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GoMarkets Discussion

  • #2,541
  • Aug 4, 2011 5:52am Aug 4, 2011 5:52am
Quoting GoMarkets
...erm.... I am a little confused - we haven't launched it yet so I am not sure what you are looking at?
Sorry, my mistake!
  • #2,542
  • Aug 4, 2011 7:33am Aug 4, 2011 7:33am
Quoting elizo
Totally agreed with this. Awaiting for Chris's response. I just opened an account last week, if this is not solved, I will pull out very quick.
Why don't you set the limit to the current spread? This way, you FORCE any client to deal with a 1-spread sized risk at least. 2 pips is arbitrary and very suspicious. Your spread should be more than enough



Again, I would be more than happy to accept a limitation equal to the spread. More than that, is unacceptable and suspicious. With my proposal, you keep your interests safe and I can be trading in...
you seem to assume that mt4 is flexible enough to accommodate simply enforcing the spread as the minimum distance. i suspect that mt4, being such an old clunky pos, is more likely to have a specific value it can be set to as a minimum distance and can not simply be set to continually match millisecond to millisecond the current spread value.

so why pick a minimum distance of 20 points / 2 pips? probably simply from implicit knowledge that this distance will screw over 99.9% arbitrage opportunities and make it a worthless endeavor for anyone to pursue while still being completely reasonable to normal traders and normal trading setups / situations.
Congratulations ScalaFX for coming out of the closet!
  • #2,543
  • Aug 4, 2011 7:54am Aug 4, 2011 7:54am
Yes, my assumption. However, I don't know what a "normal trader and normal trading setups / situations" are, since I only trade my own account. But (although it is not this thread's subject) my 2nd assumption about what they could be would definitely explain to me why they say 95% of the traders lose money on a regular basis.

2 pips still looks excessive and arbitrary to me. By the way, I have not received any communication at all, neither through MT4 or via email, but it is totally effective on my account, which does not look very fair to me.

I'll stay calmed for the several weeks to confirm Go Markets are sensitive to this early complaints published here, and will send mine to my account manager. I hope things will move on the appropiate way, which are not the way they are set right now.
  • #2,544
  • Aug 4, 2011 8:59am Aug 4, 2011 8:59am
@GOMARKETS Have you widened the spreads??I don't think it's y7our liquidity providers fault because no other brokers out there have widened....It's from monday that the average is 1,4/1,6 on the Euro...it used to be 0,8/1,2.....
Why the Market Makers call themselves Brokers???
  • #2,545
  • Aug 4, 2011 9:36am Aug 4, 2011 9:36am
How come every instant market execution order has a broker-favourable slippage? Literally every single time.
With XAU and XAG pairs it matters a lot.
Cheers.
Don't get mad, get even!
  • #2,546
  • Aug 4, 2011 1:13pm Aug 4, 2011 1:13pm
Is everyone happy with Chris`s explanation about why the new 2 pip rule is in force. Am I to believe that, a group of smart buisness owners let us put orders in, not charge us the spread and allow us to keep to keep 30 cents on the dollar. The other problem is the platform freezing, it happens all day and all night, it happens when the market is moving fast and it happens when the market is moving slow, sometimes execution is under 1 second other times 10 seconds can pass in this frozen time warp which defines explanation!!!. Chris seems to not even acknowledge the problem. I believe we with live accounts deserve an explanation and a cure, maybe currenex is the problem, get rid of them, other brokers do not have this problem, copy them and solve the problem please. I hate the thought of all the hassle and time it would take to change brokers.
  • #2,547
  • Aug 4, 2011 2:28pm Aug 4, 2011 2:28pm
Quoting GoMarkets
Hi Peter,

I can assure you it was not your fault. You are trading FX in an honest way, these people are not. They are professionals, placing literally thousands of orders deliberately trying to rip off brokers. One client placed around 14,000 of these lots in a month!

Cheers,
Chris
So they made .32 of a pip everytime they did this X 14,000 trades...if they were trading $1.00 pips...that's $4,200 in profit!! WOW. If they traded 10.00 pips, $42,000 etc.... So the real question is: DID THEY GET TO KEEP THE MONEY???????????????????
  • #2,548
  • Aug 4, 2011 5:31pm Aug 4, 2011 5:31pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting elizo
Yes, my assumption. However, I don't know what a "normal trader and normal trading setups / situations" are, since I only trade my own account. But (although it is not this thread's subject) my 2nd assumption about what they could be would definitely explain to me why they say 95% of the traders lose money on a regular basis.

2 pips still looks excessive and arbitrary to me. By the way, I have not received any communication at all, neither through MT4 or via email, but it is totally effective on my account, which does not look very fair to me....
I got the info about the minimum pending order distance via mt4 mailbox with a 12 hour delay on one of my live acc. platform instances. On another instance it never arrived.... that's ridiculous!
  • #2,549
  • Aug 4, 2011 5:56pm Aug 4, 2011 5:56pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Quoting pilotui
So they made .32 of a pip everytime they did this X 14,000 trades...if they were trading $1.00 pips...that's $4,200 in profit!! WOW. If they traded 10.00 pips, $42,000 etc.... So the real question is: DID THEY GET TO KEEP THE MONEY???????????????????
This isn't the interesting question for me..
As long as I don't see a verified acc. statement of this 14.000 trades client, this story remains a lame excuse from GO and their LPs to get their hands in traders pockets.
Not even all ordinary MT4 bucketshops/market makers/NDD run on stop level=2, but some of them on stop level=1 or even zero pips!
GO should rethink their questionable business model and offer now true ECN.
  • #2,550
  • Aug 4, 2011 7:42pm Aug 4, 2011 7:42pm
Quoting ScalperOne
@GOMARKETS Have you widened the spreads??I don't think it's y7our liquidity providers fault because no other brokers out there have widened....It's from monday that the average is 1,4/1,6 on the Euro...it used to be 0,8/1,2.....
Hi,

We haven't widened our speads... at this very moment the EURUSD is quoting me 1.3-1.5 pips, which I feel is competitive for this time of day and the comparison sites would agree with me.

Thanks,
Chris
  • #2,551
  • Aug 4, 2011 8:24pm Aug 4, 2011 8:24pm
Hi guys,

Just in case you haven’t noticed the 1 pip also stops a trailing stop at 1 pip. If you set a trailing stop to 1 pip it doesn’t trail anymore.
  • #2,552
  • Aug 5, 2011 12:34am Aug 5, 2011 12:34am
Chris I'm sorry! 1,8 1,6 1,7 1,4 on Euro and the recent freezing of the Multiterminal (Yesterday I lost the connection for 5 minutes at 5pm gmt+1, only on that the MT4 was working) make me to feel bad!
I don't know what is happening to you but that's not the GoMarkets I knew, anymore!
This is affecting my trading, a lot!And now is gonna affect even my time coz I need to find another brtoker and move on all my clients.
Why the Market Makers call themselves Brokers???
  • #2,553
  • Aug 5, 2011 1:03am Aug 5, 2011 1:03am
I think that it would be a good think if Gomarkets made ecn accounts without this kind of restrictions.
  • #2,554
  • Aug 5, 2011 1:14am Aug 5, 2011 1:14am
Quoting Golum
I think that it would be a good think if Gomarkets made ecn accounts without this kind of restrictions.
Hi Golum,

We are already in talks to set something like that up, and we will of course let people know when we get more details on that.

Thanks,
Chris
  • #2,555
  • Aug 5, 2011 1:15am Aug 5, 2011 1:15am
Hi Guys,

Just a quick one - you will all be thoroughly excited to know that have just been given access to our MT5 demo... We will be ensuring all the settings are correct and should then be able to give you all access early next week.

Have a good weekend.

Chris
  • #2,556
  • Edited 5:25am Aug 5, 2011 1:47am | Edited 5:25am
Quoting GoMarkets
Hi Guys,

Just a quick one - you will all be thoroughly excited to know that have just been given access to our MT5 demo...
Chris
Thanks Chris,

Do you have any idea at all when you'd be looking to run a live MT5 ?

Would your MT5 setup allow same pair hedging or is that limitation enforced by the MT5 client rather than at the server level?

Regards, Paul.
  • #2,557
  • Aug 5, 2011 11:07pm Aug 5, 2011 11:07pm
Quoting GoMarkets
Sorry, it is not that obvious to many of you as most people do not consider doing such things.

Let me give you an example:

AUDUSD is trading at 1.0695. You place a buy stop at 1.0696 with a stop at 1.0696 and a limit at 1.0696.

The market moves to 1.0696 and your entry condition is met. Instantenously your stop/limit condition is met and the trade is closed with zero profit or loss and you have made your 0.35 of a pip (or whatever rebate you are getting).

It is risk free, and is hugely open to manipulation by these cheats. I perhaps...
Something just does not jell with this situation. What happened to the spread?

Market would still have to move the distance of the spread, in AUD/USD >4 pips. Broker still makes his money off the spread no matter which way the market goes after buy is triggered.

So if the broker automatically gets paid in excess of this theoretical rebate... what does he care? In the example given there is no spread which never happens.

Must be something more to the situation?
  • #2,558
  • Aug 7, 2011 6:21pm Aug 7, 2011 6:21pm
Quoting pah
Thanks Chris,

Do you have any idea at all when you'd be looking to run a live MT5 ?

Would your MT5 setup allow same pair hedging or is that limitation enforced by the MT5 client rather than at the server level?

Regards, Paul.
Hi Paul,

I couldn't really give you an exact idea, but it is likely to be a few months. We obviously want to ensure that it is configured and running bug free first. We also need to arrange hedging facilities for the platform. As you will all know, not many brokers have MT5 running live as there are not many bridges to handle trades available in the market yet.

As for hedging, unfortunately this is something enforced by MT5 rather than at the choice of brokers, so unless MetaQuotes make an amendment, we will have to abide by no ability to hedge.

Thanks,
Chris
  • #2,559
  • Aug 7, 2011 8:03pm Aug 7, 2011 8:03pm
Quoting mc441
Something just does not jell with this situation. What happened to the spread?

Market would still have to move the distance of the spread, in AUD/USD >4 pips. Broker still makes his money off the spread no matter which way the market goes after buy is triggered.

So if the broker automatically gets paid in excess of this theoretical rebate... what does he care? In the example given there is no spread which never happens.

Must be something more to the situation?
liquidity at the moment due to global issues would be lower then normal on the open. I did see higher spreads but i also expected it due to the current influences.

Try to take the macro situation into account when looking at spreads.

scfx
The best indicator is price.
  • #2,560
  • Aug 8, 2011 3:13am Aug 8, 2011 3:13am
Hello, I would like to open baby account with GoMarkets. And I have few questions:

- Do you have deposit bonuses.
- What is the minimum amount to withdraw?
- Is it possible to deposit and withdraw though PayPal or moneybookers?

Thanks

Josef
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