Last Friday I've noticed a strange TP execution of my order. It was closed with huge negative slippage of 37 points (3.7 pips).
As far as I know TP orders are to be executed as Limit orders which means that at exact or better price. So we may expect from zero to some positive slippage. I considered it as a server mistake and applied to my broker support to explain or resolve it.
And I was greatly surprised to read such an answer today:
What does it mean? Have I missed something? Is it only IC Markets who is executing Limit orders as Market orders? Or is it already no execution difference between Stop, Limit and Market orders at all?
As far as I know TP orders are to be executed as Limit orders which means that at exact or better price. So we may expect from zero to some positive slippage. I considered it as a server mistake and applied to my broker support to explain or resolve it.
And I was greatly surprised to read such an answer today:
QuoteDislikedDear Alexander,
Thank you for your inquiry.
Kindly be advised that MT4 take profit and limit orders are also executed as Market orders.
With market orders you are receiving the best price at the time, which can mean that negative slippage may also be received on your TP.
Please do not hesitate to contact us should you require further assistance.
Kind Regards,
Kim Reilly | IC Markets
BR, alex