cannot fill it, wouldn't it just stay as pending?

2) gomarkets needs to also do a better job of sending important emails to the client's actual email box, in addition to sending it in the platform. I do not see why this is so difficult to accomplish. VantageFX sends a newsletter whenever an important change occurs, like their addition of adding CFDs.

Will have to check other Australian brokers to see if this is being implemented as well. [Edit]

ptarmigan does have a valid point. This was a major selling point (STP, no requotes, etc). And this was done rather quickly, without asking clients how they felt about it. Could you give us some more specifics on why your partners requested these restrictions? What benefits will clients receive from this?

edit: I can say that at least 1/3 of my market orders are filled by GOm at the price requested. The other 2/3s are positive negative slippage, which usually evens out. The slippage is minimal, usually less than 0.4 pip. I think i wrote a post on it a while ago with a breakdown.
Measure trends automatically with zero lag
  • #2,506
  • Edited 12:34pm Aug 3, 2011 9:32am | Edited 12:34pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
@ NO GO markets

As I recently pointed out I don't know anymore whom to trust in this industry...

You are NOT longer on the list of trusted brokers. You outed yourself as a ordinary bucketshop broker. You and/or your LPs are losing money through some high speed scalpers, that's why you and your wannabe "liquidity providers" start to playing games. Exactly what bucketshops/market makers do since ages. Shame on you! It will be interesting which other defending tools we will face soon.. I noticed already yesterday "trade context busy" messages, requotes and short platform freezing when it came to exit trades.

Changing trading conditions w/o sending out an upfront info- email to the customers is unethical business behaviour and a case for the supervising authority body.
I didn't even get a message to the platform mailbox. What a mess.

Time to move on to serious ECN brokers
  • #2,507
  • Aug 3, 2011 9:43am Aug 3, 2011 9:43am
Quoting ptarmigan
************
Dear Client,

We have been requested by our hedging and liquidity providers to
implement a minimum distance for placing pending orders away from the market.
Effective immediately, the minimum distance that a stop or
limit order can be placed from the market will be 2 pips on all currency pairs
including Gold and Silver.
We are well aware that this will probably not affect any clients
as it is an extremely rare strategy to place pending orders this close to the market.

If you, like most traders, do not place...
I hope this not the new policy at go markets. This along with the many platform freezes resulting in poor exucution means go markets are getting worse not better !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #2,508
  • Aug 3, 2011 9:43am Aug 3, 2011 9:43am
@ onu

How to complain about companies or people

If your complaint concerns a product or service you have purchased, you should first raise your complaint with the business or person who provided you with the goods or services you are complaining about.

If you cannot resolve the problem with them, or if your complaint is about misconduct or illegal activity by a company or person, then ASIC may be one of a number of government and non-government organisations able to help you.

http://www.asic.gov.au/asic/asic.nsf...nies+or+people
OPPORTUNITY IS NOWHERE
  • #2,509
  • Aug 3, 2011 10:35am Aug 3, 2011 10:35am
Quoting Callisto
@ onu

How to complain about companies or people

If your complaint concerns a product or service you have purchased, you should first raise your complaint with the business or person who provided you with the goods or services you are complaining about.

If you cannot resolve the problem with them, or if your complaint is about misconduct or illegal activity by a company or person, then ASIC may be one of a number of government and non-government organisations able to help you.

http://www.asic.gov.au/asic/asic.nsf...nies+or+people...
I agree with the first para; lets see how GoM responds. I'm not sure why something of this nature was not sent to email box. I get this technical brief every day. Why not important changes to platform?

Something of this nature can get blown out of proportion REALLY FAST. An honest answer would really sort things out.
Measure trends automatically with zero lag
  • #2,510
  • Edited 5:39pm Aug 3, 2011 10:54am | Edited 5:39pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting Pip-postrous
I hope this not the new policy at go markets. This along with the many platform freezes resulting in poor exucution means go markets are getting worse not better !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I doubt it will be temporarily..
Pepperstone, IC Markets did the same as GO. They all seem to depend on the same liquidity pool in AU. And all claim themselves STP or even ECN. Today we got the proof they have nothing of an true ECN broker and they losing when clients win, ergo, they are fine tuned market makers, nothing else.
Their problem is they cant stand superfast scalper technology, hence they try to implement new rules to stop losing on these scalpers.
True ECN don't care about that. They always win just on the trade commission. In this case these above mentioned brokers try to make us believe they are forced out of the blue from their liquidity providers for some unknown reason to change the rules, ofcourse at their favor...and to make it even worse, w/o to give the trader time to adjust their software accordingly.
  • #2,511
  • Aug 3, 2011 12:30pm Aug 3, 2011 12:30pm
Quoting onu
I doubt it will be temporarily..
Pepperstone, IC Markets did the same as GO. They all seem to depend on the same liquidity pool in AU. And all claim themselves STP or even ECN. Today we got the proof they have nothing of an true ECN broker and they losing when clients win, ergo, they are fine tuned market makers, nothing else....
I am curious to see VantageFX's position on this. They also have similar STP concept, but they seem unaffected and the freezes do not appear.

Its not the end of the world, but i guess we will see. I would hate to be Chris right now.
Measure trends automatically with zero lag
  • #2,512
  • Aug 3, 2011 12:46pm Aug 3, 2011 12:46pm
Nine months ago I spent many hours, many days, many weeks, reading hundreds of posts from different people on different forums trying to figure out what broker would not steal my money, as it is, they stood to make lots of money just from the high number of trades i make. One would think that they would do everything they could to make trading easy and profitable for us so they could keep their own money train going. It seems that the temptation for extra money overcomes some brokers and you start to see delays when you close a trade and when you open a trade, you see widening of spreads that quickly turn profit to loss. I trade full time, night and day, and I can tell you that my platform freezes at least 20 times a day. On an average day I'll place 300 to 500 orders, they're all small and I hedge back and forth. Once in a while I'll try to scalp if conditions permit. Tonight I want Chris to tell us they are reversing their latest e mail and they are working to eliminate platform freezes. It may be time to consider, dukascopy, oanda, I.B, verengold and Lmax. !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • #2,513
  • Aug 3, 2011 1:49pm Aug 3, 2011 1:49pm
Quoting onu
@ NO GO markets

As I recently pointed out I don't know anymore whom to trust in this industry...

You are NOT longer on the list of trusted brokers. You outed yourself as a ordinary bucketshop broker. You and/or your LPs are losing money through some high speed scalpers, that's why you and your wannabe "liquidity providers" start to playing games. Exactly what bucketshops/market makers do since ages. Shame on you! It will be interesting which other defending tools we will face soon.. I noticed already yesterday "trade context busy" messages,...
hi onu,which broker r u using now since u dont like GoMarket anymore?
  • #2,514
  • Aug 3, 2011 2:05pm Aug 3, 2011 2:05pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting fxking
hi onu,which broker r u using now since u dont like GoMarket anymore?
I switched to www.taliban.fuxyou.com

Trading with life vest on. Good training for the trading with all so called "STP/ECN" broker in down under

Dont forget the helmet!
  • #2,515
  • Aug 3, 2011 2:12pm Aug 3, 2011 2:12pm
Quoting Pip-postrous
Nine months ago I spent many hours, many days, many weeks, reading hundreds of posts from different people on different forums trying to figure out what broker would not steal my money, as it is, they stood to make lots of money just from the high number of trades i make. One would think that they would do everything they could to make trading easy and profitable for us so they could keep their own money train going. It seems that the temptation for extra money overcomes some brokers and you start to see delays when you close a trade and when you...
I can't believe the last couple of pages of rubbish and wild accusations! GO have notified us via their platform...do you want a phone call as well?
All they have said is that we can't put a limit order in 2 pips from the market, who in their right minds types in a limit order + stop 2pips away from their desired price?
Not everyone is trading tick charts 100's of times a day.
FF journal: Peaks and Troffs
  • #2,516
  • Aug 3, 2011 4:09pm Aug 3, 2011 4:09pm
Quoting bogus
I can't believe the last couple of pages of rubbish and wild accusations! GO have notified us via their platform...do you want a phone call as well?
All they have said is that we can't put a limit order in 2 pips from the market, who in their right minds types in a limit order + stop 2pips away from their desired price?
Not everyone is trading tick charts 100's of times a day.
And you are the only right minded person in the world - what about following an entry with .1 or .2 pips when it is moving in a certain direction.
Go is on GO for bucket shop status
  • #2,517
  • Aug 3, 2011 5:00pm Aug 3, 2011 5:00pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting bogus
I can't believe the last couple of pages of rubbish and wild accusations! GO have notified us via their platform...do you want a phone call as well?
All they have said is that we can't put a limit order in 2 pips from the market, who in their right minds types in a limit order + stop 2pips away from their desired price?
Not everyone is trading tick charts 100's of times a day.
I didn't get notified via platform and didn't get email. I read about this change out of the blue on a forum, luckily.
That's not how communication between broker and client supposed to be. Complains about this to call rubbish isn't appropriate.
  • #2,518
  • Aug 3, 2011 5:47pm Aug 3, 2011 5:47pm
Last night at 3:05 a.m eastern standard time was when Chris Gore sent 3 messages to my platform informing me of the changes which are indicative of bucket shops. Three minutes before that was when chf/usd,eur/usd, and several other pairs moved 150 pips in less than 2 min. It seems that was the catalyst for change. A true e.c.n or s.t.p. does not care about where you place your orders.
  • #2,519
  • Aug 3, 2011 6:12pm Aug 3, 2011 6:12pm
Quoting Kinko
And you are the only right minded person in the world - what about following an entry with .1 or .2 pips when it is moving in a certain direction.
Go is on GO for bucket shop status
Hey, I'm not the only one.
Are you saying you would add .1 of a pip when the spread is usually around 1. pip??
FF journal: Peaks and Troffs
  • #2,520
  • Aug 3, 2011 7:01pm Aug 3, 2011 7:01pm
Hi Guys,

I thought I would make a quick response to all of the comments on here. There is a very good reason for change needing to be put in place, which I am happy to explain.

We have seen a number of clients recently sending through thousands of orders with stops and limits at the same price as entry. The reason for these orders being placed is not to make money from trading, but to achieve one thing only - to generate rebates. This practice comes due to the fact that there are now lots of websites around who encourage people to earn rebates from their trading by signing up with them.

The problem comes about because the trades are entered and exited within the same millisecond as the entry and exit conditions are identical. This trade is obviously impossible for our hedging providers to send to market. This causes a problem for the hedging provider in that they are expected to pay our rebates without having any potential to offset the risk and earn their own rebates, which is not fair. It can also cause a problem for our trading servers. These clients were attempting to send through thousands of orders every minute, hoping to make a lot of money without any risk.

These people are not FX traders, they are cheats who are hoping to rip off brokers, which in turn causes issues for all of our clients. If these people were not doing this, then we wouldn't have had to make the changes.

There are a lot of brokers, not just those using MT4, that have minimum stop distances, so it is hardly a new thing. We are also well aware that next to nobody places pending orders less than 2 pips from the market. I hope this is only a temporary measure and we can work out an alternative so that the few clients wanting to place their orders that close to the market can do so.

The people saying that it makes us a bucket shop or not STP can think that if they want, but those people clearly do not understand how things work. It is not true, and a minimum stop distance does not make any difference to the way we process orders by sending them straight through to hedging providers.

On another note, we are in discussions with a couple of liquidity providers about setting up true ECN accounts which will enable to people to execute direct with banks and pay a small commission per trade. Hopefully this comes to fruition soon and we will be able to give you more information shortly.

Thanks,
Chris
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