It is in both the forex trader and the forex brokers best interests for every trade to be executed at the best available price. For traders it is essential to have the best trade execution possible for your trading systems profitability, and for forex brokers it is essential to keep your clients happy with a great trading environment and responsive and informed customer service. TradeProofer’s Trade Price Checker is a great way for traders to check their slipped trades against the market to see if their execution was in line, or for brokers to compare execution to resolve complaints and disputes.
Finding Tradeproofer’s Trade Price Checker
To find TradeProofer’s Trade Price Checker navigate to TradeProofer’s Homepage. Under the welcome video there is a blue button labelled “Check your own trade”. This button will navigate you to the Trade Price Checker without any sign in required.
Using The Trade Price Checker
To check your trade execution you will need to know the time and time zone the trade was executed, the price it was executed at, whether it was a buy or sell, and of course what symbol the trade was on. You can typically check your trading statement or your trading terminal for this trade information. For the purpose of this example we will be using a trading statement to find this information. On the statement below you can see that most of the information is there but we can not see the time zone. Typically forex brokers operate on GMT+2, however to be sure you can contact your brokers support.
Now, lets go ahead and insert that information into TradeProofer’s Trade Price Checker to see if this trade had extreme slippage. We are going to enter the opening sell position, however you can also check the trade close execution by inputting the opposite order direction and the close price and time.
Once the trade info is correctly input hit the “Ok” button in the bottom left. The Price checker will use the data to map the trade execution with TradeProofer’s Aftr-Trade Technology.
If you would like to automate these reports for every time you trade simply sign up to TradeProofer and install our Expert Advisor for free!
Each candle on the chart represents one second, showing both before and after the trade was executed. The price checker is typically used for slippage analysis, but can also be used for execution aftermath analysis.
On this trade we can see that the execution is in line with the market. The chart shows the high and low of bids from all of the brokers that TradeProofer records. This shows that this trade was executed in line with competition brokers, and TradeProofer has assessed the trade as better than average. This tool can solve a traders concerns over a slipped trade, or give them evidence in a dispute with their broker. Brokers can use this tool to settle disputes with clients, either by showing them that their trade was executed at a fair price, or to issue a rebate into the account based upon competitor spreads.
How The Aftr-Trade Technology Works
TradeProofer’s retail forex trading community all contribute to TradeProofer’s database. Currently TradeProofer records over 50 different forex broker accounts, which all contribute to the benchmark. Every time a trade is checked with the Trade Price Checker our database queries tens of millions of ticks, finding the highest and lowest bid or ask prices relevant to the ten second window shown.
Our proprietary data and filtering systems ensures that our analysis is accurate, credible, and reflective of what retail traders see in their MT4’s. The spreads shown are not based upon a brokers target spread or custom price feeds, but the live trading environment that traders have.