Thanks for posting this but I just felt sad while i was reading it. This is a mistake I made nearly 5 years ago! And it’s sad to see people making it today. Especially when they dont need to.
So what you have just experienced is either/or and"
- widening of spreads
Both are normal to all brokers but some are worse than others depending on how much liquidity they have and relationships to big banks/ institutions.
So during a data release or high volatile event your brokers spreads will widen because of a lack of liquidity. Ie not enough buyers/sellers. So you can only get in where the bid/ask is. It’s also a way for the broker to cover their risk as your trading cost will go up to take a trade which could whipsaw up/down.
Slippage is when your broker is unable to fill you at a price you want as there are no buyers/sellers at that price. So in eur/usd you wanted to get long at 1.1099 but because the market moved so fast there were no orders to take your trade so it goes past your price until the broker gets the orders to take your trade. It fills you at 1.1075 when they get someone to sell at that price but treats it as if you got in at 1.1099 as that was your original order. To get out it’s the same thing you need someone to buy your sell (to get out of trade). Its all dependent on your brokers liquidity and whether you have preferential execution.
My explanation is pretty basic as that’s how I understand it but there will be more experienced people who can give a more in depth explanation. I would recommend doing the babypips course as it is mentioned in there. It doesnt take a long time if you focus so would be worth starting it as it is the weekend.
You can look for the setting on your broker that if price moves past your entry and not executed within a pip or 2 then the trade should be cancelled. This way you’ll be protected against slippage.
Personally I wouldn’t recommend you trade this way, it’s very high risk and as you have experienced it’s not set up to give retail traders an edge.