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Author Topic: Global Prime  (Read 212189 times)

Offline Viktory

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Re: Global Prime
« Reply #405 on: February 11, 2014, 08:57:07 PM »
My thoughts exactly! You're one in a million Jeremy 8)

Dear Jemook, why is the spread of xauusd is so high at globalprime,a few moment ago it is 52 pips and 7.00 commission per standard lot,as for think forex it is fix 20 pips and without commission! Can you explain this matter ;)

Mr.GTO 8)

We are working on it.. To be honest we've been focusing on getting the currency pairs right before the metals as that's where the volume is. We recently signed a deal with a new LP just for gold so let's see what that does to the spread when they've been connected. In saying this our XAUUSD spread might not be the lowest but it's in line with Axitrader, Boston Prime Pro, OANDA, FinFX, Alpari, VantageFX and many others so I don't consider them outrageous.

If your strategy relies on trading XAUUSD exclusively then it's probably better to use a lower spread broker - IC markets would be a good choice in our opinion.

Cheers,
Jeremy

Have to admit, it takes a lot of class to recommend another broker like that for the sake of the client. Kudos Jeremy!

Yea, I am pretty impressed as well.

Offline Viktory

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Re: Global Prime
« Reply #406 on: February 11, 2014, 09:07:19 PM »
Very good recommendations Fraois!

From what I've seen and read, ProTrader, cTrader and Tradable seem like the best and nicer available options.

Jeremy, even if those platforms are more expensive for the broker, you could charge a little bit higher commision than with MT4 (like IC Markets do).

Regards,
Vctor

Hi Jeremy,

We all know the mess started by Metaquotes recently. They don't care even for brokers because they don't care if there will be a sharp decline trading volume when all commercial EAs that call DLL function suddenly do not trade at all. EAs have the largest market share of trading volume. Even manual traders use commercial trade managing EAs. We have to find another platform other than MT4 but the problem is MQL EA compatability. Protrader is a good alternative which has MQL, DLL call compatability and does not ban decompiled MQL codes. However, I read your post on Steve Hopwood Forum and you said Protrader is not acceptable for your brokerage because of the price.

Well, there are other choices than Protrader and they give you less than 10% the cost of a MT4 liscence.

1. M4
It has both MQL, EasyLanguage library and is fully customizable of course. You can own full source code of client platform as well the M4 server not just partial source code like X Open Hub or Tradable. It can be customized to directly integrate with FIX if you want to provide your larger clients a better GUI with charting functions and DOM than Integral's FX Inside Professional. You can choose between your own programmers or have them develop. (US team $80/hr, Ukrainian team $30/hr) It's written in C#, flexible if you may want to introduce futures and stocks one day because it's built in. If you contact them, don't say you're Global Prime in the first place because they offer a discount if you buy within the first 7 days you contact them.
http://www.m4platform.com/default.aspx
http://www.modulusfe.com/socialmedia/

2. ETNA Robot
It's a Java platform. I personally endorse more "light weight" platforms, but it may be welcomed by Java addicts who like the cross-platform flexibility. It's very advanced and no way 90's looking design like MT4. It supports EasyLanguage not MQL, but I guess they can add MQL functions. They develop strong options trading interface if you need options one day. Initial price starts from $10,000 slightly lower than M4, but this price does not include full source code.
http://robot.etnasoft.com/backtesting/
http://www.etnasoft.com/


Wish all traders and brokers get out of control of Metaquotes!
« Last Edit: February 11, 2014, 09:10:45 PM by VictorTous »

Offline jemook

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Re: Global Prime
« Reply #407 on: February 12, 2014, 02:24:12 AM »
My thoughts exactly! You're one in a million Jeremy 8)

Dear Jemook, why is the spread of xauusd is so high at globalprime,a few moment ago it is 52 pips and 7.00 commission per standard lot,as for think forex it is fix 20 pips and without commission! Can you explain this matter ;)

Mr.GTO 8)

We are working on it.. To be honest we've been focusing on getting the currency pairs right before the metals as that's where the volume is. We recently signed a deal with a new LP just for gold so let's see what that does to the spread when they've been connected. In saying this our XAUUSD spread might not be the lowest but it's in line with Axitrader, Boston Prime Pro, OANDA, FinFX, Alpari, VantageFX and many others so I don't consider them outrageous.

If your strategy relies on trading XAUUSD exclusively then it's probably better to use a lower spread broker - IC markets would be a good choice in our opinion.

Cheers,
Jeremy

Have to admit, it takes a lot of class to recommend another broker like that for the sake of the client. Kudos Jeremy!

Yea, I am pretty impressed as well.

There's plenty of business to go around and this is where the B2B agreements come in nicely. If things aren't working out for a clients XAUUSD strategy on GP due to the higher spread charge then they can simply and easily B2B their funds over to IC Markets with pleasure. We are actually in the same building as IC Markets and they are a great broker in our opinion.

Cheers,
Jeremy

Offline Surrealistik

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Re: Global Prime
« Reply #408 on: February 12, 2014, 02:26:25 AM »
Gotta ask Jerm, you and Angus ever chill and hit the pubs together?

Offline jemook

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Re: Global Prime
« Reply #409 on: February 12, 2014, 02:48:04 AM »
Gotta ask Jerm, you and Angus ever chill and hit the pubs together?

Not just yet but we do catch up downstairs when we bump into each other. I hardly ever see him these days which means he must be a busy man!

Offline delete

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Re: Global Prime
« Reply #410 on: February 12, 2014, 02:52:12 AM »
Hello
I I read that the broker offers the service of investment in the PAMM. But I don't see rating Pamm? Anybody invested in their managed accounts?

Offline sienna

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Re: Global Prime
« Reply #411 on: February 12, 2014, 07:25:45 AM »
Hi Jeremy

Maybe I have overlooked stuff: Which  currency pairs do you offer.
Also, with your upcoming additional platforms, it would be great to have a web based platform, as well.

thanks

Offline jemook

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Re: Global Prime
« Reply #412 on: February 12, 2014, 07:46:26 AM »
Hello
I I read that the broker offers the service of investment in the PAMM. But I don't see rating Pamm? Anybody invested in their managed accounts?

Our PAMM accounts are run by private managers, maybe some clients can help you out here.
Hi Jeremy

Maybe I have overlooked stuff: Which  currency pairs do you offer.
Also, with your upcoming additional platforms, it would be great to have a web based platform, as well.

thanks

Sure please see below. We'll be offering some new indices later on in the year after onboarding a couple of new LPs that deal with more exotic pairs and CFDs/indices. We will definitely be taking into consideration web based platform when choosing which alternative to go with, thanks for the feedback.



Cheers,
Jeremy

Offline Surrealistik

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Re: Global Prime
« Reply #413 on: February 12, 2014, 07:54:21 AM »
Not just yet but we do catch up downstairs when we bump into each other. I hardly ever see him these days which means he must be a busy man!

Wouldn't surprise me; he's one hell of a multitasker to be sure! When you two do go out bar hopping though, let us know how it goes, haha.


BTW, don't suppose I could convince you to strike up a B2B agreement with Excel Markets?

Offline WiZARD

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Re: Global Prime
« Reply #414 on: February 12, 2014, 08:43:23 AM »
Then today I had a much bigger problem:
I had an EURUSD buy stop order, it was hit with NFP, there were 5-10 pips slippage on most brokers (however my account at Armada markets had only 3 pips slippage), also at GP.
The bigger problem: My EA could not move the SL, and I also couldn't close the trade for ~180 seconds, I only had "off quotes" error msg.
This caused me some loss, when I had profit at every other brokers...

I wrote these problems in email to Jeremy, with a little more details, I'll report here, but I think Jeremy will also :)

I've the answer from Jeremy.
It looks as they always have some nice answer for everything, and it is always your fault, never theirs.
They are like Lmax, they will never admit a fault, GP will never credit back a loss, that they caused. Lmax won't explain it long, they say it can happen, and don't trade MT4, they've said it can have problems. GP tries to explain everything. However I'm not interested in any explanation, when the end is always, that it is not their fault.

It was an order filled during NFP. My EA deletes it orders when the spread is too big. Sometimes it is filled before it can delete the order. It happened me several times with alot other brokers, and never caused a problem.
At GP it caused a problem, and locked me for 3 minutes.
It means they filled the order and I couldn't close it, or modifiy the SL for 3 minutes, because some error on their MT4 bridge
, as it processed both my delete order and it also filled my order.
It caused me 10.3 pips loss, when I've won with the same order 6-7 pips on other brokers. As I trade it with big risk, it means -5% compared to other brokers.
They say it is my problem, it was caused by my EA, as it tried to delete the order. Ridiculous.

Also usually GP had relatively big slippage compared to Armada and Lmax. They are always covering themself with the tickets. I don't mind the trade tickets. I think both Lmax and Armada has good reputation.But GP always sais that they won't show trade tickets, so they can b-book, blablabla.... I had enough profit at these brokers, and they are still working fine.

I won't recommend GP to anyone. Stay away!
I'm very dissapointed in GP.
It is time for me, to transfer my funds back to Armada. Luckily I've tried GP only with small money.
« Last Edit: February 12, 2014, 08:59:34 AM by WiZARD »
Greed is good

Offline jemook

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Re: Global Prime
« Reply #415 on: February 12, 2014, 09:10:44 AM »
Hi Wizard,

Thanks for that, I really appreciate your post after all the support I've given you over the last couple of months. I've also explained to you over and over about trading your news strategy over high impact data releases on an ECN broker and you haven't taken my advice, still expecting to get good fills over NFP and the like.

When it comes to situations like this we assess from all angles and we've given out plenty of rebates in the past for errors on our side as I'm sure other clients can attest. One of the things we look through is our logs to see where the EA first attempted to close the position or add a SL in.

Our bridge provider has concurred and have stated the following (our version of their explanation):

The order was executed as soon as NFP announcement was released and the request to fill the order was received by the bridge and in the same split second your EA also sent a first attempt to delete the limit order.

------
Trade Log:

2014.02.07 03:00:00         order #1521114, buy stop 1.21 EURUSD at 1.36193
2014.02.07 15:30:02         delete order #1521114, buy stop 1.21 EURUSD at 1.36193
2014.02.07 15:30:02         reject delete #1521114 (1.36165 / 1.36224)
2014.02.07 15:30:02         delete order #1521114, buy stop 1.21 EURUSD at 1.36193
2014.02.07 15:30:02         open order #1521114 modified by API
2014.02.07 15:30:02         confirm delete #1521114
2014.02.07 15:30:03         modify order #1521114, buy 1.21 EURUSD at 1.36250, sl: 1.36123 tp: 1.37193 -> sl: 1.36180 tp: 1.37193
2014.02.07 15:30:03         reject modify #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36180 tp: 1.37193 (1.36181 / 1.36207)
2014.02.07 15:30:03         modify order #1521114, buy 1.21 EURUSD at 1.36250, sl: 1.36123 tp: 1.37193 -> sl: 1.36180 tp: 1.37193
------

You can see above that your request to delete the order and the open of the order happened at the exact same time down to the split second.

The bridge had already finished processing the initial request to open the order and allowed the approval for the delete to also go through, however the order was never deleted on MT4. As a result the bridge has processed the order for both a delete and open, hence the order was locked automatically for 3 mins. i.e. high level rejections. After 3 minutes the order was modified and filled.

------
Rejections continued for 3 minutes after the order was opened and deleted:

2014.02.07 15:33:08         confirm modify #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36148 tp: 1.37193
2014.02.07 15:33:08         modified #1521114, buy 1.21 EURUSD at 1.36250, sl: 1.36148 tp: 1.37193
2014.02.07 15:33:08         close order #1521114 (buy 1.21 EURUSD at 1.36250) at 1.36147 completed
------



As you can see above your entry is the upper line, the EA tried to place a SL on the lower line and the close happened at a better price than the SL you originally wanted.

Generally speaking we honour the first rejection and the logs above clearly show that the S/L you wanted and you were actually closed out at a better price than the 1.36123 that your EA first wanted as a SL (middle horizontal line). You ended off better than you would have had your SL been allowed to be placed.

Please note this is an extremely rare occurrence and the factors that caused this was volatile market and looks like the EA played a part too as logs indicate hyperactive modifications to the order every few seconds.

This really is a freak occurrence but as you were closed out at a price better than your initial SL request there wont be any rebate for this situation.

If anybody else feels that we are wrong in our judgement please let us know as I believe we have acted fairly in this situation.

Regards,
Jeremy

« Last Edit: February 12, 2014, 09:13:20 AM by jemook »

Offline WiZARD

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Re: Global Prime
« Reply #416 on: February 12, 2014, 09:24:29 AM »
As you can see, there is always an explanation, and it is never their fault.

"This really is a freak occurrence but as you were closed out at a price better than your initial SL request there wont be any rebate for this situation. "

Lol, never heard about MOVING THE SL?
Initial SL is only a protective SL usually...

I can also copy from the log:

13:30:36 '912865': modify order #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36123 tp: 1.37193 -> sl: 1.36343 tp: 1.37193
13:30:36 '912865': request was accepted by server
13:30:37 '912865': modification of order #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36123 tp: 1.37193 -> sl: 1.36343 tp: 1.37193 failed [Off quotes]

So the price was there, beacause if it wouldn't, than you got different error, like this:
13:30:21 '912865': modify order #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36123 tp: 1.37193 -> sl: 1.36403 tp: 1.37193
13:30:21 '912865': modification of order #1521114 buy 1.21 EURUSD at 1.36250 sl: 1.36123 tp: 1.37193 -> sl: 1.36403 tp: 1.37193 failed [Invalid S/L or T/P]

I never asked for a refund, that it was not closed at 1,36343. I know that there is no broker, who would refund my missed profit.
But I think they should refund at least, the LOSS THEY'VE CAUSED.

When I had similar problem with other broker (Armada Markets) they refunded my loss, and they didn't try to interpret it, as it were my fault, that my EA tried to delete the order, or as it were my fault, that I tried to trade at news, etc...
« Last Edit: February 12, 2014, 09:27:56 AM by WiZARD »
Greed is good

Offline WiZARD

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Re: Global Prime
« Reply #417 on: February 12, 2014, 09:36:15 AM »
If anybody else feels that we are wrong in our judgement please let us know as I believe we have acted fairly in this situation.

I've also a question for the others:

Who thinks, that it is normal, to disable trading for 3 minutes at NFP, only beacause an EA tries to delete an order (because it's high spread protection)?
Is it really my fault, or the brokers fault?
Greed is good

Offline user456

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Re: Global Prime
« Reply #418 on: February 12, 2014, 10:08:14 AM »
I also did newstrading some time ago with a multitude of brokers and my own EA. It also opened pending orders which were deleted if market conditions were no longer good (high spread, too high vola, etc). Sometimes a delete order is triggered  but the pending order was already hit on the bridge. That way somehow MT4 and the actual orders get out of synch. Sometimes this causes problems because the order is stuck somewhere in the nirvana and can't be modified, delted or closed. Looks like this happend here.

The bridge had already finished processing the initial request to open the order and allowed the approval for the delete to also go through, however the order was never deleted on MT4. As a result the bridge has processed the order for both a delete and open, hence the order was locked automatically for 3 mins. i.e. high level rejections. After 3 minutes the order was modified and filled.

Once again I am no longer trading news so the scenario above has not happend to me in a long time. However as a trader I would not like that my order is locked for 3 minutes. A LOT of trouble can arise in 3 minutes during news for a position that you have no control over. So what I don't understand is why the bridge does not disregard the delete order if the order already has been filled? I mean that would be the logical thing to do in my mind. Other than that it could also treat a delete order that is coming in after the order was already filled as a orderclose command. Both scenarios are way better than locking the order for 3 minutes. Maybe you can explain with a little bit more detail on why the order is locked in that case?


Offline jemook

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Re: Global Prime
« Reply #419 on: February 12, 2014, 10:10:38 AM »
I also did newstrading some time ago with a multitude of brokers and my own EA. It also opened pending orders which were deleted if market conditions were no longer good (high spread, too high vola, etc). Sometimes a delete order is triggered  but the pending order was already hit on the bridge. That way somehow MT4 and the actual orders get out of synch. Sometimes this causes problems because the order is stuck somewhere in the nirvana and can't be modified, delted or closed. Looks like this happend here.

The bridge had already finished processing the initial request to open the order and allowed the approval for the delete to also go through, however the order was never deleted on MT4. As a result the bridge has processed the order for both a delete and open, hence the order was locked automatically for 3 mins. i.e. high level rejections. After 3 minutes the order was modified and filled.

Once again I am no longer trading news so the scenario above has not happend to me in a long time. However as a trader I would not like that my order is locked for 3 minutes. A LOT of trouble can arise in 3 minutes during news for a position that you have no control over. So what I don't understand is why the bridge does not disregard the delete order if the order already has been filled? I mean that would be the logical thing to do in my mind. Other than that it could also treat a delete order that is coming in after the order was already filled as a orderclose command. Both scenarios are way better than locking the order for 3 minutes. Maybe you can explain with a little bit more detail on why the order is locked in that case?

Sure let me get an explanation for this tomorrow. I really do like to think we act in the best interests of our clients so if other people think we are out of line here then I'm happy to re-evaluate our decision. Call it a traders court if you will.

Cheers,
Jeremy

 

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