Is there a good broker with no slippage? | Forex Factory

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Is there a good broker with no slippage?

  • #1
  • First Post: Jan 3, 2015 11:27pm Jan 3, 2015 11:27pm
Dear trader , I want to ask, is there broker that execute pending order without slippage ? For example
I make pending order buy eur/usd at 1.2150 , TP at 1.2200 , SL 1.2100. The problem ,i usually see that my order or TP and SL not exactly like that. there are slippage around 3-5 pips. Thanks for information
  • #2
  • Jan 3, 2015 11:37pm Jan 3, 2015 11:37pm
when you set sl level at round figures, it tend to be get slippage, due to market structure. How much depends on the liquidity at that time. Market maker could promise you the price you set to fill, otherwise no.

Regards,
  • #3
  • Jan 4, 2015 12:10am Jan 4, 2015 12:10am
Quoting Zkf
when you set sl level at round figures, it tend to be get slippage, due to market structure. How much depends on the liquidity at that time. Market maker could promise you the price you set to fill, otherwise no. Regards,
Thanks for your reply. So the market maker broker could fill the order exactly as I set ?( without slippage) Could you please named the broker like my criteria ? thanks
  • #4
  • Jan 4, 2015 7:10am Jan 4, 2015 7:10am
Check your settings. If EURUSD reaches 2200 or 2100 the platform should submit a Limit order. If your platform is submitting a Market order that would account for the slippage, but a Limit order means you get the price you want. Otherwise talk to your broker. I can't think of a single broker which would give slippage on a Limit order, so if the problem isn't with your platform or the way you're setting up the pending orders, then you can go to any other broker in the world to avoid this.

Rob M.
  • #5
  • Jan 4, 2015 8:19am Jan 4, 2015 8:19am
Quoting Rob Mondave
Check your settings. If EURUSD reaches 2200 or 2100 the platform should submit a Limit order. If your platform is submitting a Market order that would account for the slippage, but a Limit order means you get the price you want. Otherwise talk to your broker. I can't think of a single broker which would give slippage on a Limit order, so if the problem isn't with your platform or the way you're setting up the pending orders, then you can go to any other broker in the world to avoid this. Rob M.
Thanks for your reply Rob . Yes i make a pending order with price of order and TP and SL too. but sometimes TP and SL got slippage. for example i make SL 50 pips,but the broker close with SL 53-55. so the bigger the losses i get.
  • #6
  • Jan 4, 2015 10:30am Jan 4, 2015 10:30am
I don't think you can escape from slippage, unless you're trading in a bucket shop. After all, a stop order means: "If this price gets hit, do it, no matter what!"
Limit orders, on the other hand, means: "Only execute at this price or something better than that."
  • #7
  • Jan 4, 2015 6:04pm Jan 4, 2015 6:04pm
Quoting WalterWhite
I don't think you can escape from slippage, unless you're trading in a bucket shop. After all, a stop order means: "If this price gets hit, do it, no matter what!" Limit orders, on the other hand, means: "Only execute at this price or something better than that."
Ronald, this was my point, that if your pending order (TP or SL) is entering as a Market order, you'll get slippage. If your pending order (TP or SL) is entering as a Limit order, you won't get slippage. If you're absolutely sure that your pending orders (TP or SL) are going in a Limit orders, then there's something wrong with your broker and you can address this with them. Again, as I wrote and as Heisenb… I mean Walter wrote, you won't get slippage with a pending (TP or SL) Limit order.
  • #8
  • Jan 4, 2015 8:25pm Jan 4, 2015 8:25pm
Quoting Rob Mondave
{quote} Ronald, this was my point, that if your pending order (TP or SL) is entering as a Market order, you'll get slippage. If your pending order (TP or SL) is entering as a Limit order, you won't get slippage. If you're absolutely sure that your pending orders (TP or SL) are going in a Limit orders, then there's something wrong with your broker and you can address this with them. Again, as I wrote and as Heisenb… I mean Walter wrote, you won't get slippage with a pending (TP or SL) Limit order.
Thanks rob for the reply. Maybe i miss understand with your statement. I make a pending order around 15 pips from market price. And I make TP and SL at the same time. Then I close my MT4. The problem is when i open the mt4 again, my order was order and maybe already close with TP or SL hits. The problem is the order close with different from my TP or SL i have set. for example my SL set 25 point ,but in reality my SL close with 27 or 28 . so my loss is bigger that i have set before.. Sorry for bad in english.
  • #9
  • Jan 5, 2015 8:17am Jan 5, 2015 8:17am
Ronald, yes, I understand the issue you're having. This is what you have to discover: once you are in the trade and you close MT4, when the price hits either your TP or your SL, is it then submitted as a Limit order or a Market order. If it's submitted as a Market order, then that is why you're getting slippage, and maybe you can change a setting in your platform. If it's submitted as a Limit order and you still get slippage, then the issue is with your broker and you should contact them.

What I'm writing about has nothing to do with how you enter the original position. I'm writing about how the TP or SL is executed after you are already in the position and when EURUSD reaches that level. Is the TP or SL submitted to the broker as a Limit or a Market order.

Rob
  • #10
  • Jan 5, 2015 5:07pm Jan 5, 2015 5:07pm
i really wanted to start a separate thread, but as i'm a newb, i have to post in a related thread.

so, i been looking at the broker called XM, they seem to be very competitive and i'm finding mostly good reviews. they also include the mt4 platform with any account size. you also get access to their signals. they even offer a 30 dollar no strings attached credit if you open a real account, even without making a payment to the account apparently. they say that they allow news trading, no slippage and no refusals and very tight spreads compared to the broker i just started up with a couple of weeks ago called UFX. anyway i'm considering opening an account with XM to get the mac version of meta trader 4 they offer to clients with a real account. any comments or tips regarding either of these brokers would be appreciated, ufx does offer autochartist, but only if you open an account of 5k or more. anyone know anything about these 2 platforms; autochartists and mt4?

ps: if anyone knows of a good thread to learn about recognizing high probability set ups, please link me up.

thanks and all the best

WeeMee
  • #11
  • Last Post: Jan 5, 2015 9:23pm Jan 5, 2015 9:23pm
Quoting Rob Mondave
Ronald, yes, I understand the issue you're having. This is what you have to discover: once you are in the trade and you close MT4, when the price hits either your TP or your SL, is it then submitted as a Limit order or a Market order. If it's submitted as a Market order, then that is why you're getting slippage, and maybe you can change a setting in your platform. If it's submitted as a Limit order and you still get slippage, then the issue is with your broker and you should contact them. What I'm writing about has nothing to do with how you enter...
Thanks again rob for your answer. i understand what you mean now. . So the problem i think is the broker. .. The strange things is The SL always bigger than i set and never less than my SL , but when TP never bigger than my TP i adjust. so i think the slippage always have bad result for trader. hahaha
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