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Author Topic: Global Prime  (Read 212228 times)

Offline Fraois

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Re: Global Prime
« Reply #345 on: February 03, 2014, 07:34:46 AM »
(all 230 lots+) on it and that the spread (averaging at just 0.7 pips for 50 lots top of book) + slippage (average -0.2 pips so far) have been amazing. We even got 0.2 pips positive slippage on exit for the last 236 lots trade - never saw any positive slippage at those lot-sizes yet. Remember, with our old broker we had 2 pips average negative slippage on each trade for the same lot-size.

But it doesnt end here, for each trade Global Prime provides us with the internal ticket from Integral to see exactly which LPs have filled our order, at what price, at which execution speed and which ones rejected. We then can freely decide if their are LPs that Global Prime needs to talk to for us because they reject to much and we can freely decide which ones to switch on / off in a few minutes in case the negotiations with them didnt help. Additionally Global Prime has provided us with a "view only" login to their Integral backend so that we can see the order book and its depth and which banks price what all the time (as this is not possible with MT4).


That's really amazing. You mean you got 23+ Million liquidity and you got spread of only 0.9 pips? I thought it's ony possible to get such liquidity from Thomson Reuters and EBS, but with 0.7 pips spread?

Is this because Jeremy let you can talk directly with the LPs?

Offline geektrader

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Re: Global Prime
« Reply #346 on: February 03, 2014, 07:52:50 AM »
They have a superb relation to each of their LPs and of course showed them our trading statements and talked to them to negotiate about the liquidity they can offer for us, thats the reason. Reuters etc can also only just work with the banks as they also get the liquidity from there. GP can negotiate the same values especially if banks are interested in your flow - which they are. Once they know how your system trades and know what flow they will be getting, the banks are happy to get such huge chunks of EURUSD to hedge their own books and risk, hence they like our big orders and price very low as it is of big value to them.

Once Global Prime agrees and if people here are interested, I can post some Integral tickets for our orders so that you can see how a 236 lots order is being taken by the various LPs and in which chunks.
« Last Edit: February 03, 2014, 07:57:11 AM by geektrader »

Offline iwillsurvive

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Re: Global Prime
« Reply #347 on: February 03, 2014, 08:19:33 AM »
They have a superb relation to each of their LPs and of course showed them our trading statements and talked to them to negotiate about the liquidity they can offer for us, thats the reason. Reuters etc can also only just work with the banks as they also get the liquidity from there. GP can negotiate the same values especially if banks are interested in your flow - which they are. Once they know how your system trades and know what flow they will be getting, the banks are happy to get such huge chunks of EURUSD to hedge their own books and risk, hence they like our big orders and price very low as it is of big value to them.

Once Global Prime agrees and if people here are interested, I can post some Integral tickets for our orders so that you can see how a 236 lots order is being taken by the various LPs and in which chunks.

When you say "once they know how your system trades" ...aren't you risking your trading strategy getting copied?

Offline Fraois

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Re: Global Prime
« Reply #348 on: February 03, 2014, 08:28:20 AM »
I think geektrader is not revealing the LPs his whole strategy. He's just telling them his trade frequency and trading style to show how much volume he provides and he's not HFT, not news spikes trading, not arbitragers who arbitrage against LP theirselves own feeds from different ECN venues.

Offline sienna

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Re: Global Prime
« Reply #349 on: February 03, 2014, 09:19:20 AM »
hi Jeremy,

You mentioned:  "For the time being the next big projects @ GP are an alternative platform or two to MT4 as well as a comprehensive online portal for our clients".
I would be very interested, as a potential customer, if you had more platforms, than just MT4.
What is your rough time estimate on this?....and what kind of platform(s) are you planning to get up?

best
sienna

Offline semaj

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Re: Global Prime
« Reply #350 on: February 03, 2014, 09:20:25 AM »
Hello Geektrader,

Is it only for EURUSD? Would this offer also available for other pairs of currencies?
Please advise.

Regards,

semaj

Offline robinrezakhan1

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Re: Global Prime
« Reply #351 on: February 03, 2014, 10:20:54 AM »
Great forex borker strong platform service,

Offline jemook

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Re: Global Prime
« Reply #352 on: February 03, 2014, 10:41:27 AM »
Hi Everyone,

I am not really sure how to start this review of Global Prime. There are so many things to be said that I most likely will forget to cover some of them - apologizes in advance to Jeremy and Alex and the whole GP team.

As you might have noticed from my other posts at Donnaforex in the past, especially the ones about brokers, I am a very sceptical when it comes to Forex brokers in general. You can also see this on the first page of this thread actually when I made Jeremy a very hard live. To explain this in short about the why: I do have accounts with 35 Forex brokers and most of them are simply crap, it cant be really said any better than that. I have been burnt, cheated and slipped by many of them, just like most people in this Forum, especially the ones trading automated strategies that log execution time / slippage and love those days when you out of sudden get execution times of 3 seconds and slippage of 5 pips, even in low volatile markets. Thats also the time when you know that a so called "ECN" broker that "really forwards all the orders to the market" has switched you from their b-book to the real market then because theyve lost to much money with b-booking you.

The main reason we have been coming to Global Prime is that I am developing and maintaining a trading system (http://www.myfxbook.com/strategies/nmi-super-climber-1-lot/50247) that was licensed by http://new-millenniuminc.com/ and was being run on a MAM at another broker for the last year. The system has been doing very well and our lot sizes have grown quite a bit. Actually to 250 lots per order in November of last year. To make the story short, the old broker couldnt fill those lot-sizes anymore and we got slippage of up to 2 pips per trade most of the time. While we were still winning, this was definitely not the solution we were looking for.

As I am also helping New Millennium Inc with the management of the MAM from a technical perspective, I was looking to move brokers for their MAM as putting NMIs clients money at risk with the heavy random slippage we have been getting at our old broker was not acceptable at all anymore. So, after hearing many good things about Global Prime, I simply sent them an email, explaining our situation. It did not take much more than a few hours until I already got contacted by them via Skype and them creating a group chat with the whole Global Prime team and it was not much later too until we had the first telephone conference with everyone involved. I have to underline again here that the *whole* Global Prime team did attend this call. We explained our situation and had a very friendly and interesting phone call.

It was directly clear that these guys know what they are doing and especially, that they do it with passion. You could clearly hear from the way they talked that this is not just a business for them, but that being a broker is something they life and love! So after asking them heaps of questions (and I mean heaps, since I am "branded child" with Forex brokers) for nearly over an hour, we eventually all came to the conclusion that Global Prime would like to take upon the challenge.

The whole process of setting up the new MAM with them has been going absolutely smooth. They have given so much care for detail, I never had that with any Forex broker. We require some very special treatment of accounts / leverage / etc. here and there and normally I had to repeat these things several times to the old broker as they often forgot the process. Well, not with Global Prime, all the small details I had mentioned were always remember by them - and that tells me a lot that this is *not* your standard broker. Luckily they also had a B2B transfer agreement with our old broker and so transferring the clients over from the old to the new MAM was no problem in that aspect. It still has been countless hours that we have spent with Jeremy and Alex on Skype to correctly assign the newly arrived B2B transfers and setting up the accounts - always to full satisfaction and without the need to remember them about the rather complicated process we require for each client. Jeremy was always on top of things and knew exactly how it needs to go (again something I never got from any broker with so much love to details).

While we were setting up the new MAM, Alex, Global Primes liquidity specialist (and he is really nothing less than that) was already absolutely eager to organize the liquidity for us via their great connections to their LPs to fill our first large trades. Its also a new experience for Global Prime (and most likely any other MT4 broker) as they never had or knew anyone who was trading 250+ lots via MT4 in a single trade - in total exposure yes, some hedge funds they have do so, but split over many trades, not in one trade. So this was a complete new challenge for him as well, but one he has definitely fulfilled with a A+!

So while clients were smoothly moving over and the new MAM was growing, we also had our first trade on their normal retail feed (to be able to compare apples to apples with the old broker and Global Prime) and what can I say: the first order was something in the lines of 100 lots and it was filled with just 0.2 pips negative slippage in and out. Amazing is all I thought! But it didnt end here because Alex wanted to get us a dedicated feed where the top of the book pricing and chunks of liquidity are at least 50 lots in size so that we get filled by as few LPs as possible to keep the execution time and hence slippage as low as possible and about 2500 lots deep (in the hopes that the system will keep on performing well such levels could be reached one day).

He was literally getting on the phone directly on the 2. January and called up all their LPs by phone to teach them about the way my system trades to see if they were interested to stream 50 lots chunks into a special feed just for us. And it took barely 2 weeks until this feed was ready and setup for us with 9 banks streaming to it now, completely for us - no one else is trading on this liquidity. Now thats what I call amazing (and I am hardly to amaze as perfectionist that is never happy with anything!). All I can say is that the feed is in place now, that we already had 3 trades (all 230 lots+) on it and that the spread (averaging at just 0.7 pips for 50 lots top of book) + slippage (average -0.2 pips so far) have been amazing. We even got 0.2 pips positive slippage on exit for the last 236 lots trade - never saw any positive slippage at those lot-sizes yet. Remember, with our old broker we had 2 pips average negative slippage on each trade for the same lot-size.

But it doesnt end here, for each trade Global Prime provides us with the internal ticket from Integral to see exactly which LPs have filled our order, at what price, at which execution speed and which ones rejected. We then can freely decide if their are LPs that Global Prime needs to talk to for us because they reject to much and we can freely decide which ones to switch on / off in a few minutes in case the negotiations with them didnt help. Additionally Global Prime has provided us with a "view only" login to their Integral backend so that we can see the order book and its depth and which banks price what all the time (as this is not possible with MT4).

I really cant praise those guys enough, its been a real dream so far, a dream that became reality, because THAT is what I always imagined what a broker should be like. No b-book, superb support, and custom solutions within a timely manner if needed. And they have delivered on ALL of these fronts with more than 100%. Additionally they are friendly all the time and are absolutely encouraged. Its my dream brokerage really.

Nothing more to add, just a big THANKS and kudos to Global Prime and especially Jeremy and Alex!

Hi GT,

Thanks for the beautifully detailed review. It's our pleasure to be working with you, NMI and all your clients. It's amazing to see how profitable your system has been with the adverse trading conditions you had at your previous broker so now that everything is smooth sailing for you guys @ Global Prime I can't wait to see the profits that 2014 hopefully brings you.

We love a challenge over here, thanks for trusting us and giving us a chance. We are over the moon that everything is working out as expected. We have achieved phenomenal growth over 2013 and this the momentum has been huge. We are moving offices in the next couple of months, hiring some more staff and we are all looking forward to an amazing year.

We'll keep on stressing this: If you aren't trading with Global Prime you are missing out. Thanks again GT.

Cheers,
Jeremy

did you plan to add ctrader in near future ?

Please see below.

hi Jeremy,

You mentioned:  "For the time being the next big projects @ GP are an alternative platform or two to MT4 as well as a comprehensive online portal for our clients".
I would be very interested, as a potential customer, if you had more platforms, than just MT4.
What is your rough time estimate on this?....and what kind of platform(s) are you planning to get up?

best
sienna

We are currently looking at cTrader, PFSoft Protrader, X Open Hub & Tradable. We aren't rushing into any decisions though and taking our time to weigh the options. We work quite closely with our traders and the community and are very open to feedback so if you have any ideas please let us know. I don't give out time estimates anymore because I never get them right but I'd like to see a new platform implemented around Q3 or Q4 2014.

I think geektrader is not revealing the LPs his whole strategy. He's just telling them his trade frequency and trading style to show how much volume he provides and he's not HFT, not news spikes trading, not arbitragers who arbitrage against LP theirselves own feeds from different ECN venues.

Spot on. There's this common misconception that banks only like losing traders and trade against profitable traders. We have custom streams for extremely HFT (High Frequency Traders) that trade in and out sub 100ms and the banks are totally fine with it. We can only tailor specific streams for high volume / institutional traders as the operational work involved is always ongoing. Most of our MT4 traders trade on our retail stream which in itself provides amazing execution.

Remember, a B-Book broker only puts out one type of flow to their LPs and that's the profitable traders and the banks hate that. GP is A-Book only so our LPs get every single trade taken and we give them a beautifully balanced flow of trades that they love receiving. In turn they provide us amazing spreads and execution and they know we look after them as well as our traders so we can negotiate the best deal for our traders.

Once a broker has burnt their relationship with the banks there is no turning back. Our LPs are always telling us how much they love working with us so we know we are doing something different to the other brokers. At GP we strive to make our clients happy and our LPs happy, it's a tough balance but when you strike the perfect middle ground magic happens..

Cheers
Jeremy

Offline Fraois

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Re: Global Prime
« Reply #353 on: February 03, 2014, 01:56:19 PM »
Hi Jeremy,

One vote for Protrader simply because it supports MQL4 EAs.

Just out of curiosity...
What is a balanced flow?
How do B-book brokers burn their relation ship with banks? They send profitable trades to banks, so they're angry? Geektrader's trades are profitable too, but why do banks like geektrader?

Offline user456

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Re: Global Prime
« Reply #354 on: February 03, 2014, 02:35:33 PM »

What is a balanced flow?
How do B-book brokers burn their relation ship with banks? They send profitable trades to banks, so they're angry? Geektrader's trades are profitable too, but why do banks like geektrader?

That's when Brokers keep all their losing traders in house and just forward the trades from the winning traders to the liquidity providers.

Offline iwillsurvive

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Re: Global Prime
« Reply #355 on: February 03, 2014, 02:50:52 PM »

What is a balanced flow?
How do B-book brokers burn their relation ship with banks? They send profitable trades to banks, so they're angry? Geektrader's trades are profitable too, but why do banks like geektrader?

That's when Brokers keep all their losing traders in house and just forward the trades from the winning traders to the liquidity providers.

Yes, but GP has created a dedicated liquidity stream for geektrader's strategy which is winning, that means the banks will lose...isn't it? Why would they like it?

Offline Tempestshade

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Re: Global Prime
« Reply #356 on: February 03, 2014, 02:55:24 PM »

What is a balanced flow?
How do B-book brokers burn their relation ship with banks? They send profitable trades to banks, so they're angry? Geektrader's trades are profitable too, but why do banks like geektrader?

That's when Brokers keep all their losing traders in house and just forward the trades from the winning traders to the liquidity providers.

Yes, but GP has created a dedicated liquidity stream for geektrader's strategy which is winning, that means the banks will lose...isn't it? Why would they like it?

They can use it to hedge against other trades.

Offline geektrader

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Re: Global Prime
« Reply #357 on: February 03, 2014, 03:38:31 PM »
Thats the point. The strategy we trade has a near 90% winning rate and GP has shown the banks our statements. Then they could freely decide if they want that kind of strategy or not and how much and at what prices they stream into our own feed. Its a win win situation for everyone. The banks know exactly what they will get getting from us and can stream a special feed exactly for us. They are not "surprised" by what is coming, they know we are winning most of the time, so they dont trade against us but use our trade to hedge their own market exposure they are having from other trades theyve accepted and hence we are getting a very good execution.

Apart from this, should any bank "go wild" and reject to often, we can see that right away through the Integral tickets GP provides to us for every trade as its clearly to be seen which bank filled which part of the trade and which banks rejected. When this reject rate is becoming to high, we can simply tell GP to switch this specific LP off from the stream and GP will get them on the phone, explain that the reject rate is to high and if they can do something about it. If they say they can, we switch them back into the stream and see if things have improved, if not, we can just leave them turned off. Its that flexibility and that good relation to GP LPs that really make the difference to any other broker Ive worked with.

Offline jubal

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Re: Global Prime
« Reply #358 on: February 03, 2014, 03:50:45 PM »
Dont want to hijack the GP thread but is this service available for small investors?  Had a look on the website but not really clear what exactly is on offer. there seems to be quite a lot of different strategies running separately. Also what is the cost?  sounds interesting
If you can keep your head when all around you are losing theirs.... then you have probably underestimated the seriousness of the situation

Offline Zuttasoxx

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Re: Global Prime
« Reply #359 on: February 03, 2014, 06:16:14 PM »

What is a balanced flow?
How do B-book brokers burn their relation ship with banks? They send profitable trades to banks, so they're angry? Geektrader's trades are profitable too, but why do banks like geektrader?

That's when Brokers keep all their losing traders in house and just forward the trades from the winning traders to the liquidity providers.

Yes, but GP has created a dedicated liquidity stream for geektrader's strategy which is winning, that means the banks will lose...isn't it? Why would they like it?

As I understand it.. Like hedge funds and banks.. They have volume in both directions, to counter big losses if currency fluctuates. But for each direction they need volume of somebody else to take the other direction.. So the misconception that banks lose if you win is only partially right, cause they just need both sides and have their funds hedged. And they need huge volumes

 

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