DislikedHi,
Placed an order for GBP/USD before data release at 0830 London time today.
Was just before consumer spending release. Market was hovering around 1.58 and I place sell stop order at 1.5785 with slippage of 2 pips and 50 pip SL. Data came out and price sunk to 1.5766. Horror struck as I saw trade was in a loss and getting larger even though price below my order and so should be in profit. By the time I closed price was at 1.57925.
Contacted broker and they have changed it so I was filled at 1.5783 as the stop order changes to a limit order???...Ignored
Hey Scotty,
The problem with a sell/buy stop is that as soon as it’s triggered per price it turns into a market order and a market order during high volatility (a news event) is very risky.
I see you noted that your slippage control was set at two pips so by the shear definition of the “slippage control” your trade shouldn’t had happened and that’s why they gave you the slippage price.
Now with a limit or you are saying I what to sell at 1.5785 or anything below and the 2 pip slip doesn’t apply because it’s a limit order. You should know (by now) trading with an ECN during a news event is risky PERIOD.
With news events... If you're going to play you might just pay (the price).
Trade to trade well, no excuses.
JD
It's Easy To Get In;.. It's Hard To Get Out