Limit order weekend gap

Hi guys,

Please help me with this question.

I had a EURUSD short over the weekend from 1.1300 my TP limit is set at 1.1100.

After weekend, price gaps down to 1.1000, my trade closes at 1.1100 (what I set) and not at market price which is 1.1000. My broker is Ava Trade. Is this correct? I thought limit order is suppose to give you your set price or better, in this case its 100 pips more profit.

Thanks.

hmm, doesn’t sound good. can u double check the times and did your broker hit your tp with a fat spread maybe? my understanding would have been that you get the next available price after the gap.

The same thing happened with my broker; markets.com

Time was 3 min after market open.

Maybe its because Market Maker broker rip you off. Next time we should remove TP order over weekend or switch to a ECN broker?

Hi guys.

The problem you are describing is called slippage — specifically positive slippage.

You should have benefited from positive slippage, but it was not credited to your account.

Retail forex brokers are notorious for sticking their clients with negative slippage, but refusing to credit their clients with positive slippage.

Even FXCM — which is generally a fair and reputable broker — was taken to task by the NFA back in 2011 for doing just that. They gave their customers inferior fills when negative slippage occurred, but withheld the extra profits from their customers when positive slippage occurred.

Since that time, FXCM has cleaned up their act, and now their customers actually earn more in extra profits when positive slippage occurs, than they lose when negative slippage occurs.

Here is a portion of a recent post from Jason Rogers, FXCM’s representative here on the forum.

(I’ve added the highlighting, in red, for emphasis.)

Withholding positive slippage is just one of the ways that some brokers fleece their clients.

You should contact your broker via phone or live chat and demand that they re-price your trade. Point out to your broker that you understand slippage, both negative and positive, and you know that there are other brokers — FXCM is one of them — who treat their customers fairly in cases of slippage, both negative and positive.

Good luck in your battle.

Ask your broker to explain what happened to get the best answer to your particular case. Remember that brokers do not guarantee pricing, but either way the best answer will be given by your broker.

Thanks a lot everyone for your answers! This is a huge help to me. I will try contacting my broker.

Cheers!