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Author Topic: Global Prime  (Read 212226 times)

Offline PML100

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Re: Global Prime
« Reply #465 on: February 15, 2014, 09:48:50 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.

Regards,
Jeremy

I think it was right that you refunded the losses on this occasion as the 3 minute lockout was not the traders fault. But if it happened again to that trader I would definitely not refund them.

I think the trader should learn a valuable lesson and realise that news trading strategies on an STP broker who uses MT4 is just not viable over the long run.

MT4 is NOT a good trade execution platform (though I'd better add that it is suitable for the majority of the retail market during 'normal' trading conditions) and it will perform even worse during high volatility, low liquidity price movements.

Platform freezes, bridge problems, order handling problems all can and will occur during this time and IMO this isn't the fault of the broker.

When trading in 'specialised' conditions it's the traders job to research whether their trading venue and the trading platform can handle their trade requests during the news event trading. The trader was told by LMAX to not use MT4, but yet they then go and use another MT4 broker and complain when they have problems.

Might seem a bit harsh but the reality of the situation is that the trader should have known better and personally I have no sympathy for stupidity and greed in this business especially when the trader then called GP a scam because of this, an emotional response if I ever saw one!

Offline PML100

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Re: Global Prime
« Reply #466 on: February 15, 2014, 09:55:43 AM »
Quote
In regards to LMAX and others being a b-book broker, I didn't actually see where Jeremy said that any particular broker was a b-book.  He was stressing the point that there are no other brokers that he is aware of, including LMAX, that will go to the same lengths as GP in proving to their clients that they never b-book their trades.   As of this writing, that is an excellent selling point to have.  Maybe in another 1-5 years, it will be the other way around....where brokers who cannot prove their LP relationships will have to either show their b-book model or be forced out of business to others that do.

It was implication that you can't compare GP slippage fills to LMAX fills because you can't be sure that LMAX don't b-book, which of course is incorrect as by the very definition of what LMAX 'are' they can never b-book.

I agree that raising awareness of b-booking and proving they don't is a good thing, just my personal opinion that stating not ware of any other brokers that will prove they don't is a bit misleading as that would imply that GP have full knowledge of how all other brokers operate and that they don't prove to clients upon request the LP fills which IMO is taking the marketing angle a bit too far. Just find stuff like that cheesy myself.

Quote
The whole b-book negative publicity thing would have been avoided if brokers were more forthcoming on how they handled risk.  But they remained 'shadowy' and it took forums like this, reports like ForexMagnates, and a growing negative sentiment over the banking industry in general to shine a bright light on what actually takes place when exchanging currencies (for traders, speculatively).  So GP advertising "trade receipts" and explaining how your trades are routed to LP may seem trivial to some, but it is having a real effect on how retail traders are becoming more informed.

Agree.

Quote
An additional note on LMAX:  they do prove transparency in a different way....by proving that they are the first and perhaps only [regulated] fx exchange (central order book, uniform rules applied to all contract participants).  I'm very impressed with what they were able to do over the last 3 years or so in terms of bring this type of liquidity seamlessly to the masses, above the table. I don't consider LMAX to be a broker in this regard.  It is the best attempt I've seen at a speculative FX marketplace.  But that's for the Lmax thread perhaps?

Agree, LMAX are pushing the boundaries.

Offline Eric

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Re: Global Prime
« Reply #467 on: February 15, 2014, 10:34:35 AM »
Yes, FWIW, I do believe LMAX business model is quite unique and superior. A very innovative product indeed.

Offline WiZARD

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Re: Global Prime
« Reply #468 on: February 15, 2014, 10:39:31 AM »
The trader was told by LMAX to not use MT4, but yet they then go and use another MT4 broker and complain when they have problems.

No, Lmax not told that.They told only, that I've agreed to their terms, and they state in their terms, that they won't guarantee anything on MT4, so I shouldn't complain. However still lmax is one of the best brokers for this strategy on MT4. (but we are working on fix-api)
Greed is good

Offline aagarcia

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Re: Global Prime
« Reply #469 on: February 15, 2014, 02:18:50 PM »
Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.

Offline cyberryder

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Re: Global Prime
« Reply #470 on: February 15, 2014, 02:55:46 PM »

Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.
Hi Aagarcia, this is what we often read in forums and the source are retail traders. As long as nobody can proof this with facts, this is pure speculation, while it still sounds logical.
@BeeksFX LD5
Read the broker TOS!
Searching for a broker, offering additional fund security in the TOS. None available today: http://www.donnaforex.com/forum/index.php?topic=13785.msg335342#msg335342

Offline cyberryder

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Re: Global Prime
« Reply #471 on: February 15, 2014, 03:00:08 PM »

but we are working on fix-api
1 year ago, i asked them for fix-api access and it was available above 100k deposit.
@BeeksFX LD5
Read the broker TOS!
Searching for a broker, offering additional fund security in the TOS. None available today: http://www.donnaforex.com/forum/index.php?topic=13785.msg335342#msg335342

Offline WiZARD

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Re: Global Prime
« Reply #472 on: February 15, 2014, 03:25:22 PM »

but we are working on fix-api
1 year ago, i asked them for fix-api access and it was available above 100k deposit.

100k deposit would not be a problem, even on MT4 I trade with more...
However lmax gives fix-api from 10k deposit, but they have some minimal volume, FXCM fix-api is available from 25k$, dukascopy is from 100k
Greed is good

Offline aagarcia

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Re: Global Prime
« Reply #473 on: February 15, 2014, 03:37:55 PM »

Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.
Hi Aagarcia, this is what we often read in forums and the source are retail traders. As long as nobody can proof this with facts, this is pure speculation, while it still sounds logical.
Pure speculation?!  LOL, where have you been hiding the past few years?  Are you not aware of multiple lawsuits against such brokers, even the most regulated ones?? 
http://forexmagnates.com/full-details-of-fxcms-class-action-suit/
http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
http://forexmagnates.com/pay-up-says-nfa-fxdd-ordered-to-pay-2-9-million-as-case-draws-to-a-close/

In fact I got some money back from the time I spent with them.  I left them quickly as I saw "funny stuff" happening with my account:

USD   196131   2904587739   2013-09-19 17:46:16   Restitution Restitution Credit [#4mt78035_091913_1 DEP-RESTITUTION-NY] ,    42.50    42.50      
USD   196131   2986993729   2013-11-13 15:37:06   Redemption. WIRE REDEMPTION-RC-MJ [#709980_1] ,    -42.50    .00      
 
I can go on and on.....................C'MON MAN!!    ;-)
« Last Edit: February 15, 2014, 03:48:52 PM by aagarcia »

Offline cyberryder

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Re: Global Prime
« Reply #474 on: February 15, 2014, 04:30:44 PM »


Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.
Hi Aagarcia, this is what we often read in forums and the source are retail traders. As long as nobody can proof this with facts, this is pure speculation, while it still sounds logical.
Pure speculation?!  LOL, where have you been hiding the past few years?  Are you not aware of multiple lawsuits against such brokers, even the most regulated ones?? 
http://forexmagnates.com/full-details-of-fxcms-class-action-suit/
http://forexmagnates.com/fxdd-slapped-with-class-action-suit-as-well-full-details/
http://forexmagnates.com/pay-up-says-nfa-fxdd-ordered-to-pay-2-9-million-as-case-draws-to-a-close/

In fact I got some money back from the time I spent with them.  I left them quickly as I saw "funny stuff" happening with my account:

USD19613129045877392013-09-19 17:46:16Restitution Restitution Credit [#4mt78035_091913_1 DEP-RESTITUTION-NY] , 42.50 42.50
USD19613129869937292013-11-13 15:37:06Redemption. WIRE REDEMPTION-RC-MJ [#709980_1] , -42.50 .00
 
I can go on and on.....................C'MON MAN!!    ;-)
Let's say you are right. What now? If your goal is to be on A-Book, simply don't trade below 0.1lot and thats it. Then you can move the discussion to the hundreds of other reasons, why you could still be on b-book.
@BeeksFX LD5
Read the broker TOS!
Searching for a broker, offering additional fund security in the TOS. None available today: http://www.donnaforex.com/forum/index.php?topic=13785.msg335342#msg335342

Offline cyberryder

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Re: Global Prime
« Reply #475 on: February 15, 2014, 04:42:25 PM »


but we are working on fix-api
1 year ago, i asked them for fix-api access and it was available above 100k deposit.

100k deposit would not be a problem, even on MT4 I trade with more...
However lmax gives fix-api from 10k deposit, but they have some minimal volume, FXCM fix-api is available from 25k$, dukascopy is from 100k
I think you should try to move one step further with your brokers with such a deposit and volume. Try for example only brokers accepting high deposit / volume clients and you will get rid of most of us on the mt4 Server. There is bostonprime accepting only > 50k deposit and London Capital Group (LCG) with similar numbers. If it doesn't help much, net step would be to mge away from mt4, which highly depends on how flexible you are with your EA.
@BeeksFX LD5
Read the broker TOS!
Searching for a broker, offering additional fund security in the TOS. None available today: http://www.donnaforex.com/forum/index.php?topic=13785.msg335342#msg335342

Offline WiZARD

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Re: Global Prime
« Reply #476 on: February 15, 2014, 05:10:58 PM »


but we are working on fix-api
1 year ago, i asked them for fix-api access and it was available above 100k deposit.

100k deposit would not be a problem, even on MT4 I trade with more...
However lmax gives fix-api from 10k deposit, but they have some minimal volume, FXCM fix-api is available from 25k$, dukascopy is from 100k
I think you should try to move one step further with your brokers with such a deposit and volume. Try for example only brokers accepting high deposit / volume clients and you will get rid of most of us on the mt4 Server. There is bostonprime accepting only > 50k deposit and London Capital Group (LCG) with similar numbers. If it doesn't help much, net step would be to mge away from mt4, which highly depends on how flexible you are with your EA.

My friend (using the same EA/strategy) has tried bostonprime, and the results were worse than almost any other retail mt4 broker... In the last year we have tried several mt4 brokers with good reputation. Now we are working on jforex, and fix-api, I think we can have the first real money trades with jforex dukascopy in 1-2 weeks, and I hope fix-api in 1-2-3 months.

But this is very offtopic here.
Greed is good

Offline Shortos

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Re: Global Prime
« Reply #477 on: February 15, 2014, 05:14:23 PM »


but we are working on fix-api
1 year ago, i asked them for fix-api access and it was available above 100k deposit.

100k deposit would not be a problem, even on MT4 I trade with more...
However lmax gives fix-api from 10k deposit, but they have some minimal volume, FXCM fix-api is available from 25k$, dukascopy is from 100k
I think you should try to move one step further with your brokers with such a deposit and volume. Try for example only brokers accepting high deposit / volume clients and you will get rid of most of us on the mt4 Server. There is bostonprime accepting only > 50k deposit and London Capital Group (LCG) with similar numbers. If it doesn't help much, net step would be to mge away from mt4, which highly depends on how flexible you are with your EA.


As far as i know LCGFX min deposit is 20k$ and minimum order size 1 Lot. They gives you access to Currenex. (Currenex is a marketplace with it's own orderbook like Hotspot or EBS (or LMAX)) Anyway if you have 1 million$ and you want to trade in another league with tier1 LP's banks you can open an account directly with Currenex. :)

sry for off topic

Offline jemook

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Re: Global Prime
« Reply #478 on: February 15, 2014, 09:44:10 PM »
Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.

A lot of traders still think banks don't accept tickets less than .1 lot but it's incorrect. LPs can definitely accept $1000 tickets which is .01 lots.

Please see below for a trade receipt for a $1000 trade which on GP is a .01 lot position being accepted by  Deutsche Bank. I can show many more examples of other LPs taking the same size position but I think this speaks for itself and hopefully this question can now be put to rest:



Cheers,
Jeremy

Offline Managed-Forex.com

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Re: Global Prime
« Reply #479 on: February 15, 2014, 10:46:27 PM »

Quote
FXPIG is a broker that does not B-book.  So GP is NOT the only one. BTW, If you trade a micro account below .1 lots then you know FOR SURE that you are being B booked. But even above that you can still be B booked until of course you become successful then they pass you on (or in some cases play tricks to make you lose). So many dirty brokers out there and there is really only a handful of honest ones that just make money off you just from commissions.

many LP's accept micro orders from brokers. As far as I know, its the bigger % who does, and the lesser % who only goes as low as 0.1 lot.
This has nothing to do with the LPs but with the broker itself.  The broker who accepts micros and nanos etc are market makers and are house booking (b booking) you.  That's where the dirty tricks come into play.
Hi Aagarcia, this is what we often read in forums and the source are retail traders. As long as nobody can proof this with facts, this is pure speculation, while it still sounds logical.

This is 100% wrong. You should thing and it is actually in completely opposite way. As long as nobody can proof that broker do not b-book it is automatically b-book broker.
http://goo.gl/GAcSv1 - Professional Investing - Managed-Forex.com

 

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