TradeProofer is the best MT4 forex trading community, having supported forex traders, brokers and proprietary trading groups. TradeProofer’s mission is to provide credible and unbiased information to review, compare, and monitor performance in the forex trading industry.
TradeProofer’s forex trading community consists of all levels of traders, who trade all different trading styles & systems from all over the world. Some members of our forex trading community trade forex signals and have been trading less than a year, other members of the community have over 10+ years experience in the industry and trade complex automated systems.
TradeProofer was founded in 2015, as we weren’t happy with the forex industry at the time. Regulatory agencies were slow to regulate the massively growing industry, allowing brokers to get away with shady practices such as market making their own prices, stop hunting and slipping trade orders. As regulatory standards improved globally in the forex trading industry, forex brokers have become increasingly reliable and trustworthy. In response to the industry improving TradeProofer’s community pivoted into a new direction – helping our forex trader community monitor their trade execution & get the best trading conditions possible.
What Does TradeProofer Do For Our Forex Trading Community?
TradeProofer supports our forex trading community with a range of tools and reports for forex traders to monitor the slippage on their forex trades. TradeProofer notifies community members if their trades are slipped & gives them an estimated $ value of the slippage.
TradeProofer x ToniSignals Forex Trading Community Partnership
TradeProofer has partnered with ToniSignals forex trading community to provide the best forex trading community possible for ToniSignals trading group. ToniSignals is a forex signals & education provider that has been in business since 2013. Typically forex traders that use trading signals are quite new to forex trading, and partnering with TradeProofer has helped ToniSignals forex trading community members to gain confidence in the forex industry. TradeProofer is proud to have ToniSignals forex traders join our forex trading community. Reducing slippage improves the P/L of any trader, making TradeProofer the perfect forex trading community for forex signals followers.
What Is Slippage?
Slippage refers to situations where the quoted trade price is different to the price that the trade is executed at. There are several reasons for slippage to occur. Slippage mostly occurs in highly volatile situations. These include large volumes of market orders which can alter the prices. The depth of market may not be sufficient at the quoted price, meaning that the order must then move to the next price to be filled, and so on. The other key reason for slippage is market volatility. Rapid changes in pricing may mean that filling an order at the quoted price is no longer possible. Slippage occurs in all financial markets, from currencies & equities to bonds & commodities.
Market Orders are the type of trade most susceptible to slippage. They are the most basic form of trading, involving when a trader buys or sells an asset at the current market price. It is typically represented by buy and sell order buttons on a trading platform. A trader buys at the ‘ask’ price and sells at the ‘bid’ price. The ask price will be higher than what the actual value of the asset is. The bid price will be lower. The difference between bid and ask price is what’s known as ‘spread. The spread exists for two reasons.
- This also allows brokers to minimise their risk from market volatility (price changes between you requesting a trade & them executing the trade).
- Some brokers have a “spread markup”. This is where a spread is increased, so that brokers can make a profit on the pricing differences.
How to protect yourself from Slippage.
Some brokers offer tools such as fill or kill orders, that allow the order to be filled at the requested price or cancelled. Buy/sell stop limits are a tool that also allow you to be executed at the requested price or not at all. Entering the market with stop or limit orders generally improves slippage, and increases the likelihood of positive slippage as well.
TradeProofer’s free MT4 software identifies slippage and notifies traders of when orders receives slippage. TradeProofer’s MT4 software can be accessed by all of our forex trading community members. With TradeProofer’s MT4 software traders receive reports of where their order was executed in comparison to their brokers spread & also against the general market spread.
Sneak Peak At TradeProofer’s New Forex Trading Community Portal
TradeProofer has been hard at work developing the best forex trading community portal possible. TradeProofer’s new portal allows you to check slippage performance for your most commonly traded symbols, and easily check your slippage performance for the week. TradeProofer’s proprietary AFTR-Trade technology lets you easily check your trade execution against your broker and the market, and see what happened to the exchange rate in the seconds before and after your trade was executed!
Want to get early access to TradeProofer’s new forex trading community member portal? Sign up and stay in the loop here!