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learned a very valuable lesson today

  • #1
  • First Post: May 5, 2019 4:55pm May 5, 2019 4:55pm
placed a buy order at 1.1202 on friday with a stop loss at 1.1195 in the eurusd which got filled.

then the market closed for the weekend and i had a +3 profit.

then the market reopened about an hour ago and went straight down to 1.1170 ignoring my stop order at 1.1195!

i thought my stop would protect me but turns out slippages really do happen.

lesson learned -- don't leave orders during the weekend to avoid massive slippage!
  • #2
  • May 5, 2019 6:42pm May 5, 2019 6:42pm
Quoting iLl3CK
placed a buy order at 1.1202 on friday with a stop loss at 1.1195 in the eurusd which got filled. then the market closed for the weekend and i had a +3 profit. then the market reopened about an hour ago and went straight down to 1.1170 ignoring my stop order at 1.1195! i thought my stop would protect me but turns out slippages really do happen. lesson learned -- don't leave orders during the weekend to avoid massive slippage!

what kind of lesson is that ? you don't need to test the obvious live or demo. simply use your logic.
  • #3
  • May 5, 2019 9:23pm May 5, 2019 9:23pm
Quoting iLl3CK
placed a buy order at 1.1202 on friday with a stop loss at 1.1195 in the eurusd which got filled. then the market closed for the weekend and i had a +3 profit. then the market reopened about an hour ago and went straight down to 1.1170 ignoring my stop order at 1.1195! i thought my stop would protect me but turns out slippages really do happen. lesson learned -- don't leave orders during the weekend to avoid massive slippage!
Weekly open gap.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #4
  • May 6, 2019 6:41pm May 6, 2019 6:41pm
What broker/platform?
  • #5
  • May 6, 2019 6:53pm May 6, 2019 6:53pm
It didn't ignore your stop; price gapped. Your stop says to close if the market goes below your stop price, and it did. It just didn't do it slowly, it gapped down.
  • #6
  • Mar 4, 2020 11:41am Mar 4, 2020 11:41am
I think that there is actually a certain amount of truth in your words, because I have also heard about such situations before, and in this case I can draw two conclusions. The first is that there are also certain economic and political events that happen over the weekend that can also affect the market and really an asset that by Friday evening rose in price by Monday morning can significantly lose its value. The second thing I heard from a friend of mine, who unfortunately ended up in a company that was conducting fraudulent activities. The whole point was that over the weekend a broker was tracking large orders of his clients and when the market opened, these deals instantly went down. So yes, if we are not talking about some super long-term positions, I would also avoid trading on weekends.
  • #7
  • Last Post: Mar 29, 2020 6:45am Mar 29, 2020 6:45am
Wait, I didn't quite understand you, so even though you set the stop-loss, your deal went down anyway and you lost more than planned? If that's the case, then the problem is not with the weekend and not with you, the problem is with your broker who can't provide you with normal trading conditions. If I misunderstood you and you just held a position because you did not know what to do with it, then I will agree with other traders that you need more practice. The coming weekend is not a reason to give up trading and miss good deals. Keep a wider range to make money if the capital eventually allows it, and be careful if you see that the opposite levels are about the same. Then you'll find it a little easier.
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