Can someone tell me why my Stop was executed 4 pips away at 219.79, instead of 219.75? Here's my audit trail from InteractiveBrokers. ModifyOrder MsgType OrderCancelReplaceRequest SendingTime 20060807-14:15:30 ClientOrderID 1900495398.1 OrigClOrdID 1900495398.0 AuxPrice 219.75 ClearingAccount XXXXXXX ClOrdLinkID gy1 OrderQty 18000 Side Buy OrderType Stop Symbol GBP SecurityType CASH IBLocalSymbol GBP.JPY TimeInForce GTC ContractID 14321015 CumQty 0 6211 6238 CheckSum 183 Filled MsgType ExecutionReport SendingTime 20060807-14:28:24 OrderID 0002b945.0000da3a.44d6bf3a.0002 ClientOrderID 1900495398.1 ExecID 0001ced8.421fd4d3.01.01 ExecType Filled ExecTransType New OrdStatus Filled Symbol GBP Side Buy ExDestination UBSFX SecurityExchange UBSFX OrderQty 18000 AuxPrice 219.75 LastShares 18000 LastMarket UBSFX LastPx 219.79 CumQty 18000 LeavesQty 0 AvgPx 219.79 SecurityType CASH ClearingFirm CITI-FX ClearingAccount XXXXXX Account U280350 ConQPath GBP/CASH/JPY/14321015/41597/UBSFX/32/GBP.JPY/GBP.JPY TransactTime 20060807-14:28:24 ClOrdLinkID gy1 6209 ReduceOnFillNonBlock OrderType Stop TimeInForce GTC OpenClose Open OptionAcct c CustomerOrFirm Customer
You might have wanted to use a stoplimit order. If your not familiar with the difference take a look at the help section on the IB website.
Stops are just market orders that get activated when the market trades at your stop level. I see the spread for GBPJPY on IB right now is 6 pips (11AM NY time). So you could expect slippage at least as much as the bid-ask.
As Sam said, you need to use a stop limit to get a guaranteed price. With a stop market you get a guaranteed fill if the stop criteria are hit, but your trade will execute at the bid (for a sale) or the ask (for a purchase). Remember with the stop limit it may trade through your price but not fill..... SSB
I figure it is just slippage. I prefer to make sure that it is filled and that is why I prefer a stop over stop limit order. Getting filled is more important to me than the price, thus I believe I am correctly using a stop order.
What is it that you think was wrong? Looking at T&S, your order became a market buy order when the bid hit 219.75 at 10:28:23 ET. At the same time, the offer went to 219.79, which your order then took.