Does anyone know a dealer who is fair regarding slippage. My current dealer blows past my stop if the price gaps against me afterhours. But if the price moves in my favor they manage to fill me, at my limit and not a pip above. This happend on Christmas night. Ho, ho, ho. Merry rip off.
hey cat...first off...I would never trade on Christmas night...why did you?...very low volume etc..please explain...wehy did you?
stops are guaranteed a fill but not a price. if you are lucky the dealers software will give you your price if your order is too small to notice but in reality you should get the best available market price once your stop is touched. limits are guaranteed a price but not a fill (in the case there is not enough liquidity at your limit price to fill your order). there is no way your broker will change the price on a limit order. its just how things work, and it protects your broker for obvious reasons. but if someplace is guaranteeing stops or filling limits at market, I'd like to know too. it is just a video game to a bucketshop untill you trade size, so maybe they're out there.
thanks for the replies. I've had the position open since Tuesday. When I saw the price spike to 1.4070 (eur/usd) in pre-trading Friday morning, I thought for once I might pocket a little extra. The trade closed at 2:02 est while the price was at 1.4047. I got filled at 1.4025. Some bank or my broker pocketed the difference. If it had been a stop and not a limit, I would have ate it. I guess that is how these things work.
Firstly, who you trading with? Everything should work both ways, if not call them on it and let them know that you have noticed but don't ask for anything and the next time it happens then you give them shit. You also need to realise that if price gaps, you cannot expect to get you stop loss at any price below the gap, e.g. if price gaps on Monday open then you will either take a larger loss or get a larger profit since there was no tradable price which can be proven.
I have FXCM. Here is their reply to my request that they credit me for the positive slippage. "In regards to the positive slippage, there have been and will continue to be many situations where FXCM is not "win-win". In this particular case you had a limit but it could have just as easily been a stop. At the end of the day, FXCM is not the counterparty of your trade and as long as banks see that it is not in their best interest to grant you positive slippage - they will not allow that to happen."