I am trading with certain broker with real account.
I use automatic system to place order.
I use OrderSend to place order at market price with Stop Loss.
Order is filled with required price and stop loss is also set and available on server.
However, when Order is closed the closing price is not same as Stop Loss. It is little bit different from my STOP LOSS price causing loss.
I think this is mistake on broker side because STOP is already there on server hard coded and they failed to close order at that price.
I there is problem in filling the order then I can understand the issue could be with liquidity but when my hard coded STOP LOSS is not triggered then broker needs to fix this and correct the order closing so that I can get the refund of the losses.
Can someone give me idea about whether it is valid for broker to not honor the hard coded stop loss and put me in loss?
I requested broker to correct his and their representative told me and I quote "This can happen when there's not enough liquidity behind the price that you see in MT4. MT4 is designed to display only the best price and can't show all the prices we have at the same moment."
Again please keep in mind I am not talking about opening the order I am talking about honoring stop loss which is hard coded on their system.
Any feed back on this would be greatly appreciated.
yes I do use slippage with OrderSend for placing the order.
I think which only comes into picture while filling the order.
In this situation Order is already placed with certain open price and stop loss price on the liquidity server.
I expect the order to be closed at that stop loss value but order closed at different price with huge difference like more than 60 points.
If order is not filled at requested price that I can understand but in this situation already order open price and stop loss price already available on LP server so I expect that to be honored. IS it not valid think to expect?
No, it's not. A stoploss is an order too, you need liquidity to "honour" it at requested price. If the order is send from your terminal or from the broker server can change the execution time, but in all cases you need liquidity. Liquidity is not related with your terminal or the broker server.
Yes stop loss is an order too but just like Order open price stop loss is already accepted price where it is going to be closed. it is hard wired in the server.
As far as honoring it with few points delayed is OK I think but in this case it is 67 points off. Is this normal thing to have this much difference?