Funny how you lot think you are trading with ECN brokers when in fact you are not!
Read the risk disclosure of your broker and these ECN brokers that offer sub $10K accounts are all the same.
This from IC Markets…
“[B]Trading with IC Markets carries an unavoidable risk of actual conflicts of interests because IC Markets is acting as principal in its CFD and Forex Transactions with you [/B]and IC Markets sets the price of the CFDs and Forex Contracts. Also because it may be transacting with other persons, at different prices or rates, or IC Markets will be trading with market participants.
[B]The policy used by IC Markets is that as principal it issues the CFD and Forex Contracts to you based on the price it gives you, not by acting as broker to you[/B]. IC Markets obtains its price by dealing with its own Hedge Counterparty.”
I think that this clearly states that you are not trading on any international forex market with your mini accounts with banks and prime brokers.
I’ve looked at my statement with IC Markets over the last few months and found many cases of positive slippage with my TP limit order. My best result was 168 pips positive slippage on the GBPNOK last month, so it does happen. (hopefully it comes up below)
Nobody reads those bro, and that’s the problem. And it doesn’t matter which devil you choose to dance with, they all have the same disclosure. Life is so tuff for us little guys and why shouldn’t it be. The markets aren’t there for us to get rich on. But it’s the best we have to work with. Its all we have to work with. But one day, the account will get a bit bigger and when that day comes goodbye IC Markets.
Now I’m thinking Lmax, but somehow (from experience) I believe you know a fair be more than me (after all I’m still the office inter sweeping the floor, fetching the coffee), can you recommend others to investigate. Getting through the sea of marketing filth is nigh on impossible.
Good for you! Part of the reason I started this thread was to know the experience of other traders, esp those with ic mkts. So now I know I am one of the unlucky ones not to get any positive slippage, and only negative slippage.
Today, for the first time ever since I started trading with ic mets, I had positive slippage of 0.2 pips on my take profit limit order! However I will state some facts below and let you be the judge:
Fact 1: Ever since I started with ic mkts about 1 yr ago, I only had negative slippage, never positive. I emailed them to ask why, they replied “I can’t tell you why you never had positive slippage before”
Fact 2: Before I started this thread, my negative slippage could be up to 0.5-0.6 pips on entry, during normal mkt hrs, and abt the same amt on being stopped out. Worse slippage was 2.4 pips on entry. However, to be fair, there were also times when I encountered no slippage. I don’t even trade large contracts, at most 1 or 2 mini lots.
Fact 3: Ever since I started this thread, I noticed that negative slippage reduced drastically, to at most 0.2 pips on entry, also getting no slippage occasionally, and almost no slippage on being stopped out.
Fact 4: Today(18 May) is the first time ever that I had positive slippage on my limit order, after trading with them for around a year.
I don’t know what conclusion you would draw from the above facts, I already have my own conclusion. To protect myself against possible litigation, I must stress that I am in no way accusing ic mkts of any dishonest acts since I can’t prove anything against them, I am only stating the facts as I know them.
