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How to avoid the bad slippage?

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Anton Nel
39065
Anton Nel  
I wish there is a method/function to tell us what is the broker's slippage going to be if I trade?

If broker's slippage is greater than x pips then do not trade.


To avoid like this:
NZDUSD
Ask Price: 0.86952
After BUY trade is executed the opened price is 0.87004
That is 5.2 pips slippage which is unacceptable.

Possible on ECN accounts?
SYED NAUFAL GADDAFI
1401
SYED NAUFAL GADDAFI  
Use pending orders. Mostly managed to avoid such slippage but still it depends on the broker preference and speed.
honeill
792
honeill  
Mostly depends on the broker.
Anton Nel
39065
Anton Nel  
deysmacro:
Use pending orders. Mostly managed to avoid such slippage but still it depends on the broker preference and speed.

I have tried this BuyStop, BuyLimit, SellStop, SellLimit -- same issue.
Tjipke de Vries
6370
Tjipke de Vries  

Basically with real ECN you might see if you open manually

Attention! The trade will be executed at market conditions, difference with requested price may be significant

So slippage won't work

Other brokers might have the standard option

Enable maximum deviation from quoted price

Here you can use slippage with a maximum size

I think you have to make a workaround if market is volatile normal slippage is huge

Do at Start/OnStart something like

oldAsk = pAsk;

pAsk = Ask;

if difference between both is more then your slippage then it looks to me saver not to place the trade

SYED NAUFAL GADDAFI
1401
SYED NAUFAL GADDAFI  
ROMAN5:

I have tried this BuyStop, BuyLimit, SellStop, SellLimit -- same issue.
It seems to me you need to change broker if the speed is that slow.



Ian Venner
2584
Ian Venner  
Yes I would first contact the broker and ask if they are able or willing to do anything about the slippage, if they can't or won't I would find another broker.
Carl Schreiber
7091
Carl Schreiber  
ROMAN5:
I wish there is a method/function to tell us what is the broker's slippage going to be if I trade?

If broker's slippage is greater than x pips then do not trade.


To avoid like this:
NZDUSD
Ask Price: 0.86952
After BUY trade is executed the opened price is 0.87004
That is 5.2 pips slippage which is unacceptable.

Possible on ECN accounts?

1) Discuss that with your broker!!

I heard once in a seminar of a broker to tell you broker that you sent the order with an allowed a slippage of let me say 4 point but you got 5.2 pip or 52 point and ask them to cancel the order or give you the better price!

2) If they don't accept you can ask the regulation authority what to do.

Otherwise the slippage would be totally meaningless!!

Gooly

Alain Verleyen
Moderator
32402
Alain Verleyen  
SDC:
Yes I would first contact the broker and ask if they are able or willing to do anything about the slippage, if they can't or won't I would find another broker.

gooly:

1) Discuss that with your broker!!

I heard once in a seminar of a broker to tell you broker that you sent the order with an allowed a slippage of let me say 4 point but you got 5.2 pip or 52 point and ask them to cancel the order or give you the better price!

2) If they don't accept you can ask the regulation authority what to do.

Otherwise the slippage would be totally meaningless!!

Gooly

There is nothing to discuss with the broker, it's perfectly normal, as traders you are supposed to know what a Market execution is (so called ECN). There is no slippage with this kind of execution as you ask to open an order at the first market price available. On period of high volatility this can be a very different price from current price (Bid/ask).

If you don't like this behaviour, you have to find a broker which use Instant execution, providing the possibility to reject an order if slippage is greater than a specified value.

Ian Venner
2584
Ian Venner  

Well hell, what do we need trading platforms for then... may as well just email them,

Dear broker,

Please open an order for me some time today, just take any price you want then close it later at some price when its at a loss and bill my account, thanks,

Yours Sincerly, another mug punter.

qjol
3243
qjol  
SDC:

Well hell, what do we need trading platforms for then... may as well just email them,

Dear broker,

Please open an order for me some time today, just take any price you want then close it later at some price when its at a loss and bill my account, thanks,

Yours Sincerly, another mug punter.


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