DislikedI unfortunately had to close my account today after repeated, disastrous, high slippage. The last straw was an order to close, set to break even today - closed out at 9.1 pips loss - costing me hundreds of dollars. Overall, slippage at IC Markets has cost me several thousand dollars in the 2 months I have been a client. Their recommendation? Don't trade 'news'. Well this was on a minor news event (yellow on FF) - so with so many events every day how the hell are you supposed to trade at all? Be careful - the spreads look great but the service is...Ignored
- #525
- Edited 10:25am Jan 15, 2014 7:02am | Edited 10:25am
- Joined Jul 2007 | Status: Trader | 1,685 Posts
BTC Return This Year:
na
- #531
- Edited Jan 17, 2014 8:33am Jan 16, 2014 7:36pm | Edited Jan 17, 2014 8:33am
As I said before, I don't think the commission structure for cTrader makes any sense but this is not IC Market specific, it is indeed more or less a broker standard. That does not in any way make it ok with me so I will continue looking for alternatives or working to change it. That said, my experience with IC Markets overall is better than with any other forex broker I have used, especially when it comes to order execution, and my biggest gripes still relate to limitations of the MT4 platform. IC Markets can't do anything about that but they could potentially offer a more mature platform alternative than cTrader, who does indeed seem to be in some sort of permanent Beta test and lacks a lot of critical features (fast backtesting, Visual Studio integration, useful debugging etc).
My biggest issue at the moment is that MT4 does not offer real limit orders for ECN brokers since your order is not actually placed on the book of the liquidity provider. If the limit order price you have set is reached, the order will be sent like a market order and will be executed at the best available price, which means you can get slipped just like with a market order. In fact, the "slippage" parameter within OrderSend is completely meaningless.
However, this means you can also get positive slippage, i.e. get an execution at a price that is better than your limit order price. I have checked my execution on my live account with IC Markets for over a 2,500 orders and on average I did get negative slippage at a rate of about 0.12 pips per trade exit (I only checked executed price vs take profit price). However, to keep things balanced and to show things can also work the other way, I thought I'd share a picture of what happened today but probably never will again.
I managed to get slipped 26 pips in my favor! I actually had several orders open and got positive slippage on all of them, but this was the most extreme one. That doesn't get me particularly excited since that pretty much means the exact opposite thing can happen but at least it is not always one sided against the retail trader. My honest opinion is that execution "issues" with IC Markets is not due to them doing something shady, rather is is due to the limitations of the MT4 platform and also a function of how the markets work. Forex traders are "spoiled" with normally having lots of liquidity and the ability to get in and out of large positions pretty much instantly and mostly without getting detrimental execution e.g. by their order actually moving the market price. My background is in equities and for those who complain about "bad" executions in forex, try trading small cap stocks for a while... Don't get me wrong, bad execution prices still suck and are really frustrating but are from my experience unavoidable in all financial markets.
My biggest issue at the moment is that MT4 does not offer real limit orders for ECN brokers since your order is not actually placed on the book of the liquidity provider. If the limit order price you have set is reached, the order will be sent like a market order and will be executed at the best available price, which means you can get slipped just like with a market order. In fact, the "slippage" parameter within OrderSend is completely meaningless.
However, this means you can also get positive slippage, i.e. get an execution at a price that is better than your limit order price. I have checked my execution on my live account with IC Markets for over a 2,500 orders and on average I did get negative slippage at a rate of about 0.12 pips per trade exit (I only checked executed price vs take profit price). However, to keep things balanced and to show things can also work the other way, I thought I'd share a picture of what happened today but probably never will again.
I managed to get slipped 26 pips in my favor! I actually had several orders open and got positive slippage on all of them, but this was the most extreme one. That doesn't get me particularly excited since that pretty much means the exact opposite thing can happen but at least it is not always one sided against the retail trader. My honest opinion is that execution "issues" with IC Markets is not due to them doing something shady, rather is is due to the limitations of the MT4 platform and also a function of how the markets work. Forex traders are "spoiled" with normally having lots of liquidity and the ability to get in and out of large positions pretty much instantly and mostly without getting detrimental execution e.g. by their order actually moving the market price. My background is in equities and for those who complain about "bad" executions in forex, try trading small cap stocks for a while... Don't get me wrong, bad execution prices still suck and are really frustrating but are from my experience unavoidable in all financial markets.
- #532
- Jan 17, 2014 8:05am Jan 17, 2014 8:05am
- Joined Jul 2007 | Status: Trader | 1,685 Posts
BTC Return This Year:
na
very weird
trade got deleted
one of my pending order got deleted and didnt got executed, I had placed this trade long back, market hitted my TP, and when I saw my platorm, I see nothing happend, my trade was deleted.
I would have made 20 $ out of it.
EURJPY was the trade
this is first time, but if it gets repeated, I need to take some action.
trade got deleted
one of my pending order got deleted and didnt got executed, I had placed this trade long back, market hitted my TP, and when I saw my platorm, I see nothing happend, my trade was deleted.
I would have made 20 $ out of it.EURJPY was the trade
this is first time, but if it gets repeated, I need to take some action.
Its just a beginning !!!
