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GoMarkets Discussion

  • #3,461
  • Oct 28, 2011 4:16am Oct 28, 2011 4:16am
Quoting kj63
Thank you Muzza! How simple was that. My Telstra T-tab 7" runs on android 2.2 so it is more like a phone. I was trying to look in settings etc. I do like to see that. Did you get any notice that the other droid trader app was going away?
Got an email today stating they were changing over and the old one would stop working.
  • #3,462
  • Oct 28, 2011 4:28am Oct 28, 2011 4:28am
If they dont solve the spread problem by next week end. I will take another broker as consideration.

But I sincerely hope they can fix it so I dont need to look for another broker.

Only the EU is abnormal others are ok to trade.
No one wants to be defeated~
  • #3,463
  • Oct 28, 2011 4:31am Oct 28, 2011 4:31am
i can confirm the spread on EURUSD is 2.5-2.7. Worse than ibfx.com.au, although they admit to having higher spreads as a market maker.

Many other pairs have increased 0.5-2 pips, which is very un-GoM like.

edit: after watching some of the pairs for a good 20 minutes, some of them go back to "normal" briefly (compared to VantageFX), but then will widen again. Oh well. Lets wait for an update.

PS: chris, what is the best email address to use? sometimes emails are not replied to. So I have no idea if the email was received or read. It's not until a week later, I then conclude that it was skipped over and then resend. replies have not been 100% consistent and I would like to get to the bottom of it.

You would be better off implementing a ticket system, like zendesk.com or something similar. May help with the accountability.
Measure trends automatically with zero lag
  • #3,464
  • Oct 28, 2011 5:14am Oct 28, 2011 5:14am
Quoting muzza
Got an email today stating they were changing over and the old one would stop working.
Just rechecked, nope, no email...Get the daily summary - so they know where I am! Not much use anyhow a few days after it disappears....
  • #3,465
  • Oct 29, 2011 12:59am Oct 29, 2011 12:59am
I believe the only way trading facilities can be offered to the general public if there are a large number of traders who loose money. In other words, money is regularly transferred from our accounts to the brokers account.

If we as a group are big winners, the brokers will go out of business and we will loose part or all the money we deposited with them. So we will loose anyway.

Go Market may be STP. But if his customers start to win regularly then GO Market became a liability to his liquidity provider and rules will be change to stop the winners.

This is the reason why trading conditions favourable to the traders can not last. They may be offered as a way to attract customers for a while but in the long term this game will only exist if the great majority of us are losers.

Think about it....

(sorry about my English, it is not my native lenguaje).
  • #3,466
  • Oct 29, 2011 5:38am Oct 29, 2011 5:38am
Quoting Joe050
I believe the only way trading facilities can be offered to the general public if there are a large number of traders who loose money. In other words, money is regularly transferred from our accounts to the brokers account.

If we as a group are big winners, the brokers will go out of business and we will loose part or all the money we deposited with them. So we will loose anyway.

Go Market may be STP. But if his customers start to win regularly then GO Market became a liability to his liquidity provider and rules will be change to stop the winners....

What you speak of is a market maker relationship where either the broker/liquidity provider or the trader wins, but never both over the long haul.

A true STP or ECN eliminates this relationship as orders are sent through to the interbank market of the liquidity providers. Chris has mentioned that the liquidity providers do hedge their risk but hasn't mentioned if that particularly means trading against the traders or in what you propose taking the other side of 'all' of GoM traders.

I doubt anything intentionally bad is going on, GoM has had their issues and still does but they do try to work on them.
  • #3,467
  • Oct 30, 2011 4:20pm Oct 30, 2011 4:20pm
Chris is getting conspicuous by his abscence. He used to be on this thread all the time as the public face of Gomarkets----but now with a lot of people jumping up and down he is nowhere to be seen. Me thinks that he is ashamed of Go's spreads and has no decent answer---except the truth--which is not to be talked about. Is Go being hurt by an unmentionable popular ea that mainly runs on E/U? Cant have the customers winning can we?
Could you please reply Chris.
We are all One. Be present. Be the Observer
  • #3,468
  • Oct 30, 2011 5:24pm Oct 30, 2011 5:24pm
E/U spread 3.5---5 pips at the moment . Good stuff.
We are all One. Be present. Be the Observer
  • #3,469
  • Oct 30, 2011 5:27pm Oct 30, 2011 5:27pm
Quoting Iamfx
Chris is getting conspicuous by his abscence. He used to be on this thread all the time as the public face of Gomarkets----but now with a lot of people jumping up and down he is nowhere to be seen. Me thinks that he is ashamed of Go's spreads and has no decent answer---except the truth--which is not to be talked about. Is Go being hurt by an unmentionable popular ea that mainly runs on E/U? Cant have the customers winning can we?
Could you please reply Chris.

I have to agree, it took so long for other issues at GoM to be sorted and the spread on market open is terrible (even for this time of day)

Spreads
EURUSD 3.4
GBPUSD 3.5
AUDUSD 2.7
NZDUSD 4

This doesnt seem like a tech issue having started many days ago...
  • #3,470
  • Oct 30, 2011 5:29pm Oct 30, 2011 5:29pm
This is one of the reasons i look more at Gold these days.............Go have a fixed 5 pip spread, and Gold's ATR ( even on low timeframes ) in comparison to the spread is much better.

EU is basically untradeable on short timeframes with the current spread.

- Look to the left, Trade to the right - I am the system
  • #3,471
  • Oct 30, 2011 5:36pm Oct 30, 2011 5:36pm
Quoting PixeLM
I have to agree, it took so long for other issues at GoM to be sorted and the spread on market open is terrible (even for this time of day)

Spreads
EURUSD 3.4
GBPUSD 3.5
AUDUSD 2.7
NZDUSD 4

This doesnt seem like a tech issue having started many days ago...
They even open 1 hour later right? To counter gap strategies?
  • #3,472
  • Oct 30, 2011 5:38pm Oct 30, 2011 5:38pm
GO Markets Support 6: We are encountering problems with our main liquidity provider at present which may result in wider spreads. We are of course working with them to rectify the issue as soon as possible.



Maybe the LP knows GoM is in negotiations with other LP's so seeks to penalise them, all I know is EURUSD is the most liquid pair and other pairs havent been affected, something fishy going on here I suspect.
  • #3,473
  • Oct 30, 2011 5:40pm Oct 30, 2011 5:40pm
Quoting wickedwin
They even open 1 hour later right? To counter gap strategies?

Not sure, DST here in east AU.
  • #3,474
  • Oct 30, 2011 5:46pm Oct 30, 2011 5:46pm
Gee as i type this 5 pips for GU and 3.7 ish for EU wow as said thats untradable glad i have other options. My other option is 2 - 2.5 on EU and AU thats about what you would expect this time of day.
  • #3,475
  • Oct 30, 2011 6:25pm Oct 30, 2011 6:25pm
Quoting PixeLM
Not sure, DST here in east AU.
nothing to do with DST they are one hour later than most (not all) broker.
Mohan
  • #3,476
  • Oct 30, 2011 7:44pm Oct 30, 2011 7:44pm
  •  onu
  • | Joined Feb 2006 | Status: superior senior member | 746 Posts
Its easy guys, stop trading on GO, withdraw your money and you will see how quick they rectify this s--t

This is the only language brokers understand..
  • #3,477
  • Oct 30, 2011 7:49pm Oct 30, 2011 7:49pm
Quoting Iamfx
Is Go being hurt by an unmentionable popular ea that mainly runs on E/U? Cant have the customers winning can we?
I think they know the answer
  • #3,478
  • Oct 31, 2011 12:16am Oct 31, 2011 12:16am
Hi Guys,

Obviously you have all missed me over this past week - I apologise for not being on here sooner, but it has been a very busy week.

Not only have we spent a lot of time working on setting up our new liquidity provider relationships, but to add to the mix we moved office over the weekend and dealing with companies like Telstra always make it fun.

Anyway, first of all, let me give you a status update - the final stage of testing the new LP should occur over the next day or so, and I am hopeful that it will be in place by the end of the week. In fact, it could be as early as tomorrow, if everything goes to plan. The new LP will execute your trades through many of the top banks including Deutsche, Barclays and Goldman Sachs, and this will also mean that you are getting good liquidity resulting in a return to great spreads. Each order will be routed through a leading bridge provider to the execution servers at the LP meaning that all orders will be filled as per the market liquidity, at the fastest possible rate and at the best available price.

Obviously these last few trading days have not seen the best in terms of spreads, and I can understand the frustration that you are all feeling, but rest assured it is not something that will be around for much longer and you can all go back to being happy again.

Cheers,
Chris
  • #3,479
  • Oct 31, 2011 12:57am Oct 31, 2011 12:57am
Thanks for the update Chris! Really looking forward to see how the new LP works out for spreads and how the bridge provider works out for execution times. I wonder who the LP and bridge is, Integral and Equinix like PepperstoneFX? Very glad to see GoM working this out, faith is being restored!
  • #3,480
  • Oct 31, 2011 1:06am Oct 31, 2011 1:06am
G'day Chris, thanks for the update, but... is this bringing us any closer to ECN solution?
... because as for now (result of couple of months of problems & issues) only naive and inexperience traders may still use GoMarkets
Best Regards,
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