Why does this happen for market orders in forex?? I am trying limit orders at the bid when long and short to see if that works. Yet setting the limit in a wild market could be tricky and my order never filled. What have you done to fix this problem? How can i simply get the current price in the opening bar + or - 1 pip to get the order?
Please register on futures.io to view futures trading content such as post attachment(s), image(s), and screenshot(s).
Last edited by ericson; January 5th, 2014 at 09:14 PM.
The following user says Thank You to ericson for this post:
Trade a listed product. For currencies that is the CME. Use a broker that does not trade against you or sell your order flow. If your method will allow it use limit orders. Find out specifically how you broker handles limit orders. Forex is still the wild west and is an unregulated marketplace. Limit orders do not have standing, they are considered indications of interest until executed and that will NEVER favor you. Some brokers leave what would otherwise be marketable limit orders reside on an internal server NOT at an exchange or on a computer where counter parties will see them. Often once a limit is touched that order reverts to market so you have to know how your desk handles that and if there is a way to in effect enter limit price or nothing.
That said, when trading spot I use MB Trading and I can not remember ever having a real objectionable issue with slippage. Often I'd get price improvement with them through their ecn-like market place.
All the best and good luck.
Last edited by wldman; January 5th, 2014 at 10:04 PM.
Reason: add limit info
The following user says Thank You to wldman for this post: