Hi All,
can anybody help me to clarify if this is normal
on 4/16 did a market execution order on EURNZD sell 0.08 and 0.02 at 1.67290
price went my way 20 pips so I moved stop lost to entry point to be on the safe side
Then I noticed that the order got closed -58.46 and -15.70 I asked my broker hot forex the reason of why and the order wasn’t close as break even and this is what they are saying
We have investigated your request and concluded that the orders 71694148 and 71694247 (Trading Account 1208019) were slipped due to lack of liquidity and high volatility in the markets. Slippage can occur when prices either jump or fall from one price to another without trading at every increment in between.
This most commonly occurs during fundamental news events and other Political or Market announcements, such as the Consumer Price Index released by Statistics New Zealand 01:45 Server Time on the 17th of April 2019. Note that the aforementioned information is available on the Economic Calendar - click here.
Please be advised there was a 260 PIPS move on the EURNZD at 01:45 Server Time.
The volatility in the market created trading conditions where orders were difficult to execute at the requested rate, since the price was many pips away from that price due to the extreme market movement.
Even though you were looking to execute at a specific price, the market moved significantly and the order was filled at the next best price.
Furthermore, once a limit or stop order is triggered, it becomes an “At Best Price” market order, and there is no guarantee it will be filled at any particular given price. Therefore, limit or stop orders may also experience slippage depending on the market conditions.
This isn’t some error or an issue with the software. Quite simply, if the price at which you wished your order to be executed does not exist in the market, your order will be filled at the next available price (slippage).
is this normal on market execution orders ?