the following is on the MT5 platform. The broker consistently executes my trades at a price that is worse than the market price at the moment if it’s a market order and will not execute a Limit Order until the price has traded though not just to the limit price. For example, if it’s a Sell Order at 1.09056 and the bid/ ask is 1.09056/1.09058 (0.2 pip spread), the limit order in the price box will go yellow (not green or red as it does when approaching tp or sl) when the bid reaches 1.09056 but the trade will not get executed by the broker until the price reaches 1.09058 or higher, effectively making the spread bigger. The same thing happens upon closing the trade.
With a market order, as the pictures show, it is the same behavior. One picture shows the ticks downloaded from this same broker at the time - highlighted in blue. The lowest tick at the time of my entry shows 1.08963 but my sell order was executed at 1.08959 as seen in the other picture, so a difference of 0.4 pips and the exit was the same. I have countless examples of this. What’s going on here? Am I missing something?
because that information is not necessary to answer the question and I would not want the question answered on the basis of prejudice or “reputation” but on the merits of what I posted. I will eventually reveal the broker if it is obvious that something is going on that should not be. I will say the broker has a fair / good reputation on this forum.
I agree, the broker’s quoted prices should be the broker’s trade prices, that’s what your contract with them says.
BTW, well done for acknowledging that it is quote prices, not chart prices, that are the benchmark.
One thing I am wondering is whether the broker’s processes in executing an order are so slow that price has inevitably drifted away from the original quote.
I’ve got to say, if I was using a strategy which made 0.4 pips an issue, I would not be using that strategy. But if I was I would consider opening another account with another broker asap.
Right maybe that’s the case - the time lag. I was hoping someone could point out something like that and state that as fact and not just speculation that is what the issue is or if the reality is that the spreads are wider. I also wonder if this practice is widespread and not many people catch it happening asI doubt I was especially singled out.
As for the 0.4 pip mattering, it does when trying to determine up to what frequency a strategy can be scaled to.
