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Limit orders on MT4

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Albalunga
23
Albalunga  

Good mornin to alls

I use MT4 with ETXcapital. I buy/sell CFD on Uk Gilt and use ONLY limit order.

I see that often orders are filled at worse price of 1-2 ticks. In example I put buy @124,07 and really I buy @ 124,08. I said them that buy limit order means “not more than” 124,07 and they genercally answered that the order is executed at best price “availbale” at that moment. And the problem frequently happens so I begin to think that it is a trick of the broker also because Uk Gilt hasn’t so fast movement.

Is this a normal behavior of platform or is it a trick of the broker?

Thanks 

whroeder1
16336
whroeder1  
  1. Limit means limit. You could try another broker.
  2. Or try a complaint.
    ETX Capital takes complaints seriously due to their FCA license. They use an external Financial Ombudsman Service to resolve any issues traders may have.
              Scam Broker Investigator • ETX Capital Review
Fernando Carreiro
3399
Fernando Carreiro  
Albalunga: I use MT4 with ETXcapital. I buy/sell CFD on Uk Gilt and use ONLY limit order.

I see that often orders are filled at worse price of 1-2 ticks. In example I put buy @124,07 and really I buy @ 124,08. I said them that buy limit order means “not more than” 124,07 and they genercally answered that the order is executed at best price “availbale” at that moment. And the problem frequently happens so I begin to think that it is a trick of the broker also because Uk Gilt hasn’t so fast movement.

Is this a normal behavior of platform or is it a trick of the broker?

The following post reference is a few years old, but the information on it might still apply:

Forum on trading, automated trading systems and testing trading strategies

Is there any way to guarantee a fill price?

Jon Grah, 2014.07.21 13:52

Slippage parameter only applies to instant execution.  Market execution does ignore slippage parameter.  OP did not specify who his broker was, or whether or not his account type was market or instant execution.  I'm assuming that it is market execution.

I recommend that you handle your order management 'internally' meaning that you let the EA detect the conditions in real time and then offset positions as needed.  If you attempt to use the broker's pending order system, especially during volatile periods, you are setting yourself up for stop hunting, erroneous fills, etc.  Even with an honest broker (ECN/STP or an honest dealer), you still can have negative slippage, especially if you are attempting to exit with the momentum (trying to sell when the market is going down, or buy when the market is going up).  You have much more control if you have your own functions monitoring spreads, and then send a market order to offset when your conditions are met.

There are a very few ECN/STP mt4 brokers who actually have "true" limit orders; meaning that once your pending order is triggered, it becomes a market order (brokers with dealing desk will convert pending to instant order).  You have to ask them specifically if they will guarantee a limit-style order, where you get the requested price 'or better'.  I think years ago Forex.com offered guaranteed stop losses on their accts if you were 50 pips away from entry (5 pips for the pro acct); I don't think any broker is doing that now.

Either way, a talk with your broker will confirm whether they do allow slippage parameter on the stop order.

Albalunga
23
Albalunga  

Thanks for your answers, bot none of them answer specifically to the question. 

I am speaking about limit orders on CFD in MT4. What is normal functioning of the paltform in this case? The limit price is respected? Does it depend on broker or on platform? Or the order, when price is reached on market  simply become a "market order" (and if it is so a slippage can happen)?

Fernando Carreiro
3399
Fernando Carreiro  
Albalunga: Thanks for your answers, bot none of them answer specifically to the question. I am speaking about limit orders on CFD in MT4. What is normal functioning of the paltform in this case? The limit price is respected? Does it depend on broker or on platform? Or the order, when price is reached on market  simply become a "market order" (and if it is so a slippage can happen)?

It does not matter if it is CFD, Forex or whatever. Please read the answers again, especially the section in yellow, then confront your broker for the specifics.

JC
1592
JC  
Fernando Carreiro:

Please read the answers again, especially the section in yellow, then confront your broker for the specifics.

(The bits around the quotes in yellow seem to mix up, or at least conflate, guaranteed stops with entry limit/stop orders. Very different things. But it is true that one needs to check with one's broker how limit orders are handled.)

Fernando Carreiro
3399
Fernando Carreiro  
JC: (The bits around the quotes in yellow seem to mix up, or at least conflate, guaranteed stops with entry orders. Very different things. But it is true that one needs to check with one's broker how limit orders are handled.)

Yes, the whole post is about various different aspects, hence why I highlighted the most relevant parts, but where is the confusion or "mix-up" in the following?

There are a very few ECN/STP mt4 brokers who actually have "true" limit orders; meaning that once your pending order is triggered, it becomes a market order (brokers with dealing desk will convert pending to instant order).  You have to ask them specifically if they will guarantee a limit-style order, where you get the requested price 'or better'.
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