Hi, last night placed a buy stop order for CFD CPU at $12.05. I got filled at $12.18!!!. A couple of cents slippage wouldn't of bothered me. The underlying price opened at $12.05. When I rang IG regarding the slippage they explained that all stop orders were filled at that price today. They said in future to use DMA access and place a limit order in this case at $12.05 and I would of gone in the cue but obviously could of not got filled at all. What does any one recommend and any feedback on the above slippage or this just a case of "welcome to CFD's". Thanks in advance for any comments.
IG Markets CFD order slippage
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Trembling Hand
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That is the price you pay for a sloppy entry order. Looking at the first 1 minute bar it looks like you just got the price of the highest ask which is what happens when you are using stop orders and CFDs. Would probably have been the same if you used a stop buy into the ASX.
skc
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Yes it's a pretty crap fill but there's probably not much you can do about it except using DMA as suggested.
When you have a straight stop order (as opposed to a stop-limit order) these things will happen sometimes even when you are trading real shares.
It looks like you were trying to trade the breakout but you were not the only one by the looks. When CPU opened at $12.05 plenty of buy stop were triggered and it spiked to $12.20 in 2 minutes. So the price you got filled at is within the realm of reason, but still a crap fill regardless (as you'd think IG can send the order to the market quicker than 2 minutes).
When you have a straight stop order (as opposed to a stop-limit order) these things will happen sometimes even when you are trading real shares.
It looks like you were trying to trade the breakout but you were not the only one by the looks. When CPU opened at $12.05 plenty of buy stop were triggered and it spiked to $12.20 in 2 minutes. So the price you got filled at is within the realm of reason, but still a crap fill regardless (as you'd think IG can send the order to the market quicker than 2 minutes).
Wysiwyg
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I'm interested in how many shares you bid for. The first transaction for $12.18 was at 10.04.42 a.m..
685 shares went at that time.
Trembling Hand
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It is irrelevant as its a CFD MM and he would of just got the best ask price.
Wysiwyg
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Yes as was noted earlier, the MM determines what price and DMA is the way to go. Not trying to pluck the stars out of your eyes.
skc
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The match was $12.05 at 10:02:20am
Over 30000 shares got traded between 10:02:21am and 10:04:42am when the price got to $12.18. So a crap fill which every way you look at it.
That's just what happens with MM CFDs. It doesn't matter that much if you arn't day trading. If you were trading to hold for a couple of weeks the difference between 12.05 and 12.18 is negligible. Your risk reward ratio should provide enough cushion to pay for any slippage, brokerage and carrying costs. If you're day trading and a 0.01% slippage matters to you, you need to use a platform that will allow stop limit orders.
Not the best fill but at least you are in, and it kept going. A limit order may have left you on the side lines, and placing an order after open may have been worse if it was a fast open. Adjust your stops and targets and trade it as you normally would. A gap open that reverses will one day inflict more pain than this.
Nice trade, watch out for all time high at 12.90
Nice trade, watch out for all time high at 12.90
Hello Folks,
Just read something in here that triggered a question. A question probably best answered by IG themselves but I thought I would ask it here so as to share.
Steven01, you mentioned you placed your order the night before.
I have been using IG's DMA for about a month now and find it ok so far but I don't know if you can place an order the night before to go into DMA the next morning. It appears to me to revert back to Market Maker overnight and then DMA switches on sometime during Pre-Open at which time you can place your DMA selections.
Would anyone here have any prior experience with this?? Before I phone IG to confirm (not bothering me at the moment but it would be handy to set up the night before at times).
PS trading share CFd's only at present.
Cheers
Just read something in here that triggered a question. A question probably best answered by IG themselves but I thought I would ask it here so as to share.
Steven01, you mentioned you placed your order the night before.
I have been using IG's DMA for about a month now and find it ok so far but I don't know if you can place an order the night before to go into DMA the next morning. It appears to me to revert back to Market Maker overnight and then DMA switches on sometime during Pre-Open at which time you can place your DMA selections.
Would anyone here have any prior experience with this?? Before I phone IG to confirm (not bothering me at the moment but it would be handy to set up the night before at times).
PS trading share CFd's only at present.
Cheers
