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GoMarkets Discussion

  • #781
  • Aug 5, 2010 5:22am Aug 5, 2010 5:22am
has anyone here used the myfx thing that Go have on their site? Is it any good?
  • #782
  • Aug 6, 2010 4:48pm Aug 6, 2010 4:48pm
Are there any plans on expanding the pairs offered such as cad/jpy or cad/chf..maybe the nzd pairs..

thanks
tj
  • #783
  • Aug 6, 2010 10:49pm Aug 6, 2010 10:49pm
Chris

1/ My MT4 platform (GoM) still showing the spike on N-U.
Comparing to other MT4 from my friend, there is no spike shown.
Can this spike to be removed manually?

2/ I have yet received your colleague to communicate with me for past 2 weeks for opening an account? I wonder why?

tpat
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  • #784
  • Aug 7, 2010 1:14am Aug 7, 2010 1:14am
My GBPJPY stop was taken out with their 50pip spread on NFP release. 50pip spread , comon That's just ridiculous.
  • #785
  • Aug 7, 2010 1:22am Aug 7, 2010 1:22am
Quoting GoMarkets
You are correct.

For your information, this is a default setting from Meta, but it is something we are reviewing. Any changes made to this will of course need plenty of notice so we will keep all informed.
I hope you guys do not change the time settings on the daily candle.The current times suits perfectly for me. That's one reason I opened an account with you guys.
  • #786
  • Aug 7, 2010 4:18am Aug 7, 2010 4:18am
GoMarkets,

Need a clarification from you....

Is Go still classifying funding via credit card as a "cash advance" transaction?

The reason I ask is because my previous funding was charged an additional percentage by my credit card company due to the transaction shown as a cash advance instead as a purchase transaction.

Awaiting your response.

Thanks
  • #787
  • Aug 7, 2010 4:38am Aug 7, 2010 4:38am
Quoting goldcourse
GoMarkets,

Need a clarification from you....

Is Go still classifying funding via credit card as a "cash advance" transaction?

The reason I ask is because my previous funding was charged an additional percentage by my credit card company due to the transaction shown as a cash advance instead as a purchase transaction.

Awaiting your response.

Thanks
u may try use debit card.

Btw, i have notice really big spike during peak hours , even with stoploss of 50, it could completely get u off when buying/selling more lots.

will monitor attentively the platform to see any suspicious activity on the charts. If i find more spike on other currency will report here and other forums.

so my question, will go markets manipulate mt4 to make the traders in disadvantage to loss on the trade?.
  • #788
  • Aug 7, 2010 8:17am Aug 7, 2010 8:17am
Quoting senaka
My GBPJPY stop was taken out with their 50pip spread on NFP release. 50pip spread , comon That's just ridiculous.
Are you sure?
For how long?

The reason being asked is because scalpers would find it to trade as the huge (50) spread was not in their favored? IMO.
  • #789
  • Aug 8, 2010 6:55pm Aug 8, 2010 6:55pm
Quoting tradpat
Are you sure?
For how long?

The reason being asked is because scalpers would find it to trade as the huge (50) spread was not in their favored? IMO.

50 pip spread (500 points) was there for about 30 seconds on gbpjpy. Im not a scalper. I opend a short 100K contract (1 stnd lot) aprox 3 hrs before the release and few seconds before the release my trade was in positive 30 pips. I moved the stop loss at entry for the release and then BANG... I missed out on possible $1300 (150pips) thanks to GoMarkets ridiculous 50pip stop hunt spread at the release.
  • #790
  • Aug 8, 2010 7:56pm Aug 8, 2010 7:56pm
As you all know by now our policy on incorrect prices is to fix them up as and when they occur whether they result in profit or loss. Incorrect prices and trades are always fixed.

As for a spread on GBPJPY of 50-pips around Non-farm payrolls, then I can only ask why you would not expect that? We are talking about arguably the most anticipated news announcement which results in severely low liquidity for a brief moment. These wider spreads only last for a few ticks and when there are over 400 ticks in a 1 minute period, then you can work out for yourself that it wont last long! Another point is that GBPJPY is not a highly liquid pair, certainly not as liquid as the majors, so it is more sensitive to such announcements in terms of reduced liqudity - especially when the figures come out as they did last Friday.

From past experience I have seen hundreds of instances of spreads going over 50 pips, both with retail brokers such as us and many of the other Mt4 brokers, and also at interbank level. Spreads like that happen all the time unfortunately and they are in the most part unavoidable when a raw feed is sent through without dealer manipulation.

We have recently been in contact with our feed providers to try and ensure that wild price actions are eradicated as much is possible, but when they truly represent the underlying market, then there is nothing that can be done.

As always, if you have any trade enquiries whether it be caused by spread or anything else, just call us.

Senaka - as you can see from our legal documents which outline our business structure we receive a fixed rebate per lot traded. There is no stop hunting as you call it and accusations of such a thing are completely false. This has been addressed on numerous occasions - we are 100% Straight Through Processing and have no interest in doing anything to your trades. We make money solely through trading volumes so it is of interest to 'hunt stops'.

In my experience, where stop hunting occurs, even the worst kind of broker would not be moving prices by 50-pips to take out orders, but maybe by one or two pips when it gets close to your price. I have never seen a broker move prices that far from the market. Regardless, I would hope that none of you are trading with such a broker and stick with the many brokers out there who have STP and no dealing desk as their sole business practice.
  • #791
  • Aug 8, 2010 7:59pm Aug 8, 2010 7:59pm
Quoting goldcourse
GoMarkets,

Need a clarification from you....

Is Go still classifying funding via credit card as a "cash advance" transaction?

The reason I ask is because my previous funding was charged an additional percentage by my credit card company due to the transaction shown as a cash advance instead as a purchase transaction.

Awaiting your response.

Thanks
Our bank will always try to process transactions as a purchase, but for some international transactions your card will not allow this, so your bank may then charge you the additional fee. You would be best to check with your bank or card provider.
  • #792
  • Aug 8, 2010 8:10pm Aug 8, 2010 8:10pm
Quoting senaka
My GBPJPY stop was taken out with their 50pip spread on NFP release. 50pip spread , comon That's just ridiculous.
50 pip spread is alot .. but doubt it was their doing.

nfp , gj and by that time only a 50 pip stop ... sound like the makings of a disaster. GJ is whippy at the best of times. I used to trade only it but switched to eu and gu now.

nfp whipped gj down initially but then took it back up almost instantly as gu took off.
Blogging daily now at www.volume.zone
  • #793
  • Aug 8, 2010 8:12pm Aug 8, 2010 8:12pm
Quoting GoMarkets
Our bank will always try to process transactions as a purchase, but for some international transactions your card will not allow this, so your bank may then charge you the additional fee. You would be best to check with your bank or card provider.
Thanks for the reply. Will be more careful the next time.
  • #794
  • Aug 9, 2010 1:23am Aug 9, 2010 1:23am
Quoting GoMarkets
As you all know by now our policy on incorrect prices is to fix them up as and when they occur whether they result in profit or loss. Incorrect prices and trades are always fixed.

Don't get me wrong, I still consider my self as a 'happy customer' with GoMarkets. I have tried over 10 MT4 brokers in the past with live accounts and in my opinion GoMarkets and Alapri UK are the best two MT4 brokers out there. Otherwise I would have closed my account long time ago.
However it's frustrating to loose my weekend beer money even after being on the right side of the market. Yeh.. it was a very sober weekend after all.
  • #795
  • Aug 9, 2010 6:22am Aug 9, 2010 6:22am
Quoting Steph
has anyone here used the myfx thing that Go have on their site? Is it any good?
To answer my own question - I signed up for a demo. Not sure if it is right for me, but there are some useful features like staggered take profit. Dont think I will part with my hard earned just yet.
  • #796
  • Aug 9, 2010 7:59am Aug 9, 2010 7:59am
Quoting senaka
Don't get me wrong, I still consider my self as a 'happy customer' with GoMarkets. I have tried over 10 MT4 brokers in the past with live accounts and in my opinion GoMarkets and Alapri UK are the best two MT4 brokers out there. Otherwise I would have closed my account long time ago.
However it's frustrating to loose my weekend beer money even after being on the right side of the market. Yeh.. it was a very sober weekend after all.
i don't know why u are with alpari uk, as far i can tell their demo feed is ECN pro which totally different in live. Part of it , if u can do very well in demo but once live, their spreads will kill traders instantly. Yes i have live account with them but only very verysmall amount.. they is requote and disconnect on alpari uk. Part of the review u find on the net that claims alpari uk is not false. I did try it myself.

ofcourse gold markets is better than alpari uk, but only notice spike on go markets lately that worry me. if they can fix that, they are simply the best in the world for mt4 platform.
  • #797
  • Aug 9, 2010 9:07am Aug 9, 2010 9:07am
Quoting GoMarkets
As you all know by now our policy on incorrect prices is to fix them up as and when they occur whether they result in profit or loss. Incorrect prices and trades are always fixed.

As for a spread on GBPJPY of 50-pips around Non-farm payrolls, then I can only ask why you would not expect that? We are talking about arguably the most anticipated news announcement which results in severely low liquidity for a brief moment. These wider spreads only last for a few ticks and when there are over 400 ticks in a 1 minute period, then you can work out for...
I have also experienced price spikes which are of concern to me. I am curious how GoMarkets ensure best pricing execution for orders sent to their interbank market counterparties? Do they trade with enough high volume interbank market makers to ensure sufficient liquidity in fast moving markets ?
  • #798
  • Aug 9, 2010 10:24pm Aug 9, 2010 10:24pm
Quoting Zrk
I have also experienced price spikes which are of concern to me. I am curious how GoMarkets ensure best pricing execution for orders sent to their interbank market counterparties? Do they trade with enough high volume interbank market makers to ensure sufficient liquidity in fast moving markets ?
To be honest, erroneous spikes which are well away from the market can be caused by something other than a lack of liquidity. Obviously lower liquidity will cause the wide spreads, but these can be exacerbated by a contributor individually having low individually low liquidity, which can mean the price they put through can be a way off the market. Without going into too much detail (because this could go on for ages) imagine that the price is 1.5020/1.5025 and one contributor has a fat finger error or gets an order go through at 1.5096 then suddenly the price becomes 1.5020/96. If you were dealing with the bank directly then this price would possibly never be traded on, but when running MT4 without dealers, manual or virtual, the system will execute orders instantly once the price is visible.

That is when we would have to reverse trades. Trust me, if I could get the system setup in a way where orders do not get filled on these spikes, then it would be great, but unless we want to run with dealers then it is not possible to my knowledge. Incorrect spikes are a pain for you guys, and also for us - having to fix a load of trades is not fun!
  • #799
  • Aug 10, 2010 9:37pm Aug 10, 2010 9:37pm
To Go Markets.

I notice that the maximum deposit for your L plate accounts is set at $500. Is this set in stone or is there any chance of this amount being increased in the future?

Some strategies suit smaller lots but the $500 limit is not helping.
  • #800
  • Aug 10, 2010 9:48pm Aug 10, 2010 9:48pm
I've compared Go markets NZDUSD price spike to forex.com's graph. Forex.com has no price spike.

I dunno whether go markets are stop hunting or whatever...seems unlikely but this was obviously an error in price....you don't have to be a forex company to look at the graph and work that out.
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