Your order may be executed at a different price because the available market price can change between the time an order is submitted and the time it is executed. This price difference is called slippage and can result in a better or worse price than expected.
Why does slippage happen?
A market order is executed at the best available price when it reaches the execution system. In a live market, prices can change very quickly, particularly during periods of high volatility.
If the available price changes before your order is executed, your order may be filled at a different price from the one you saw when submitting it.
This is a normal feature of trading in a live market and is not a separate fee.
What might cause slippage?
- High volatility: Prices can move rapidly around economic releases, central bank announcements, and unexpected market events.
- Low liquidity: Fewer available buyers or sellers can result in larger price movements between available quotes.
- Market gaps: When a market reopens after a trading break, the next available price can be far from the last traded price, with nothing in between.
- Order size: Larger orders may be executed across several available price levels, depending on available liquidity.
- Connection latency: A slow or unstable connection adds delay which can allow the market price to change before the order is filled.
Can slippage work in my favour?
Yes. Slippage can be positive or negative, depending on the execution price compared with the expected price.
- Positive slippage: Your order is executed at a more favourable price than expected. For example, a buy order may be filled at a lower price, or a sell order at a higher price.
- Negative slippage: Your order is executed at a less favourable price than expected. For example, a buy order may be filled at a higher price, or a sell order at a lower price.
Slippage can therefore work either for or against you. Negative slippage is noticed more because it looks like an unexpected cost, while positive slippage just looks like a good fill.
Can stop loss orders experience slippage?
A stop loss is not a guaranteed price. It is designed to close a position when the market reaches the specified trigger level. It does not guarantee that the position will be closed at exactly that price.
Once triggered, the order is executed at the next available price. During fast-moving markets or market gaps, the execution price may therefore differ from the Stop Loss level.
This means a position may be closed at a price that is worse/better than the Stop Loss level during certain market conditions. A take profit works the same way and can also fill at a worse/better price than requested.
Where can I check my execution price?
On desktop
MT4
- Select View → Terminal.
- Open Account History.
- Find the relevant order.
- Check its opening or closing price, depending on the execution you want to review.
For a position that is still open, check its opening price under Trade.
MT5
- Select View → Toolbox.
- Open History and select the Deals view.
- Find the relevant deal.
- Check the Price field for the actual execution price.
Use Deals when checking an individual execution. An order’s requested price and a position’s average price may differ from the price of a particular deal.
On mobile
MT4
- Open the MT4 app and go to History.
- Select a date range that includes the trade.
- Find and tap the relevant trade to view its details.
- Check the opening and closing prices.
For a position that is still open, go to Trade and check its opening price.
MT5
- Open the MT5 app and go to History.
- Select Deals.
- Choose a date range that includes the execution.
- Find and tap the relevant deal.
- Check Price for its execution price.
If an order was filled through several deals, review each deal separately. The Positions view may show a weighted average price instead.
You can also review the Journal, it shows the order request and the execution with timestamps.
