If you have been trading in the forex best forex broker bloggers for quite some time now, you might have noticed that your orders are often not executed at the exact same price you specified. Who are the Best Forex Brokers? You might wonder if you are being cheated by your broker, or it might be a result of a bug in your MT4 platform.
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Fortunately, those are not the reasons for this occurrence. These are quite normal in the financial markets, especially in the forex market, where the price can actually move faster than the speed of order filling. This fact is what usually causes the discrepancy between the price you specified and the price your order is filled. Brokers usually uses two different methods in executing your forex order, namely the Market Execution and Instant Execution. The difference between the price you specified and the price your order is filled is called slippage. For example, your trading platform is displaying a price of 1.
However, because of the fast movement of the market, the price moved to 1. 1110 before your order was filled. That means once your order is executed, it will be filled with a price of 1. 1100, since that is the current available price. You will not be able to place stop loss and take profit orders during this time, and only until you’ve established a position in the market will you be able to do so.
If you’re using the MT4 platform, you’ll notice that the boxes intended to set stop loss and take profit orders are greyed out. Meanwhile, if your broker uses instant execution, your order will be filled at the price you specified if it is available at the time your order is to be executed. Unlike market execution, which will execute your order at the current available price no matter how large the slippage is, instant execution will not execute your order if the price is undesirable. With instant execution, you will be asked to set a maximum deviation, which means you have the control over the amount of slippage that you think is acceptable, and your order will only be filled within this range. This kind of execution is usually used by dealing desk brokers. Each of the execution method has their own advantages and disadvantages, and the type of execution that is more profitable will largely depend on your trading strategy and style.
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