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GoMarkets Discussion

  • #4,381
  • May 2, 2012 7:17pm May 2, 2012 7:17pm
hello, does anyone still can open a new position on lplate account right now?
  • #4,382
  • May 2, 2012 10:54pm May 2, 2012 10:54pm
Quoting dwi
hello, does anyone still can open a new position on lplate account right now?
Post 4357 on page 291 has an email sent to Lplate holders back in April 20 that no new positions can be opened on that account type from 1st May onwards, only closing trades is possible.
  • #4,383
  • May 8, 2012 10:19am May 8, 2012 10:19am
Go Markets now offers indices and commodities:

Click on market watch, right click and select 'Show all'.

Dow Jones30 CFD
SPI200 CFD
S&P500 CFD
DAX30 CFD
FTSE100 CFD

CL-Oil
XAUUSD
XAGUSD
Attached Image (click to enlarge)
Click to Enlarge Name: GoM indicies and commodities.PNG Size: 29 KB
  • #4,384
  • May 8, 2012 10:44am May 8, 2012 10:44am
Why not add some new asset classes.
From all reports they are right on top of any FX issues....
  • #4,385
  • May 8, 2012 5:02pm May 8, 2012 5:02pm
Oh goody, CFD's.
Too bad I still get a 3 pip spread on EU
  • #4,386
  • May 8, 2012 5:36pm May 8, 2012 5:36pm
Quoting jeanlouie
Go Markets now offers indices and commodities:

Click on market watch, right click and select 'Show all'.

Dow Jones30 CFD
SPI200 CFD
S&P500 CFD
DAX30 CFD
FTSE100 CFD

CL-Oil
XAUUSD
XAGUSD
Spreads are horrible 7 cents on oil other spreads on the indices are shocking as well. see how they look at LON open. Very crap go markets very crap!
The best indicator is price.
  • #4,387
  • May 9, 2012 12:40am May 9, 2012 12:40am
Dax was 1.5 last night which is great for CFD emini half point which is pretty standard across the board and SPI today is 1 point cant get better than that.
Oil is 7 points as i write this I dont trade Oil so doesnt really affect me but most of the CFD Oil cons I have seen are between 5 - 7 so pretty standard.
Im all for letting brokers know when there crap but got to give em praise when they doing right aswell so great stuff GO.
  • #4,388
  • May 9, 2012 2:40am May 9, 2012 2:40am
That's what I was thinking, I looked at the spreads on indices and comms from axitrader, fxcm and cityindex, go's spreads seem nothing out of the ordinary so no reason for flaming them.
  • #4,389
  • May 9, 2012 3:11am May 9, 2012 3:11am
Spreads are but a small part...

I suggest traders that trade synthetic derivatives (Indexes, CL etc) with a Market Maker ( Go Markets, FXCM etc) understand that it is you versus them.

Successful/Profitable traders are not welcome.

The other 90 odd%, trade away
  • #4,390
  • May 9, 2012 3:53am May 9, 2012 3:53am
Quoting Alpha-Bet
Spreads are but a small part...

I suggest traders that trade synthetic derivatives (Indexes, CL etc) with a Market Maker ( Go Markets, FXCM etc) understand that it is you versus them.

Successful/Profitable traders are not welcome.

The other 90 odd%, trade away
does anyone join myfxbook contest - FXCM? oh man spreads are incredible sucks and many times offquotes, what a terrible platform
  • #4,391
  • May 9, 2012 7:44pm May 9, 2012 7:44pm
Quoting Alpha-Bet
Spreads are but a small part...

I suggest traders that trade synthetic derivatives (Indexes, CL etc) with a Market Maker ( Go Markets, FXCM etc) understand that it is you versus them.

Successful/Profitable traders are not welcome.

The other 90 odd%, trade away
All MT4 Index contracts are Market Maker regardless of the broker or what they say, so unless they hedge every trade direct into the underlying futures exchange which is doubtful due to cost then they have to make a book. MT5 has the capability to plug directly into the relevant exchanges but not sure any echange or broker has signed up to that yet.
  • #4,392
  • May 9, 2012 9:54pm May 9, 2012 9:54pm
^ Thanks for reiterating what I said.
  • #4,393
  • May 10, 2012 3:08am May 10, 2012 3:08am
Quoting jeanlouie
If memory serves correct, a while back GoM had to change liquidity provider because of too many tiny orders at the same price ie scalps and scalping eas, the lp at the time had lots of trouble getting fills.
That's not true, the reason go markets changed LP's is because their old LP ditched them because too many clients were making a profit from million dollar pips.

I was told this on the phone by a staff member in their european call center.

To be honest I haven't traded since hearing this, as it kind of confirms all the whinging that I used to read about other brokers messing with data feeds etc.

I'm about to sign up with axi trader but I will be using a whole sentinel of tools to detect foul play and as soon as I detect it I'll be leaving them too, not to mention posting about it on here. I just don't get why brokers can't just provide an honest service. If they have to resort to fraud then surely this business model (being a broker) just isn't profitable.

I take it GoMarkets is still as crap as ever?
{Promotion Removed}
  • #4,394
  • May 10, 2012 6:21pm May 10, 2012 6:21pm
Quoting ricko456
All MT4 Index contracts are Market Maker regardless of the broker or what they say, so unless they hedge every trade direct into the underlying futures exchange which is doubtful due to cost then they have to make a book. MT5 has the capability to plug directly into the relevant exchanges but not sure any echange or broker has signed up to that yet.
This is what I would expect for CFD's, however I don't understand why the minimum tradable amount is 1 lot, rather than .01, if you are just trading with GO as the market maker.
"Don't Panic..."
  • #4,395
  • May 10, 2012 8:05pm May 10, 2012 8:05pm
Quoting Halifax
This is what I would expect for CFD's, however I don't understand why the minimum tradable amount is 1 lot, rather than .01, if you are just trading with GO as the market maker.
Could be that if they do decide to hedge and buy Futures contracts then its easier to hedge if the minimum trade size is higher. plus it does seem they are trying to squeeze out some of the smaller clients which is strange for a forex broker as smaller clients who are new to trading tend to lose thus perfect for them
  • #4,396
  • Edited 1:00am May 11, 2012 12:40am | Edited 1:00am
Quoting ricko456
Could be that if they do decide to hedge and buy Futures contracts then its easier to hedge if the minimum trade size is higher. plus it does seem they are trying to squeeze out some of the smaller clients which is strange for a forex broker as smaller clients who are new to trading tend to lose thus perfect for them
Back in the day when i, and probably many others did business with GoMarkets Chris (no longer there) said that GM would only introduce Index etc CFDs when they could properly hedge customer orders.
They wished, he said, to avoid the problems that were present with this form of trading.
I remain skeptical as to whether an exchange traded product can be traded synthetically without placing the trader at further disadvantage.

If someone profitably trades cfd's day after day, encounters no transaction issues, hits price that is reflected in the underlying market and does not have their acct closed on them, it would be a rarity in the CFD industry as far as I'm concerned.

I'll keep an eye on this thread...
  • #4,397
  • Edited 4:43pm May 14, 2012 5:29am | Edited 4:43pm
Just got this email from Go Market

Introducing GO Markets Pro AccountConnect to deeper multi-bank liquidity with tighter spreads

GO Markets' Pro Account is designed specifically to accommodate professional level Forex trading. GO Pro and your trades will be executed with institutional grade spreads in an environment specifically designed for accomplished Forex traders.

On the Pro Account you'll connect to:
http://img.en25.com/EloquaImages/cli...0%7D_tick2.png Deeper, multi-bank liquidity
http://img.en25.com/EloquaImages/cli...0%7D_tick2.png Tighter, institutional grade spreads from 0.4 pips - with no mark-up
http://img.en25.com/EloquaImages/cli...0%7D_tick2.png A transparent pricing structure with low commissions: $3.50 per 100K (AUD)

The Pro trading environment is one that is also particularly advantageous for those traders using Expert Advisors. EA trading signals will be able to execute with ease, taking advantage of tighter spreads.

Pro Account vs Standard Account

Pro Account
Standard Account Platform
MT4
MT4 Instuments
Forex: 26 currency pairs
Indices: DJ30, SPI200, SP500, DAX30, FTSE100
Commodities: CL-Oil, XAUUSD, XAGUSD
Forex: 26 currency pairs
Indices: DJ30, SPI200, SP500, DAX30, FTSE100
Commodities: CL-Oil, XAUUSD, XAGUSD Spreads
From 0.4 pips
From 1.2 pips Commission
$3.50 per 100K (AUD)
No commission Execution
STP, No dealing desk
STP, No dealing desk Minimum deposit
$3,000
$500 Maximum leverage
500:1
500:1

Open a Pro Account before June 30 and you'll receive a 10% bonus on an initial deposit of $3,000



They even offer a 10% bonus for new sign up with at least $3,000.

What's your take on this, guys and gals?
  • #4,398
  • May 14, 2012 12:00pm May 14, 2012 12:00pm
lol who can easily read that php snippet.

Go Markets now offers a 'Pro Account' that is ECN/DMA, spreads from 0.4, commission at $3.5 per turn, minimum account opening at $3,000.

I think this is a big step and a long time comming for GoM, I mean...they finally have an ecn, it's real lol. The lowest spreads are still comparatively high though, "from 0.4" when others can provide "from 0". The commission equates to roughly a .7pip cost across the pairs which I think is pretty standard. However the minimum to open the account is pretty high, at 3k.

Anyway this is a great step in the right direction.
  • #4,399
  • May 14, 2012 12:02pm May 14, 2012 12:02pm
A pic of the email sent.
Attached Image (click to enlarge)
Click to Enlarge Name: GoM pro account ecn dma.PNG Size: 44 KB
  • #4,400
  • May 14, 2012 4:50pm May 14, 2012 4:50pm
Sorry for the PHP coding, have removed it and hmmm... it does look better.

I have followed this thread for quite some times and found that Go Market got a lot of bashing since Chris has left the company. Also their new "support man" here has gone into hibernation, contributing to all those remarks on Go Market going into the way of "bucket shop". With the removal of cash rebates programs and IB, thing doesn't seem to help.

However, among the three trading brokers I have, Pepperstone, Oanda and Go Market, I found that most of the time, Go Market orders are executed a lot quicker than the other 2, especially during high liquidity period.

I know many have pulled out from Go Market and this seems to encourage me to do so but with the recent introduction of more services and Pro account, I hope things would really improved as I have not yet ready to jump ship.
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