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Quick Question about Slippage

  • #1
  • First Post: Jul 1, 2006 2:25pm Jul 1, 2006 2:25pm
Hello,

I'm an equity trader who has just recently started researching currencies.

I like what I have heard so far...high leverage, no commissions, no short selling and no slippage?

Is it true that if I place a limit order above or below the current price, I will get filled at the exact price I want with no slippage?

I will most likely be trading during high volatility and that is always the main concern. I am not talking trying to place an order when the market is ripping but when it does trade through my price, I just want to make sure that I am guaranteed a fill at that exact price.

Are there any negatives to trading currencies besides the normal factors that would be present in trading any other market?

Thanks,

Jeff
  • #2
  • Jul 1, 2006 2:30pm Jul 1, 2006 2:30pm
Quoting jmbtx
Hello,

I'm an equity trader who has just recently started researching currencies.

I like what I have heard so far...high leverage, no commissions, no short selling and no slippage?

Is it true that if I place a limit order above or below the current price, I will get filled at the exact price I want with no slippage?

I will most likely be trading during high volatility and that is always the main concern. I am not talking trying to place an order when the market is ripping but when it does trade through my price, I just want to make sure that I am guaranteed a fill at that exact price.

Are there any negatives to trading currencies besides the normal factors that would be present in trading any other market?

Thanks,

Jeff
guaranteed fills are advertised by some brokers but I am not sure that they really honor it. if you wan't to trade on news then broker selection is most important as some widen spreads, some disconnect, some requote all the time when a news event or fast market moves occure.
  • #3
  • Jul 1, 2006 2:32pm Jul 1, 2006 2:32pm
Hello,

Yes, I trade news on stocks and am thinking that's what I will be doing with currencies.

I was hoping to place orders around 5-10 minutes before announcements.

What brokers should I be looking at?

Not getting filled is even worse than slippage.

Thanks!
  • #4
  • Jul 1, 2006 5:13pm Jul 1, 2006 5:13pm
Quoting jmbtx
Hello,

Yes, I trade news on stocks and am thinking that's what I will be doing with currencies.

I was hoping to place orders around 5-10 minutes before announcements.

What brokers should I be looking at?

Not getting filled is even worse than slippage.

Thanks!
I'm not a news trader, so my broker recommendations would be useless. Search around. I think there is plenty of threads here about it.
  • #5
  • Jul 1, 2006 11:01pm Jul 1, 2006 11:01pm
You won't be able to find your exact target with any broker or market maker because once the price jumps & clears ranges of prices, your order will be filled with slippage...It all depends on the volatility of this specific time, sometimes you will have a higher slippage, sometimes you will have a smaller slippage & sometimes you won't have slippage at all, but for sure you will experience slippage frequently...

There will be no broker who will gaurantee you exact fills all the time, simply because the market might not be trading at the price of your order....It's just like price gaps in stocks...


Thanks,

Nader
  • #6
  • Last Post: Jul 2, 2006 3:05am Jul 2, 2006 3:05am
Never had slippage on Oanda. This may not apply if you have unrealistic expectations and think you should be filled on the initial NFP release gap. I only trade news action after the initial gap and peak with no problems.

If you want to get on the immediate initial peak action you need to enter before the news hits and only exit on the peak, IF it goes your way. It's a gamble then not a trade.
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