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GoMarkets Discussion

Glad the market is shut at the weekends as loads of ECN brokers are posting larger than usual spreads.
Its a bit like the share market that quite often posts backwardation spreads when the market is shut its basically irrellevant as they cant be traded anyway as long as they normalise at market open, thankfully GO open an hour later than most so should be ok by then.

On another note Chris is GO bringing the MT5 demo back as I would like to do lots of testing to see if it suits my trading compared to MT4, I like the Currenex style DOM and the one click trading setup but the lack of hedging concerns me.
In theory could GO setup 2 currency setups i.e GBP/USDLong and GBP/USDShort so you can use one for going long and one for going short thus overcoming the hedging restrictions?? not sure if its possible or i'm on the right track at all but dont shoot me down if i'm completely outside of leftfield
Quoting TheSnowman
The market close as others have said; I have a USD-JPY short position, market was well below the opening price and yet the platform was telling me it was a losing trade......... bit disconcerting
My GBPJPY sells SLs were hit at 23:55.
What can I do?
Attached Images (click to enlarge)
Click to Enlarge Name: SL hit at 23.55.jpg Size: 130 KB Click to Enlarge Name: gpbjpy.gif Size: 29 KB
Go better start controlling this spread nonsense or i`ll switch to a broker that offers fixed spreads. At 4:55 p.m. eastern time on Friday 28th I was up 300 dollars and then suddenly the price shot down to 1.3588 on eur/usd I should of been up 800 dollars but to my utter shock I am down 660 dollars, then I noticed the spread was 40 pips, this was 5 min. before the close and the spread did not change. I was not able to close my trade, So now I`m at the mercy of sunday open and if my winning trade becomes a losing trade I will be switching to a fixed spread dealer so I never ever ever have to lose again because of whatever reason Go Markets cannot control there spreads. This should be subject 1 at your next meeting Chris, I for 1 am furious !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Quoting Pip-postrous
Go better start controlling this spread nonsense or i`ll switch to a broker that offers fixed spreads. At 4:55 p.m. eastern time on Friday 28th I was up 300 dollars and then suddenly the price shot down to 1.3588 on eur/usd I should of been up 800 dollars but to my utter shock I am down 660 dollars, then I noticed the spread was 40 pips, this was 5 min. before the close and the spread did not change. I was not able to close my trade, So now I`m at the mercy of sunday open and if my winning trade becomes a losing trade I will be switching to a fixed...
Fixed spread broker, don"t make me laugh, you really will lose money with a fixed spread Market maker.
As I mentioned earlier loads of the ECNs have wide spreads at close its not GO's fault its the Currenex system and some banks sh*****g themselves at market close to not leave themselves exposed. Anyway who cares , the markets shut anyway, compare the spreads to the other ECNs when they open Monday morning.
Go are usually in line with Dukascopy but a fraction wider than Dukas so its pretty accurate in my opinion
Quoting jointhepips
Fixed spread broker, don"t make me laugh, you really will lose money with a fixed spread Market maker.
As I mentioned earlier loads of the ECNs have wide spreads at close its not GO's fault its the Currenex system and some banks sh*****g themselves at market close to not leave themselves exposed. Anyway who cares , the markets shut anyway, compare the spreads to the other ECNs when they open Monday morning.
Go are usually in line with Dukascopy but a fraction wider than Dukas so its pretty accurate in my opinion
Same for me : due to these crasy spread, free margin fall down about 500% on my demo account test and my Lplate real acount blow out because on these 500% decrease ! The balance is now -80$ !!! I saw gpbusd spread at 1473 and finaly at 732. I check on MIG BANK : only 83. I'm also a bit furious. I can understand wide spread du to liquidy provider but from 30 to 732 with free margin falling down ...no!
Also check ECN Broker SmartTradeFx...spread normal for WE-> GBPUSD 83,EURUSD 53 etc
Quoting Philippe
Same for me : due to these crasy spread, free margin fall down about 500% on my demo account test and my Lplate real acount blow out because on these 500% decrease ! The balance is now -80$ !!! I saw gpbusd spread at 1473 and finaly at 732. I check on MIG BANK : only 83. I'm also a bit furious. I can understand wide spread du to liquidy provider but from 30 to 732 with free margin falling down ...no!
Also check ECN Broker SmartTradeFx...spread normal for WE-> GBPUSD 83,EURUSD 53 etc
Hi Philippe and everyone else,

Of course there was a problem with the feed provider on Friday close. Obviously spreads always go a little wider on the close of the market, but not usually to these levels!

As with anything else, when there is a problem we will fix it, so everything will be looked into this morning and rectified. We are not a bucket shop and we certainly dont widen spreads for our own gain - its unfortunate that we couldn't do anything over the weekend to fix things.

Anyone who was closed out around the close due to the error, please email me and we will sort it out but rest assured we will be doing our own checks.

Sorry for the inconvenience and we are talking to our provider to get to the bottom of it to try and avoid them sending through these kind of erroneous prices again. We think it was one of the smaller banks putting thee prices through, and if so we will have them removed.

Cheers,
Chris
Good morning Chris,
It looks like you have a few unhappy customers.

Correct me if I’m wrong, but my understanding is that you make money from the Spread. Therefore, you make money from the 1.8pip spread and also from the 65.1pip spread, on audusd when it closed Saturday morning. I’m just wondering how many trades were taken out in the last second of trading. The spread went up to 65.1, the price dropped 20pips all in the last second of trading.

So, we have trades taken out, we have sellstops opend and we have buylimits also opend, all at 65.1pips, this weekend could have been quite a profitable weekend for you.

One other point, correct me if I’m wrong but I think that you have control over the Currenex system. On your server you have software that can tweak the Currenex feed and if you wanted to, you could limit the exorbitant spreads just before close.

Your 65.1 pip spread didn’t affect me but there may be a young inexperienced trader that was taken out by something I consider dodgy. What is ASICs view in this dodgy process?

Thank Chris for your response.
Quoting Peter-FX
Good morning Chris,
It looks like you have a few unhappy customers.
[font=Times New Roman][font=Comic Sans MS][size=3]Correct me if I’m wrong, but my understanding is that you make money from the Spread. Therefore, you make money from the 1.8pip spread and also from the 65.1pip spread, on audusd when it closed Saturday morning. I’m just wondering how many trades were taken out in the last second of trading....
Peter,

Thanks for your post, we rarely have any spread issues and you get one Friday night close with a feed issue and your public enemy number 1.
All trades will be fixed up this morning but in all honesty there really isnt many to fix up as not many clients hold trades over the weekend.
As we have mentioned this was a feed error from our liquidity providers , every broker has them from time to time but its how you deal with them that matters. ASIC wouldnt have any interest in this as nothing untoward has happened, other brokers were also affected but some more than others.

On a final note we dont make any more money the wider the spread , you will see from our PDS document that we make a fixed amount per trade so we would not benefit from any spread widening and to be honest we would be mad to put in a 65pip spread for our own gain when its usually 2 pips!!!

Anyway as mentioned we will be adjusting the few affected accounts this morning and notifying those clients.

Cheers

Chris
Quoting GoMarkets
Peter,

Thanks for your post, we rarely have any spread issues and you get one Friday night close with a feed issue and your public enemy number 1.
All trades will be fixed up this morning but in all honesty there really isnt many to fix up as not many clients hold trades over the weekend.
As we have mentioned this was a feed error from our liquidity providers , every broker has them from time to time but its how you deal with them that matters. ASIC wouldnt have any interest in this as nothing untoward has happened, other brokers were also affected...

Thanks Chris, you're right “but it’s how you deal with them that matters” and I must say I’m happy with the way you have dealt with glitches in the passed.
Keep up the good work.
Quoting luiboy
My GBPJPY sells SLs were hit at 23:55.
What can I do?
Hello Chris,

Thanks for fixing my trades. It's all fine now.
Quoting luiboy
Hello Chris,

Thanks for fixing my trades. It's all fine now.
Can't say fairer than that,
FF journal: Peaks and Troffs
Hi all

Chris restored my trade, but without MagicNumber manage by my EA, so Ea is completely confuse as I can't rewrite them (only manage during OrderSend and not during OrderModify).
He said GoM do not store them so he can't restored them. I'm so surprise and quite sure there are not store on my own.

Any idea ?

thks
Quoting bogus
Can't say fairer than that,
Yep, they sorted me out, and actually before I had even contacted them I had a call from Joel who told me the problem and that they were fixing it and within 20 minutes I had my loss of $1700 fixed. Obviously prefer not to have a problem, but thats probably not always possible!
Quoting Steph
Yep, they sorted me out, and actually before I had even contacted them I had a call from Joel who told me the problem and that they were fixing it and within 20 minutes I had my loss of $1700 fixed. Obviously prefer not to have a problem, but thats probably not always possible!
It's in times of error when brokers show their true colors. This is another example IMO of why Go are an excellent broker. I never hold over the weekend so this could never have effected me, but it's great to see that if I did have an issue like this Go would sort it out for me with out any type of run around or games.

Good stuff Go
Quoting >Apocalypto<
It's in times of error...

Good stuff Go
+1
What's up with EURUSD spread??

It's 2.7 pips for the past hour now
The demo account is not working and has been down for about 30 minutes, but live accounts seem fine.
Quoting rooicol
What's up with EURUSD spread??

It's 2.7 pips for the past hour now
Seems to be back its normal ~ 1.3 now, strange.

Any particular reason for this Chris?
Quoting neild1971
The demo account is not working and has been down for about 30 minutes, but live accounts seem fine.
always down for me ! 2 Hours down ! Oups
Quoting Philippe
always down for me ! 2 Hours down ! Oups
The live platform hasnt experienced any problems whatsoever. The demo platform is on a totally seperate pipe and one of the ISPs had an issue last night that caused the demo to have some disconnection for some users.
As you would expect our live platform has much stonger infastructure as thats the most important thing so these things wouldnt affect it but the ISP issue with the demo seems to be all fine now.

Cheers
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