runseca excuse, but an ECN broker should not differ by an STP precisely for the execution of orders? namely, while an STP sends orders to liquidity providers an ECN sends them directly in the interbank market? to me seems to work in this way or am I wrong?
Actually, it doesn't work like that! Both STP and ECN business models route your order to other counter-party ( bank, liquidity provider, prime broker or another retail broker ). The STP model just route your order to another counter-party at the best available price. ECN system allows the broker hedge your order with another trader. Here's an example...You decide to open 1 lot and go long on EUR/USD at the price of $1.0960. In the same time, another trader decides to go short on EUR/USD at the same price, $1,0960. Then, the system will just hedge these orders as +1-1=0. This allows your broker to offer you the lowest spreads and commissions. The problem is that this sutiation occurs very rarely and both business models route your orders to another counter-party. Another difference is that the ECN broker could offer you a market depth which can help you in the decision-making process. However, it could not help you during news releases as price movement is sharp and gaps occur very often. These sharp movements simply change the market depth and distort it.
As per pending orders ( limit/stop ), your broker fullfil your pending orders at the best available market price and don't cancel it when there's no such price in the market because this was your intention. You are just ordering to your broker to fullfil your order at a given by you OR THE FIRST BETTER price. I would like to buy a kg of cheese for $5 but the markets can offer you a kg of the same cheese for $5.20, $5.30, $5.40. You simply choose the market with the lowest price...Brokers operate in the same way, well, at least most ECN/STP brokers....
There are different types of execuction: Instant and Market
The main difference is that in the market execution, the price quoted by the broker is taken from the market and it is not promosed by the broker. If your broker offers instant execution, it means that broker can offer you one price, the market another. Then, broker just starts requoting you because market price has been changed and you should agree on another price. What the market execution offers you is simply eliminating these requotes and automatically place your order at the first available price. The consiquence is called "slippage"...most traders consider it as a disadvantage.
regarding control .... each operation with movements of money has a code that I know and by that code you can go back to this operation. or it is not so for the forex?
The situation is almost the same, talking for forex trading. Each order has its own unique ticket id but it is visible for the broker only. It stays in its books. What the real market see is what I wrote above - just broker's name and the volume. This is not a simple bank transaction...You can check your transaction with the broker but in the real market, your broker has routed all orders from clients that has bought EUR in the same time, for example. You can just see what part of the deal is your order. Of course, there's always a possibility that your broker could have routed your order to another retail broker. Then, the order could be visible as it is cleared in the same level.
I know what are the levels of the market, but, for a movement that did not seem so excessive, it does not seem real slippage so large
During NFP releases, such gaps ( or slippage ) are not just common, they are consiquence and occur with each release.
Several months ago, one of my accounts reached the stop-out after FOMC. My short order was executed with 40 pips away from the set price ( as this was the 1st available price ) and in several miliseconds, the price rebounded with 50-60 pips and then the price started to fall. I didn't accuse my broker as this was I agreed with, a market execution with an ECN broker. Well, the situation could be different with a market-maker. Therefore, this should be your first decision to make...then what platform to choose.
Basically, your situation is similar to mine...There are several ways to cope with the excessive slippage...