GoMarkets Discussion | Page 93 | Metals Mine

Options

Go to
Permalinks
Print Thread

Similar Threads

Share your experience with GoMarkets.Aud 3 replies

IC Markets, CLM Forex, GoMarkets and Directfx? 0 replies

lower speads between oanda MT4 & gomarkets 0 replies

Opinions on FxPrimus, GoMarkets vs Alpari UK 23 replies

feedback/reviews of GoMarkets? 5 replies

Attachments: GoMarkets Discussion
Exit Attachments

GoMarkets Discussion

  • #1,841
  • Mar 21, 2011 9:58am Mar 21, 2011 9:58am
i saw that link, during those period, and beginning of monday, they have big spread, many times of most brokers.
  • #1,842
  • Mar 21, 2011 11:59am Mar 21, 2011 11:59am
However I have not yet had the justification to Go Markets for the spread as indicated in my statement to AROS12893 400pip!
I ask you how many have had such a spread on 16/03/2011


Quoting barnaba
Max Spread..gbpjpy??????
http://www.gomarketsaus.com/what-is-...forex-spreads/
  • #1,843
  • Mar 21, 2011 1:06pm Mar 21, 2011 1:06pm
i agreed. i've been playing with multiple live accounts with other brokers, but on that date (especially at the end of US market hour) the price and spread was really hectic. i experienced some brokers sent off-quotes when i tried to open position in a hectic price movement, but not with gomarkets. it means that they just pass your order with the current market price without preventing you from an abnormal market condition like that evening.

as an experienced trader, i always check the pair's spread before open a position. if the spread is out of control and too big, i will wait/stop until the spread calmed down. unfortunately, many beginners (or) even some experienced traders could sucked into this unpleasant condition that you may burn your account in minutes if you're on the wrong side.

honestly, i'm not a big fan of gomarkets but i do have live account and make a good money with them. IMO, blaming broker for widen spread could be justified if you do your homework first. and In these conditions a broker should send an "off-quotes" to clients freezing all positions for the minutes of uncertain price because not all traders would be able to handle market situation like this one. i choose to quit my profitable trading session, have a break for a while, and enjoy a beautiful life rather than just glued in front of monitors and watching widen spread

Quoting positiveday
Yes, also I saw about 100 pips of spread on EURUSD, and I've not seen such spreads on other (serious) brokers.
In these conditions a broker should send an "off-quotes" to clients freezing all positions for the minutes of uncertain price.
But it's more remunerative to burn accounts.
  • #1,844
  • Mar 21, 2011 6:18pm Mar 21, 2011 6:18pm
Quoting DarkPips
.... unfortunately, many beginners (or) even some experienced traders could sucked into this unpleasant condition that you may burn your account in minutes if you're on the wrong side...
Yes DarkPips, you're right.
But think to automatic system (ea) that send pending order many hours before these events.
Or think to traders that are semi-hedged from months on the same pair and cannot close positions.
Also grid system with many orders opened on many pairs can see high drawdown and burn account.
This only for some minute of price uncertainity and inflated spreads.
Spread are not "standard" and vary from broker to broker.
All we know that in STP broker spread widens in low liquidity moments, but 100 pips of spread is not a wide spread, is something near the daily range of EURUSD and one hundred more than the normal spread.
  • #1,845
  • Mar 21, 2011 6:31pm Mar 21, 2011 6:31pm
hahaha,, you're absolutely right. I totally forgot about EA trading, never tried EA but it seem a bad way to play EA/robot with very wide spread like that lol could be the fastest world record margin call if we do this without a good money management

Quoting positiveday
Yes DarkPips, you're right.
But think to automatic system (ea) that send pending order many hours before these events.
Or think to traders that are semi-hedged from months on the same pair and cannot close positions.
Also grid system with many orders opened on many pairs can see high drawdown and burn account.
This only for some minute of price uncertainity and inflated spreads.
Spread are not "standard" and vary from broker to broker.
All we know that in STP broker spread widens in low liquidity moments, but 100 pips of spread is not a wide spread,...
  • #1,846
  • Mar 22, 2011 2:20am Mar 22, 2011 2:20am
Quoting barnaba
As we have previously informed you, your positions were stopped out during a period of extreme volatility where a number of banks and institutions were required to activate safety spreads......
The only safe thing is to burn trader accounts.


You should file a claim to ASIC
This is a file that explain how to do in your language : http://www.moneysmart.gov.au/media/1...in-italian.pdf
  • #1,847
  • Mar 22, 2011 2:49am Mar 22, 2011 2:49am
I was wrong, you have to open a dispute through Australian Financial Ombudsman Service (FOS)
  • #1,848
  • Mar 22, 2011 4:53am Mar 22, 2011 4:53am
Ha ha ha. I was only just writing on the FX Open thread about how a large amount of posts on review sites and forums are written by people with no idea and unfounded grudges and then I read the last couple of days on the go thread...

I've got a suggestion for my Italian friend - learn that the market moves very quickly and erratically when one of the world's biggest economies is on the verge of a nuclear meltdown. Why is it that some people seem to think that banks will always have spreads of around 2 pips even during the most busy and illiquid times? Absolutely mental.

Another thought for you, dont post your personal information on a public forum. You are asking for trouble!!!
  • #1,849
  • Mar 22, 2011 5:34am Mar 22, 2011 5:34am
Quoting Steph
...learn that the market moves very quickly and erratically when one of the world's biggest economies is on the verge of a nuclear meltdown. Why is it that some people seem to think that banks will always have spreads of around 2 pips even during the most busy and illiquid times? Absolutely mental....
+1 Steph
  • #1,850
  • Mar 22, 2011 7:59am Mar 22, 2011 7:59am
Quoting barnaba;<br /> <br /> [COLOR=#1f497d
Hi Andrea,[/color]

As we have previously informed you, your positions were stopped out during a period of extreme volatility where a number of banks and institutions were required to activate safety spreads. This resulted in trading conditions well away from the normal market situation and on the GBPJPY pair, the price dropped by as much as 4.9% in 11 minutes. Liquidity was low as many of the banks activated safety spreads meaning that people and institutions were unsure about the market direction and many took the view to stay out of the market. This was brought about by speculation over the situation at the Nuclear plant in Fukushima combined with one of the lowest liquidity times of the market. Unfortunately you had insufficient margin to hold your positions and as such your trades were closed as per the clause in the Product Disclosure Statement which you agreed to when becoming a GO Markets client. The pricing was erratic, but these were the genuine market prices, not an error and certainly not anything under the control of GO Markets.

As you will be aware you had been holding large floating losses on many positions which you opened as far back as 12th March 2010. As your equity was only a few thousand and you had large hedged positions, it meant that your account became over extended and in fact you are now in a position where you have a negative account balance. Your account is negative $3,676.78 which is money that you owe to the market which is in turn covered by GO. You will need to fund your account with at least this amount to clear the deficit and if you plan to carry on trading you need to send funds in addition to this.

Please note that as per our legal documentation if you have a dispute you are advised to follow our detailed complaints procedure.

If you have any further questions, please do not hesitate to contact me.
First you lied about the amount of funds you lost... now I read that you had large running losses into the fifth largest earthquake in history with a tsunami that wiped out whole cites... and your asking why the spreads and markets acted the way they did, it clearly shows you have no idea how margin trading works.... I am sorry you lost your account, but your a total newbie that has no freak-in idea about trading you come here and blame the broker, blame the market for you losing more money then you planed. this shows the lack of knowledge you have. Go markets did noting wrong you stuffed up and now you get the lesson, take it on board and stop acting like a little child that just can't be wrong. all you had to do is look back to may last year when proctor and gamble was error sold some pairs lost 1200 pips... so all the people that lost their accounts that night have a right to get there money back from their broker cuz the trader at P&G messed up? no they don't they have to live with it like you have to live with this.

learn how the system works then trade, it will save you money also learn to cut losses so you won't have a unforeseen event like this take out your acc. RISK MANAGEMENT mate look it up!
  • #1,851
  • Mar 22, 2011 9:15am Mar 22, 2011 9:15am
@ >Apocalypto<

From my point of view were too much high the spread of Gomarkets compared with other broker.
It's normal that in such moments spread widens, what it's not normal is to see spread of 100pips when Oanda (and many others) went to 20 pips.
You could reply ... use Oanda.
Good idea.
  • #1,852
  • Mar 22, 2011 10:48am Mar 22, 2011 10:48am
Quoting &gt;Apocalypto&lt;
First you lied about the amount of funds you lost... now I read that you had large running losses into the fifth largest earthquake in history with a tsunami that wiped out whole cites... and your asking why the spreads and markets acted the way they did, it clearly shows you have no idea how margin trading works.... I am sorry you lost your account, but your a total newbie that has no freak-in idea about trading you come here and blame the broker, blame the market for you losing more money then you planed. this shows the lack of knowledge you have....
I have 2 ECN accounts, no one of them rised the spread more than 50 pips on GBP/JPY

I`ve 2 Market maker accounts, and no one of them rises the spread more than 200 Pips on GBP/JPY.

Go Markets rise the spread more than 300 Pips,

When the fast (fast) markets happened?

In 15 Minutes GBP/GPY fall by 500 pips...but it`s impossible that the spread is more than half movement(15 minutes movement not 1 minute movement). It` simple to understand that there is something really wrong!!!!

If GO MARKEST like they said, is not a market maker (STP e no dealing desk) they have the worst liquidity provider (so market maker) of the world.

shame!!!
  • #1,853
  • Mar 22, 2011 11:36am Mar 22, 2011 11:36am
through this 100+ pages thread, a reader may find frequent cases that GO Markets have much wider spread than normal brokers.

I do think Go Markets need to work on this issue. it is too obvious.

Quoting Enricofx
If GO MARKEST like they said, is not a market maker (STP e no dealing desk) they have the worst liquidity provider (so market maker) of the world.

shame!!!
  • #1,854
  • Mar 22, 2011 12:07pm Mar 22, 2011 12:07pm
Quoting charvo
through this 100+ pages thread, a reader may find frequent cases that GO Markets have much wider spread than normal brokers.

I do think Go Markets need to work on this issue. it is too obvious.
They motivate the spread with low liquidity, but it`s not true, because the liquidity was standard all around the world!

See the image with volumes by an ECN broker.
Attached Image (click to enlarge)
Click to Enlarge Name: ecn gbp jpy.png Size: 83 KB
  • #1,855
  • Mar 22, 2011 3:10pm Mar 22, 2011 3:10pm
and 300 pips spread may be qualified to apply for a "World Record". i never heard such a wide spread in forex trading.

Quoting Enricofx
They motivate the spread with low liquidity, but it`s not true, because the liquidity was standard all around the world!

See the image with volumes by an ECN broker.
  • #1,856
  • Edited 5:08pm Mar 22, 2011 4:46pm | Edited 5:08pm
Quoting Steph
Ha ha ha. I was only just writing on the FX Open thread about how a large amount of posts on review sites and forums are written by people with no idea and unfounded grudges and then I read the last couple of days on the go thread...

I've got a suggestion for my Italian friend - learn that the market moves very quickly and erratically when one of the world's biggest economies is on the verge of a nuclear meltdown. Why is it that some people seem to think that banks will always have spreads of around 2 pips even during the most busy and illiquid...
Ignorance is bliss!!!!
I find it utterly dumb that you suggest that the poster has no idea and even more stupid claiming to know what the real spread has been during your suggested illiquid time. Your comments are out of touch.
  • #1,857
  • Mar 22, 2011 5:02pm Mar 22, 2011 5:02pm
Quoting &gt;Apocalypto&lt;
First you lied about the amount of funds you lost... now I read that you had large running losses into the fifth largest earthquake in history with a tsunami that wiped out whole cites... and your asking why the spreads and markets acted the way they did, it clearly shows you have no idea how margin trading works.... I am sorry you lost your account, but your a total newbie that has no freak-in idea about trading you come here and blame the broker, blame the market for you losing more money then you planed. this shows the lack of knowledge you have....
Guys please stop the BS.
As many here already stated other brokers spread was lower. All the bucket shops around the world get their liquidity from DB, UBS, Citi to name the 3 biggest providers.
  • #1,858
  • Mar 22, 2011 5:26pm Mar 22, 2011 5:26pm
One of their many ads claimed that if you compared their spreads with other brokers then "You'd be surprised". That explains it.

I'm actually considering this broker but those hundred pip spreads are making me uneasy.
  • #1,859
  • Mar 22, 2011 5:28pm Mar 22, 2011 5:28pm
Quoting Enricofx
I have 2 ECN accounts, no one of them rised the spread more than 50 pips on GBP/JPY

I`ve 2 Market maker accounts, and no one of them rises the spread more than 200 Pips on GBP/JPY.

Go Markets rise the spread more than 300 Pips,

When the fast (fast) markets happened?

In 15 Minutes GBP/GPY fall by 500 pips...but it`s impossible that the spread is more than half movement(15 minutes movement not 1 minute movement). It` simple to understand that there is something really wrong!!!!

If GO MARKEST like they said, is not a market maker (STP e...
something is seriously wrong with this situation here with gomarkets. everyone who's been trading fx knows that spread widens with stp and ecn brokers. during very extreme, volatile market conditions and major news announcements. but 100 to 300 pips is really absurd.

gomarkets can put the result on their liquidity provider and absolve all faults on their part. which maybe rightly so. the post made by enricofx and positiveday states that no other broker has raised their spreads to such a high level like gomarkets. so can i safely assume that gomarkets liquidity providers are from mars??

i read this thread from it's inception and follow it from time to time. when gomarkets first came about to be a viable alternative. for traders escaping from us brokers who have to comply with absurd rules by cftc.

first they face issues with execution times. then people raised the issue of high spreads and crazy spikes. gomarkets took notice and fixed it. gaining a good reputation as an honest and good broker. this high spreads saga may make traders who want to trade or are trading with them think twice.

this latest episode seems a bit absurd happening to a broker like gomarkets. is this a sign to gomarkets that it's time to change to a liquidity provider from planet earth?? hope gomarkets seriously think about this. thanks
  • #1,860
  • Mar 22, 2011 10:07pm Mar 22, 2011 10:07pm
Quoting Pipstrumpf
Ignorance is bliss!!!!
I find it utterly dumb that you suggest that the poster has no idea and even more stupid claiming to know what the real spread has been during your suggested illiquid time. Your comments are out of touch.
The poor guy who lost his account obviously didn't understand the risk he was taking by holding on to that hedged position. I can only hope that others learn from his mistake.
2 traders viewing now