Slippage on limit order?

F

FuturesTrader144

This is on Metatrader 5.

I entered a position today at 2394 and placed a limit to close at 2292.75. The price hit my limit but my order was filled at 2393.25. I was watching DOM and saw other orders being filled at 2392.75 so I know there was plenty of volume at that level.

Is this common on MT5? I thought limits were filled at the price you want or better.
 
algofy said:
You don't place limit orders to close long below your entry price, you enter stop orders below price on longs.
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I sell to enter at 2394 and set a limit to exit at 2392.75. Stop loss to buy back was 2395.25.

You can enter both directions easily on futures.
 
You mean you shorted at 2394.00 and placed a buy back limit 100 points below the market (2292.75?) Did you mean you wanted to buy back 2392.75? or did you BUY at 2394?
 
MattZ said:
You mean you shorted at 2394.00 and placed a buy back limit 100 points below the market (2292.75?) Did you mean you wanted to buy back 2392.75? or did you BUY at 2394?
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It was a typo in my first post.

Entry was 2394.
Limit was 2392.75.

Price hit 2392.75 and went below with some volume, but my order filled at 2393.25.
 
FuturesTrader144 said:
It was a typo in my first post.

Entry was 2394.
Limit was 2392.75.

Price hit 2392.75 and went below with some volume, but my order filled at 2393.25.
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This is what I thought. Limits can not have such slippage. Check with the broker, simple time and sales will solve it.
 
@FuturesTrader144

There are different order types available using the MT5 platform. you can use a SL (Stop-Limit), TP (Trade at Price), Straight Limit or Straight Stop.

If you use order type, SL or TP the order is working locally on your MT5, then once last trade price touches the SL/TP level it triggers the order as a market order to the exchange.

If you want your orders to be working on the Exchange - you should use straight STOP or LIMIT order type.
 
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