Brokers that GUARANTEE no slippage...

This is a discussion on Brokers that GUARANTEE no slippage... within the Forex forums, part of the Markets category; Hello Guys, I was rather upset when a client that I trade for, with the stop loss set at 1.213, ...

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Old Aug 8, 2004, 6:28am   #1
 
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Brokers that GUARANTEE no slippage...

Hello Guys,

I was rather upset when a client that I trade for, with the stop loss set at 1.213, was closed out at 1.2188 after the non farm payrolls report. I mean, why in the heck do brokers even have stop losses if they're not going to be honored?

Can you guys let me know of brokers that ABSOLUTELY 100% GUARANTEE no slippage, no matter if the markets move 200 pips in one direction after big news events?

It would be great had you actually experienced such an event with your broker, for example if you were short Eur/Usd before the NFP release and were honored your stop? Cuz my experience shows some of these brokers guarantee one thing, but do something else.

I'm sure everyone else would appreciate this info also.

Akshay
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Old Aug 8, 2004, 9:18am   #2
 
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You can't guarantee a price on a Stop unless you use Stop Limit. A Stop is effectively an At Market Order when triggered. Would you rather not get a fill and watch it go further against you?
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Old Aug 8, 2004, 9:20am   #3
 
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akshay started this thread I meant any broker who guarantees price on a stop limit. Sorry for the confusion.

A
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Old Aug 8, 2004, 9:39am   #4
 
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Hello Ashkay

Iv been using http://www.ac-markets.com/ for a while now and have had no problems with them, 3 pip spread, no slippage on stops and a great platform.
I never traded the recent non farm figures so i can't comment on that, but did trade the previous months figures through ACM and had by stop honoured at the price quoted.
Which broker are you referring to?

Faris..
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Old Aug 8, 2004, 10:33am   #5
 
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From the comments of others, FXCM may be worth a look, although some of the spreads are a touch high. I have had chats with their online help people and they say that they guarantee stops, even over the weekend, and there seems to be nothing to contradict this at this stage.

rog1111
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Old Aug 8, 2004, 10:50am   #6
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yes rog1111, they do comply with their comments regarding no slip on stops. Personally, I haven't experienced any problems on this score with varying degrees of size. I don't trade much intraday stuff with them, primarily swing...as you say, they're not the most competative broker out there (on cable anyway). I have heard tell of a few disgruntled clients, but can only comment on my own association with them. I played the non-farms on Friday thru them, and once again, they honoured the price on entry. I'm not sure of the reasonings behind the dissatisfied mutterings yet (snouting around for further info), but guess it might have something to do with individual strats/size etc....anyway, if I find anything to the contrary, I'll post!
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Old Aug 8, 2004, 6:47pm   #7
 
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Angry Re: Brokers that GUARANTEE no slippage...

akshay started this thread Buk - thanks for your PM.

The post was deleted from Moneytec cuz FXCM is a sponsor there. I notice they're a sponsor here also so it may be deleted.

FXCM are a bunch of rogues.. see http://www.lovemyprofits.com/pages/62/index.htm

They've been sued a heck of a lot of times... http://www.nfa.futures.org/basicnet/...2&contrib=CFTC

Almost everyone I've spoken to regarding them tells me they predatorily hunt your stops, meaning they close them even when not hit.

That first link above proves they'd go to any entent and extreme to screw traders. They actually fake quoted a 30 pip dip to take out everyone who was long with an SL 30 or less (which is pretty normal, for news most speculators will put an SL 10-30 and hope for the best).

I cannot believe and am disgusted a company would go to such lengths to screw traders in order to fill its coffers. Seems they made money no matter whether traders went long on short. They should be stripped of broker status and hauled into prison.

Akshay
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