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  • #1,501
  • Dec 5, 2010 5:17pm Dec 5, 2010 5:17pm
Hello Chris,

Having read Go Markets' reviews on forexpeacearmy there seems to be a lot of negative comments about Go's spread increasing at news times.

I understand that Go Markets follows the STP model on 100% of trades placed by its clients, and that its revenue comes from the markup on the bid/ask spread it relays to it's clients from its liquidity providers. Is this a fixed mark up, or does Go Markets vary the mark up? I am fully aware that interbank bids and offers will separate considerably at news times as liquidity providers withdraw their bids and offers, and that Go Markets is reliant on the quotes it is supplied with from its liquidity providers, and as such it is unavoidable that your spreads will increase at news times. However, it seems that your spreads increase excessively, and considerably more than other ecn/stp type brokers. This could simply be due to Go Markets having poorer liquidity providers than its competitors, or that Go's particular liquidity providers tend not to provide liquidity at news times, or that Go increases the mark up on its incoming quotes at news times.

Could you please point me to where Go Market's policy on quote markup is outlined/detailed in your legal documents?

Many Thanks

Rooi
  • #1,502
  • Dec 5, 2010 6:25pm Dec 5, 2010 6:25pm
Quoting rooicol
Hello Chris,

Having read Go Markets' reviews on forexpeacearmy there seems to be a lot of negative comments about Go's spread increasing at news times.

I understand that Go Markets follows the STP model on 100% of trades placed by its clients, and that its revenue comes from the markup on the bid/ask spread it relays to it's clients from its liquidity providers. Is this a fixed mark up, or does Go Markets vary the mark up? I am fully aware that interbank bids and offers will separate considerably at news times as liquidity providers withdraw...
Hi Rooi,

Unfortunately there is nothing in our legal documents to state that we do not vary the spread markup. This is because that would mean that we wouldnt be able to reduce spreads at any point without issuing new legal documents to our clients. Also, we cant go reducing or widening spreads without consulting our liquidity providers as we make a fixed rebate per trade, so they would need to be aware of any changes.

I know that peacearmy has a few comments about spreads going wide around news and recently we have actually spoken to our feed provider about making some adjustments and we have found that the spread has improved greatly. The reality of these big spreads around news is that they are genuine prices, and when I used to be a dealer a number of years back spreads well in excess of 100 pips for a few seconds around something like non-farms would be the norm! Some brokers may have smoothing tools in place to try and avoid these kind of movements, but we try and stay away from that to offer a more 'raw' feed.

So, to let me confirm each currency pair has a small mark up which does not vary depending on what mood we are in!

Cheers
  • #1,503
  • Dec 5, 2010 6:46pm Dec 5, 2010 6:46pm
Hi,

Ok, I understand. I am sure you are aware that you are losing business because of this. But I guess at the end of the day you are in business to stay in business, and that means pleasing your clients and staying ahead of the competition.

Rooi
  • #1,504
  • Dec 5, 2010 7:07pm Dec 5, 2010 7:07pm
Quoting rooicol
Hi,

Ok, I understand. I am sure you are aware that you are losing business because of this. But I guess at the end of the day you are in business to stay in business, and that means pleasing your clients and staying ahead of the competition.

Rooi
Dude, I was't sure by your first post initially, but given your last comment I do not think you have realistic expectations. Look around and you will find that most brokers are offering much the same product. If your stops are getting hit on widening spreads around news times, well simply DON'T TRADE the news unless you've already factored in the risk! If you choose to step into the ring at NFP time when the heavyweights swing, you've got to be prepared. Your broker is MY broker too, and I don't think you're doing us both any favours at the moment.
Thank you Crucial Point, Bleek, Trizzle, Darkstar
  • #1,505
  • Dec 6, 2010 2:46am Dec 6, 2010 2:46am
Quoting chngster
...you will find that most brokers are offering much the same product...
I disagree

Quoting chngster
...I don't think you're doing us both any favours at the moment.
Apologies
  • #1,506
  • Dec 6, 2010 6:56am Dec 6, 2010 6:56am
Spreads on eurusd were a good bit lower during london morning today...
min 0.8, average 1.35 pips, about 0.1-0.2 pips lower than previous weeks, Great!
  • #1,507
  • Dec 6, 2010 7:09am Dec 6, 2010 7:09am
hi everyone and specially Chris,
i fund my GoM account last week with credit card (HSBC bank). in the credit card statement this activity seems as: Casino authentication-Go Markets Pty.Ltd.

what is the reason of this?
  • #1,508
  • Dec 6, 2010 4:28pm Dec 6, 2010 4:28pm
Quoting ParanoidFX
hi everyone and specially Chris,
i fund my GoM account last week with credit card (HSBC bank). in the credit card statement this activity seems as: Casino authentication-Go Markets Pty.Ltd.

what is the reason of this?
Hi,

There could be one of two reasons for this:

1 - Most banks need to define the nature of a credit card transaction and often online trading and gambling are considered as one for some reason.
2 - As you may be aware depending on where you are in the world, the National Australia Bank had some problems last week across all systems, which among many things resulted in some incorrect references being applied to transactions.

From a large number of test transactions, we have never seen it show up as Casino, but I would be interested if anyone else has experienced that.

Thanks,
Chris
  • #1,509
  • Dec 6, 2010 5:48pm Dec 6, 2010 5:48pm
Quoting GoMarkets
Hi,

There could be one of two reasons for this:

1 - Most banks need to define the nature of a credit card transaction and often online trading and gambling are considered as one for some reason.
2 - As you may be aware depending on where you are in the world, the National Australia Bank had some problems last week across all systems, which among many things resulted in some incorrect references being applied to transactions.

From a large number of test transactions, we have never seen it show up as Casino, but I would be interested if anyone...

Hi Chris,
I’ve only got Gomarkets PL from my bank.
However, I do remember you going to Las Vegas sometime last year.
  • #1,510
  • Dec 6, 2010 5:59pm Dec 6, 2010 5:59pm
  •  Analog
  • | Joined Nov 2010 | Status: Hold my beer and watch this... | 27 Posts
Chris

Could you please explain why your feed went off the air completely for several minutes at about 1:30 server time? This is not acceptable.
  • #1,511
  • Dec 6, 2010 6:16pm Dec 6, 2010 6:16pm
Quoting Analog
Chris

Could you please explain why your feed went off the air completely for several minutes at about 1:30 server time? This is not acceptable.
I don't know anything about 1:30 server time as everything was running, but at 01:50 it is the scheduled daily restart and the server can go offline for a couple of minutes. As most of you know that is the same for all brokers, but they may have them at different times.

I hope that clears it up for you.

Cheers,
Chris
  • #1,512
  • Dec 6, 2010 6:37pm Dec 6, 2010 6:37pm
  •  Analog
  • | Joined Nov 2010 | Status: Hold my beer and watch this... | 27 Posts
Quoting GoMarkets
I don't know anything about 1:30 server time as everything was running, but at 01:50 it is the scheduled daily restart and the server can go offline for a couple of minutes. As most of you know that is the same for all brokers, but they may have them at different times.

I hope that clears it up for you.

Cheers,
Chris
Chris: you are correct - it was about 1:50 and not 1:30. Can I ask why you would re-set at this time? As an Australian broker, wouldn't it make more sense to reset in the quiet time for Australian traders (and everyone else for that matter) - say, after New York closes but before Sydney opens? Maybe 22:50 or 23:50? You currently reset just prior to the Sydney/Tokyo overlap.

Analog
  • #1,513
  • Dec 6, 2010 6:45pm Dec 6, 2010 6:45pm
Quoting Analog
Chris: you are correct - it was about 1:50 and not 1:30. Can I ask why you would re-set at this time? As an Australian broker, wouldn't it make more sense to reset in the quiet time for Australian traders (and everyone else for that matter) - say, after New York closes but before Sydney opens? Maybe 22:50 or 23:50? You currently reset just prior to the Sydney/Tokyo overlap.

Analog
There are certain suggestions from MetaQuotes as a suitable time to do it in relation to the time of the day. One of those is that it should be close to the end of the trading day (00:00 server time, 09:00 Melbourne), so doing it at the time you suggested would not necessarily be of benefit to the smooth running of the server. Within the suggested timing from MetaQuotes, 10:50 Australian time is just about the quietest time for trading. It is important to know that the server does not restart on a daily basis, and will only be for 2-3 minutes when it does so.

Hope that gives you some more info.

Chris
  • #1,514
  • Dec 6, 2010 7:30pm Dec 6, 2010 7:30pm
  •  Analog
  • | Joined Nov 2010 | Status: Hold my beer and watch this... | 27 Posts
Quoting GoMarkets
There are certain suggestions from MetaQuotes as a suitable time to do it in relation to the time of the day. One of those is that it should be close to the end of the trading day (00:00 server time, 09:00 Melbourne), so doing it at the time you suggested would not necessarily be of benefit to the smooth running of the server. Within the suggested timing from MetaQuotes, 10:50 Australian time is just about the quietest time for trading. It is important to know that the server does not restart on a daily basis, and will only be for 2-3 minutes when...
Thanks Chris: can you tell me on which days of the week the server will restart?

Analog
  • #1,515
  • Dec 6, 2010 7:43pm Dec 6, 2010 7:43pm
Quoting Analog
Thanks Chris: can you tell me on which days of the week the server will restart?

Analog
Unfortunately it is not like that. It can go for days and days without a restart and then it can restart 10 days in a row. It all depends on a very long list of factors.
  • #1,516
  • Dec 6, 2010 8:31pm Dec 6, 2010 8:31pm
  •  Analog
  • | Joined Nov 2010 | Status: Hold my beer and watch this... | 27 Posts
Quoting GoMarkets
Unfortunately it is not like that. It can go for days and days without a restart and then it can restart 10 days in a row. It all depends on a very long list of factors.
Ok - thanks for clearing all of that up Chris. Much appreciated.

I should just assume then that the server will reset and be out of commission from 1:50 to 1:55 server time each day, just to be safe. I know for many people this is no big deal but I'm a short-term trader and it is important to factor this in.

Thanks for being so responsive and answering in such a timely fashion Chris. I'm sure I'm not the only one on these boards who appreciates your input.

Regards

Analog
  • #1,517
  • Dec 6, 2010 8:54pm Dec 6, 2010 8:54pm
Quoting Analog
Ok - thanks for clearing all of that up Chris. Much appreciated.

I should just assume then that the server will reset and be out of commission from 1:50 to 1:55 server time each day, just to be safe. I know for many people this is no big deal but I'm a short-term trader and it is important to factor this in.

Thanks for being so responsive and answering in such a timely fashion Chris. I'm sure I'm not the only one on these boards who appreciates your input.

Regards

Analog
If you're having consistent success scalping the Asian session, more power to you. I don't have the kahunas to do it.
Thank you Crucial Point, Bleek, Trizzle, Darkstar
  • #1,518
  • Dec 6, 2010 11:24pm Dec 6, 2010 11:24pm
  •  Analog
  • | Joined Nov 2010 | Status: Hold my beer and watch this... | 27 Posts
Quoting chngster
If you're having consistent success scalping the Asian session, more power to you. I don't have the kahunas to do it.
I've always liked the Asian session and into Frankfurt and London - different strokes for different folks I guess. I don't like the New York action.
  • #1,519
  • Dec 9, 2010 3:45am Dec 9, 2010 3:45am
Quoting Analog
I've always liked the Asian session and into Frankfurt and London - different strokes for different folks I guess. I don't like the New York action.
hey Analog, i can see why you like the Asian session, as last few days have been great on it.... I also prefer German open to London session, I normally have stopped just after US open... I am not a big fan of the back end US session either.

Monday morning opens can be great when gaps fill.

good trading..............
  • #1,520
  • Dec 9, 2010 5:37am Dec 9, 2010 5:37am
just tried to ask a simple question on their live chat, and was asked to email their support desk for answer, so what is the point to live chat.

Any way, the question was about getting the gomarkets mt4 ip server address, can the go markets rep, post that info here?
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