Quote:
Originally Posted by dpaterso
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(Note: this is NOT information from the broker but from none other than the US Securities and Exchange Commission itself)!!!
Basically the term 'slippage' is a misnomer!!! You will find that on many websites where brokers are rated as 'scam artists' the number one reason for these less than complimentary ratings is because the broker has 'slipped' an order a couple of pips or points. Well, now, 'armed' with some 'new insight', I realise that the broker has nothing at all to do with 'slippage' and just because an order is 'slipped' it does NOT mean that the broker is a 'scam artist' or is trying to 'fleece' you!!!
The bottom line:
Stop orders are NOT guaranteed!!!
In other words: JUST BECAUSE you place a stop order to buy or sell at a certain price DOES NOT MEAN that the order will UNDER ANY CIRCUMSTANCES be executed at the price at which it was placed. Once the price of your stop order has been reached the stop order becomes a market order and is executed AT THE NEAREST AVAILABLE PRICE. So: if there has been a 'spike' in price for whatever reason then the NEAREST AVAILABLE PRICE (which will inevitably be the highest price reached by the 'spike') is where your stop order will be executed.
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C'mon Dale, you don't expect *me* to be held responsible for my actions, I mean every trade that has gone against me to date isn't *my* fault
