What happens with SL/TP if a market order is slipped while opening?
My question is - with a non-ECN broker (where slippage is not ignored by the broker), let's say a market order is slipped by 2 points, will the TP/SL be automatically moved by that much? Or will it open at the slipped price, but with my original SL/TP?
I've never seen a broker modify your sl/tp based on slippage of the opening order. And I'd expect them not to unless there were a facility for specifying the sl/tp in terms of pips, not absolute price.
unless there were a facility for specifying the sl/tp in terms of pips, not absolute price.
Yeah, that makes sense.
On a slightly different subject - I just started working with an 'ECN style' broker. They ignore the slippage and claim they are giving u 'the best market price'. In the past few days I had orders open at up to +/- 10 points from the requested price (but no re-quotes and fast execution). I asked them what was the max and the average slippage I can expect from their system... They said again they are 'giving me the best price at the time', which basically means they're not promising anything and can slip me as much as they want.
From your experience with 'ECN style' brokers, what would be the max slippage expected and what is the average (roughly...)?
From your experience with 'ECN style' brokers, what would be the max slippage expected and what is the average (roughly...)?
I'm mostly placing limit orders. Someone else can probably give you a better answer about market orders. But it's obviously going to depend very much on what you're trading, and at what hours.
They said again they are 'giving me the best price at the time', which basically means they're not promising anything and can slip me as much as they want.
If they're a proper ECN then it's not "they" who are actively "slipping you". If you're buying, you're simply getting matched against the best - lowest - sell order which is being offered by the market participants you have access to.
If they're a proper ECN then it's not "they" who are actively "slipping you". If you're buying, you're simply getting matched against the best - lowest - sell order which is being offered by the market participants you have access to.
But they are not, that's why I call them 'ECN style' broker. They are the closest thing to ECN via MT4 platform, but technically they are a kind of STP broker. But regardless, I imagine that if they wanted to, they can limit their internal slippage, and re-quote u (before passing it on) if it's above that slippage. I think they don't have any incentive to that though.
Anyway, think I'll start a new thread on this subject...
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From my experience (with non-ECN brokers) it's relatively rare to get slipped, usually they just re-quote u. But I do remember cases where I was slipped by up to my specified slippage (I normally use 3-5 points, on 5 digit brokers). I have been going through my LIVE account logs but couldn't find a single case where a market order that had SL/TP was slipped (only orders with no SL/TP were slipped), so I can't find an answer...
My question is - with a non-ECN broker (where slippage is not ignored by the broker), let's say a market order is slipped by 2 points, will the TP/SL be automatically moved by that much? Or will it open at the slipped price, but with my original SL/TP?