Why did my order fill at a different price?
Your order may be filled at a different price because the market price changed between the time you submitted the order and when it was executed. This difference is called slippage. It can result in a better or worse execution price and may occur under normal live trading conditions.
How is my execution price determined?
A market order is executed at the best available price when it is processed.
- Displayed price: The price you see before submitting the order may change after execution.
- Available volume: If your order exceeds the volume available at one price, it may be filled across multiple price levels.
- Final price: Execution across multiple levels may result in an average execution price that differs from the initially displayed price.
When is slippage more likely?
Slippage can occur when the expected price is no longer available at execution, particularly during:
- High volatility: Prices may move rapidly around economic releases, central bank announcements or unexpected news.
- Low liquidity: There may be insufficient trading volume available at the expected price.
- Market gaps: Prices may jump between levels, particularly when market opening.
- Large lots orders: The requested volume may exceed the volume available at one price.
- Connection issue: A slow or unstable connection may delay order transmission while market prices continue to change.
During stable conditions, the displayed and execution prices may be the same or close. During fast-moving markets, the difference may be larger.
What is the difference between positive and negative slippage?
| Slippage Type | Buy Order | Sell Order |
| Positive slippage | Stop Loss executes above the expected price. | Stop Loss executes below the expected price. |
| Negative slippage | Stop Loss executes below the expected price. | Stop Loss executes above the expected price. |
Both types can occur. Positive slippage gives you a more favorable execution price.
What should I check before placing an order?
- Economic announcements: Check whether major news is scheduled.
- Trading hours: Be aware of market openings, closings and holiday periods.
- Order size: Larger orders may require execution across multiple price levels.
- Connection quality: Ensure your internet connection is stable.
- Risk settings: Allow for the possibility that a Stop Loss may execute beyond its selected level.
