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Slippage

Slippage

Risk management

Definition

The difference between the price at which you wanted to enter or exit and the price at which the order was actually filled. It mainly occurs with market and stop orders, during sharp movements, news, and hours of low liquidity.

Detailed explanation

Slippage of one or two ticks in ES is part of the game. Slippage of dozens of ticks during a CPI release is a common reason for a loss larger than your planned stop, and in a prop account, it can push the account beyond the threshold. Two ways to reduce it: do not be in a position during high-impact news minutes, and leave a safety margin between the planned loss and the account floor. In most firms, this risk is on the trader.

An example from the prop world

A drawdown on NQ at 20,000 during an employment report release fills at 19,990: 10 points of slippage, an additional $200 per mini contract beyond what you planned.

How it works at the firms on this site

Based on the rules listed on our firm pages. Rules get updated, so check the firm's page before buying.

מעקב החדשות הכלכליות

אירועי T1 וחוקי המסחר בחדשות לכל חברה

Order types: market, limit, and stop

A Market order fills immediately at the next available price. A Limit order fills only at the price you set or better, so it may not fill at all. A Stop order becomes a Market order when the price touches the level you set, which is how a stop loss is placed.

סטופ לוס

An exit order that closes a losing trade at a predetermined level. In a prop account, a stop is not just good risk management: it's what separates a bad trade from crossing the drawdown threshold and failing the account.

High-Impact News

Timed economic releases that sharply move the market within seconds: Fed interest rate decisions (FOMC), Consumer Price Index (CPI), and the Employment Report (NFP). In economic calendars, they are marked in red, hence the nickname Red Folder. Some prop firms prohibit being in a position around them.

עמלות מסחר

The payment for each contract execution. A per-side commission is charged upon entry and again upon exit, and Round Turn is both sides together. In prop firms, commissions are deducted from the account's profit and loss, thus affecting the profit target, the threshold, and the days counted for payout.

End-of-day (EOD) trailing drawdown

End-of-day drawdown (EOD Drawdown) is a trailing maximum loss limit rule in which the loss threshold moves up only once a day, based on the closing balance. At most firms, however, the threshold itself is enforced in real time, so touching it during the trading day fails the account.

Intraday trailing drawdown

This is a risk management limit calculated continuously in real time throughout the trading day. It tracks the account's peak balance (including realized profits and unrealized profits from open positions), so the loss threshold always rises together with the peak balance while keeping a fixed distance, but never goes down; crossing this threshold at any moment (even for a single second) causes immediate failure or closure of the account.