Huge Slippage

Discussion in 'Forex' started by gkadir, Jun 7, 2015.

  1. gkadir

    gkadir

    Fellow traders, I am seeking some help here.

    I trade with a FIX API with Integral.

    On Thrusday 4th June at 18.33 (GMT +1) I placed a market order to buy 1 lot (100k) of EURUSD @ 1.12807.
    I got filled at: 1.12945

    A 13.8 pip slippage in one of the most liquid pairs. It was at 6pm in the evening with very little volatility.

    When I put a complaint, they said there was little liquidity and the first liquidity provider refused my order so it went to the 2nd liquidity provider.

    Can anyone advice me what I can do here? I am not trading with a bucket shop, I am trading with a reputable company.

    I understand market orders are open to slippages but not where the market hasn't traded there.

    Is there anyway I can get bid/ask data for that particular time?

    I attach a chart to show in Pink where I placed the order to buy and Yellow where I got filled.

    Thank you in advance for the help.
     
  2. wqking

    wqking

    Less volatility == larger spread == possible larger slippage.
    Can you check the historical spread at that time?
    Which provider? What's the "normal" spread?
    1.12807 is bid or ask?
     
  3. gkadir

    gkadir

    I can't check historical spreads on my patform. Is there a 3rd party service that allows you to check historical spread?

    Integral, normal spreads is 0.3. i.e 1.12533/1.12536

    1.12807 was ask. I placed a buy market order.
     
  4. wqking

    wqking

    Historical spread is specified to your broker. So no way to check it unless your broker provides it.
     
  5. Does their FIX API not support limit orders?

    I mean, seriously, a marketable limit order to remove liquidity at the ask would have saved your butt here.
     
    Occam likes this.
  6. romik

    romik

    It does seem extreme considering it was 1 lot and there wasn't much volatility going on that time.
     
  7. gkadir

    gkadir

    Broker has limit orders, but I use a market order to make sure I get the fill.
    I don't mind paying slippages if market has traded at those levels but not a 13 pips slippages when the market didn't even trade there.

    Was thinking if by going to the regulator it would make a difference?
     
  8. I wouldn't waste my time for 1 lot and 13 pips.... I would get away from that broker and trade futures instead of forex.
     
  9. i960

    i960

    It's called a marketable limit order. You submit a limit order for the inside ask price which is effectively the same as a market order but if the market suddenly decides to pull all asks and move them up 100 ticks (strange?) you won't get filled.

    Atleast, with IB, I don't even see anything close to your fill price. Does your broker charge a commission?
     
  10. Redneck

    Redneck

    Less liquidity and / or greater volatility = results in / contributes to - slippage

    RN
     
    #10     Jun 7, 2015