Avoiding slippage
Avoiding slippage
11 Feb 2025, 16:15
Hi there,
If I use market orders I get dissapointing slippage. So the solution is simple: use a limit order set to the current price.
The problem is that the same cannot be achieved for closing trades as it was when opening them. The equivalent for closing a trade is setting a take profit, but unlike a limit order, a take profit cannot be set below the current price, which causes the request to set take profit to current price to fail. The only solution I can think of is to try and set take profit and then on failure execute a market trade, but this means you may still get slippage - and you've just taken twice the amount of time to execute as you've had to put in two orders. It doesn't feel like an ideal solution, where what I really wanted to do was the leave the trade the same way I entered it.
Am I missing something? Does anyone have any ideas how to execute this better? Or could it be made that take profit works like a limit order, a take profit below the current price causes immediate execution at any price above the target.
jim.tollan
20 Feb 2025, 10:12
One approach that I use is to only apply the stoploss and takeprofit after the market order has been successful. I then apply the values in relation to the entryprice:
Hope this helps in some way…
@jim.tollan