For people trading at GFT

jessieblue · May 3, 2006

I'm thinking of opening an account with GFT and just finished talking with their sales person. The guy said that gaps could occur with them but then they would fill me at the next available price and that would happen rarely anyway, so not to worry. Slippage is a problem for me always because of my style of trading. I only trade announcements and I am in the market when there is a lot of volatility, so I am careful at spread widening, gaps and such problems associated with those times.

Now, what i was curious was what do people that deal with GFT or were involved with them in the past think of GFT practices during volatile as well as normal times. Is GFT an honest brooker?

igor123 · May 3, 2006

I was trading NFP with GFT.
Well, that was only possible with guaranteed fills on limit orders, Gft would give me requote on every attempt to enter fast moving market with a market order, so I left just when they stopped guaranteeing limit fills. From my experience only true ECN would allow trading the news without putting you on a manual execution (or requote) eventually.

Bitstream · May 3, 2006

im experimentin' with ib fx futs'n'execution has been excellent so far'n'durin' vols conditions on big eur rallies; i wud give 'em a try if i waz u, at least u play a much fairer mkt than spot boiler, innit[?]

bigmrfrank · May 3, 2006

Quote from jessieblue:

The guy said that gaps could occur with them but then they would fill me at the next available price and that would happen rarely anyway, so not to worry.

That's like telling a woman ..."I'll just put in the head OK?".

misha7 · May 4, 2006

trading on the news with no slippage... forget it
I would run away from anyone offering that as fast as I can cause the shop may close down faster than you will take out your profit

just think about it... say tomorrow's payrolls come in at 50k instead of 170, maket's going wild and you're coming to a guy saying "Here buy some dollars from me at 1.27 (or whatever the pre-payroll rate will be). Do you think he will just say "Oh of course, thank you, let me just east that loss for you"

???

jessieblue · May 4, 2006

Quote from misha7:

trading on the news with no slippage... forget it
I would run away from anyone offering that as fast as I can cause the shop may close down faster than you will take out your profit

just think about it... say tomorrow's payrolls come in at 50k instead of 170, maket's going wild and you're coming to a guy saying "Here buy some dollars from me at 1.27 (or whatever the pre-payroll rate will be). Do you think he will just say "Oh of course, thank you, let me just east that loss for you"

???

But that aside do you think GFT is a reliable broker?

bigmrfrank · May 4, 2006

Quote from jessieblue:

But that aside do you think GFT is a reliable broker?

That aside? You mean the fact that they already lied to you? Send them your money and let us know.

igor123 · May 4, 2006

Quote from misha7:

trading on the news with no slippage... forget it
I would run away from anyone offering that as fast as I can cause the shop may close down faster than you will take out your profit

just think about it... say tomorrow's payrolls come in at 50k instead of 170, maket's going wild and you're coming to a guy saying "Here buy some dollars from me at 1.27 (or whatever the pre-payroll rate will be). Do you think he will just say "Oh of course, thank you, let me just east that loss for you"

???

ACM, yep ACM will allow you to trade pre release rates, for a week or two if you'll trade every fkn CPI, PPI there is. But if you will be wiser you may get 3-6 months of trading.
I've grown out of this stuff. But if you find picking attractive then ACM is your candy.

jessieblue · May 5, 2006

Quote from bigmrfrank:

That aside? You mean the fact that they already lied to you? Send them your money and let us know.

No, man, they said there would be occasional slippage, I mentioned that in the first post, I just don't know how much. But what I ment to say is: is GFT a reliable brooker as far as brokers go?

bigmrfrank · May 5, 2006

Quote from jessieblue:

No, man, they said there would be occasional slippage, I mentioned that in the first post, I just don't know how much. But what I ment to say is: is GFT a reliable brooker as far as brokers go?

All kidding aside if a FX broker said this to me ... "The guy said that gaps could occur with them but then they would fill me at the next available price and that would happen rarely anyway, so not to worry." ... it would set off warning lights for me. He is obviously not being honest so that brings into question the honesty of the whole firm ... at least for me it does. I don't think anyone is going to have the definitive answer you are looking for and you seem to be rather set on these guys but have to say that first impressions are everything ... No? Good luck.