Why did ig open my position 5 points away from my order

[Amur3001]

So I'm down to the last few dollars of a 2500 account and so have had to tighten that belt buckle a lot. I've done more reading and research and decided to back test. The results were good so decided to try it live. But.....ig opened my order 5 points from where it should of and closed it within 0.5 points of the stop loss. Can anyone tell me why? Yes I'm annoyed at the money I've lost but it was spare money that I decided to try and day trade with. Yes I've made huge mistakes and hopefully learnt off them. But....it seems like one mistake has been putting in orders instead of watching every minute of stock data on the screen and purchasing at the desired price. Whats the point of orders that can't be executed correctly with all the technology available to brokers. I could understand if it was back in the 80s and 90s using telephones. Rant over but would still like an explanation please

[OfentseIG]

13 hours ago, Amur3001 said:

So I'm down to the last few dollars of a 2500 account and so have had to tighten that belt buckle a lot. I've done more reading and research and decided to back test. The results were good so decided to try it live. But.....ig opened my order 5 points from where it should of and closed it within 0.5 points of the stop loss. Can anyone tell me why? Yes I'm annoyed at the money I've lost but it was spare money that I decided to try and day trade with. Yes I've made huge mistakes and hopefully learnt off them. But....it seems like one mistake has been putting in orders instead of watching every minute of stock data on the screen and purchasing at the desired price. Whats the point of orders that can't be executed correctly with all the technology available to brokers. I could understand if it was back in the 80s and 90s using telephones. Rant over but would still like an explanation please

Hi @Amur3001

We are sorry to hear that you are not satisfied with your opening or closing prices. Slippage occurs when a market moves suddenly during the few seconds between when an order was placed, and when it was executed by a broker or on an exchange. This most generally happens in fast moving, highly volatile markets which are susceptible to quick and unexpected turns in a specific trend.

The price difference can be either positive or negative depending on the direction of the price movement, if you are going long or short, and whether you are opening or closing a position. You can minimize your exposure to slippage by trading during a market’s most active hours and by going for highly liquid markets, preferably those with low volatility. You can also use Use guaranteed stops and limits on your trades to help mitigate the effects of slippage. Here's a link which clearly defines Slippage and how to avoid it

Thanks,

OfentseIG

 

[Amur3001]

Thank you for the explanation and quick reply 👍