I just started to trade live on FXDD. My first trade was a small winner, but it would have been bigger if the request to close the trade had been honored when the EA requested. The message was ‘broker busy’. My EA tried to open a trade tonight…Same message. My request for an explanation to their support staff, both Friday and tonight has not been answered. This support group, which heretofore, while I was in the demo file, had been good, prompt, and accurate, have suddenly become scarce. This gives me great concern, as I am/was getting ready to put some serious money into that account. Has anyone else had this experience? Is this a common thing with brokers? Is it due to having a dealer desk? I’m using Megadroid in the stealth mode (if that does any good)…
I do not trade live yet, however this is frequently referred to as slippage. Sometimes in the market, there is liquidity issues and the broker does take some time to process the order. It shouldn’t happen often, though depending on the time or market conditions it may occur.
Others may be able to comment on their experience with the same broker so I’ll leave it there.
I also trade with FXDD but usually trade during the Asian session so I have never seen any slippage.
One thing you have to be aware of is the time of day, especially during news releases. Poor fills and ignored stops are quite common. If you check your client agreement, you will find a clause about “best efforts basis” which means that they will not guarantee anything during periods of high volume / volatility. You will not experience this situation in a demo account so any strategy testing there will be of no relevance when trading live.
Experienced traders typically don’t trade during news events and personally I wait for 1 to 2 hours for things to settle down.
I must have been a lot tireder that I realized, and my suspicious nature took over… Thanks guys.
John
At IBFX, this happens a bit different. They call it a, “requote.”
The only time this happens to me is when I try to manually close a trade when price is moving quickly.
I believe the same thing happened to you.
Basically, what probably happened, is the EA tried to close. By the time the message to close went from your computer to their server, the price that the EA tried to close at was no longer their. So, you got a whatever message you got.
[B]When you manually close, or let an EA do it, the order becomes a market order which says, “close at this price only.” (at least thats how it happens at ibfx, but probably the same where you trade) If the price is not there when the message gets to the server, it can’t be closed and you get whatever, “requote,” message your broker has.[/B]
I went through the same thing when I first started as I closed everything manually. Except I assumed it was the broker playing games and got mad at them. It’s not the broker, it’s perfectly normal. Here are some ways around it:
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Just set a take profit. The take profit is stored on their server. I’ve never had tp that was hit get a, “requote,” message at ibfx.
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Set your SL postive even if it’s shy of where you wanted to close. Again, because the tp is stored on their server. Especially if you are going for small pip gains. You don’t want it to back up on you at least get some, if you are scalping.
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At ibfx if you get the requote message, is also says something like, “close anyway,” I don’t remember. But, you hit yes and it will close it, not at your price but a little slippage either way. Sometimes in your favor.
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Set deviation in pips a bit higher. If you have it set to 3 and under in quick moving market and try to manually close, you are going to get nothing but reqoutes.
I’ve been trading for the past year and a half with take profits set and setting my stop loss postive to lock in profit, I have not seen one requote message since then.
In GFT Dealbook, the market orders have a facility to allow you to set the amount of slippage you are prepared to tolerate in order for you to be sure that your order will be filled. 
So lets say in an ideal world I want no slippage. Can I set the value to 0? 
Hello,
Isn’t it odd that at SOME brokers (no names mentioned of course because that would be unfair coming from me): an order to close out a losing position is executed in a FRACTION of a second!!! LOL!!! Isn’t it ALSO odd that at SOME brokers (blah, blah, blah): order execution on the demo accounts is instantaneous (although there is indeed a REASONABLE explanation for this in most cases)!!!
Anyway (and to answer your question):
SOME brokers will not allow the input of a ‘Maximum deviation’ (you’re using MT4 I assume) while others will ALWAYS slip your order by whatever value you have entered. I also believe that if you use a value of ZERO: there is a good chance that either your orders will never get executed OR you will be requoted most of the time.
UNFORTUANTELY: you’re going to have to test this all out on a LIVE account at your own peril i.e. on a demo account things will almost ALWAYS work out JUST the way that you expected them to.
All of the above being said though: slippage is simply a part of the ‘game’ in the ‘real world’ as has been previously noted.
Here is a link to the SEC’s website that explains in detail the different types of orders and how they are executed:
Regards,
Dale.
I always set the value at 0 in my account!!
So far, no problems, but I do get 1/2 pips slippage when I react too slowly in clicking and entry/exit. :o
Ahhh… BUT:
We’re talking about two different brokers here and two different trading platforms I believe. Not all brokers are created equal!!! LOL!!!
Regards,
Dale.
If you’re using MT4, the “Type” menu in the Order window will either list Instant Execution or Market Execution. If it lists Instant Execution, then you can set a maximum deviation. Basically, instant execution says only fill me at the price I click on, or within the range specified by maximum deviation (if max deviation is specified). If the price is not available the order gets rejected or requoted if the broker requotes. The other type would be Market Execution. This basically sends the order as an At Best market order to be filled at the best price available.
Brokers can set the type to one or the other, not both.