Anybody that has any experience with 'ECN style' brokers (with a LIVE account), I'd appreciate if you can share:
1. What was the max slippage you
experienced for a market order? (slippage -> I mean the difference in points between requested price and the actual opening price).
2. Roughly, what is the average slippage u experience with market orders?
To clarify, 'ECN style' brokers are those that ignore slippage and give you 'the best market price at the
time', usually they're using BT bridge. I need this info to asses the affect of slippage on my trading strategies. Obviously I can't get this kind of info from a demo account, only from a LIVE one. My broker didn't have an answer for this question besides 'we give u the best market price at the time'.
I have had experience with a few 'ECN' brokers since this post (I mean with Live accounts)... I don't have enough statistics for either one to accurately answer my own questions, especially since 'abnormal market conditions' seems to be the norm these days. Additionally, some of the stats have not been properly collected.
For max slippage I have seen up to about ~7 pips (70 points on a 5 digit broker), which is quite a lot, but it was during news. On average slippage was in the order of less than a pip. Slippage was roughly the same across brokers, but varied considerably in abnormal market conditions.
Would it be permissible for you to list the ECN brokers where slippage was more than zero so they can be avoided?
I know that most ECN brokers take first bite at your bid/ask, but not at the expense of your nominated slippage.
engcomp wrote >>
In an ECN environment slippage is inherent, normal and unavoidable, so your question makes no sense. There's an excellent explanation here -> http://www.forexfactory.com/showthread.php?t=8046. I suggest u read it. BTW, a true ECN would not "take a bite" at your bid/ask either. They would make their money strictly from commissions and nothing else.
Anyway, to answer your question - I experienced slippage occasionally with all the 'ECN' MT4 brokers I worked with (not surprisingly).
Opening order is never such a problem, but closing yes ! (That's where brokers earn their money)
Could you tell us more about closing positions with an ECN ?
Is it OK to close 20 positions quickly ? (impossible with my classical broker, plenty of error messages)
i am Mahbub360 - not very old in this trade , just 9 months - i trade with exness. On last trading day i took a positive slippage of around 4 pips in ECN Account at exness. still i am thinking of switching to pepperstone or XM. any suggestion?