The short answer
To check execution quality on gold, measure your own fills: compare requested and filled prices on every order, log the spread when you trade, and work out the full cost per round trip at your size. Your platform’s history already holds most of the data. After 30 to 50 trades, sort it by order type and by quiet vs news hours.
What to look for: slippage that is small and two-way in calm markets, few rejections or requotes, limit orders filled at your price or better, and quiet-hour spreads close to what was advertised. One-way slippage in calm markets is the pattern worth questioning.
What “execution quality” means
| Element | What it is | Where you see it |
|---|---|---|
| Spread | Gap between bid and ask when you trade | Market Watch, or the ask line on the chart |
| Slippage | Difference between requested and filled price | Order and deal history |
| Fill rate | Share of orders filled in full | History; partial fills show as several deals |
| Rejections and requotes | Orders refused or offered a new price | Journal tab, error messages |
| Speed | Time from click to fill | Order and deal timestamps |
| Commission and swap | Explicit charges | Deal history, account statement |
In the UK and EU, investment firms must take sufficient steps to get the best possible result for clients, weighing price, costs, speed and likelihood of execution, under the FCA’s COBS 11.2A and MiFID II Article 27. They must also have an order execution policy, which you can ask for. Other countries have different rules.
Step by step: build your own execution log
- Export your history. In MT5: Toolbox (Ctrl+T) → History, right-click → choose to show orders and deals, then save as a report. Our MT5 setup guide shows where everything is.
- For each order, record: date and time, order type (market, limit, stop), side, volume, requested price, filled price, spread at the time if you noted it, commission and swap.
- Calculate slippage in dollars per ounce: for a buy, filled − requested; for a sell, requested − filled. Positive means it cost you; negative means price improvement.
- Convert to money: slippage × ounces. On a 100 oz contract, $0.10 of slippage on 1 lot is $10.
- Tag the conditions: quiet hour, session open, within 15 minutes of a high-impact release, daily break.
- Note anything unusual: partial fill, rejection, requote, “off quotes” or no connection.
A spreadsheet works fine. The free gold trade journal stores trades and calculates results; add a slippage column to it or alongside it.
Spreadsheet layout
| Date/time | Type | Side | Lots | Requested | Filled | Slippage $/oz | Slippage $ | Spread | Condition |
|---|---|---|---|---|---|---|---|---|---|
| 04 Nov 10:12 | Market | Buy | 0.20 | 4,000.30 | 4,000.35 | +0.05 | +$1.00 | 0.30 | Quiet |
| 04 Nov 13:30 | Stop | Sell | 0.20 | 3,990.00 | 3,988.60 | +1.40 | +$28.00 | 0.90 | News |
| 05 Nov 09:05 | Limit | Buy | 0.20 | 3,995.00 | 3,995.00 | 0.00 | $0.00 | 0.30 | Quiet |
(The rows are hypothetical. Market-order “requested” price is the price on screen when you clicked.)
Cost per round trip at 0.1, 1 and 5 lots
Assume a $0.30 spread, $7 commission per lot per round trip, and $0.10 of combined slippage (entry plus exit). One lot = 100 oz.
| Size | Spread cost | Commission | Slippage | Total per round trip |
|---|---|---|---|---|
| 0.10 lot (10 oz) | $3.00 | $0.70 | $1.00 | $4.70 |
| 1.00 lot (100 oz) | $30.00 | $7.00 | $10.00 | $47.00 |
| 5.00 lots (500 oz) | $150.00 | $35.00 | $50.00 | $235.00 |
On a trade with a $5 target, 1 lot earns $500 gross, so $47 is 9.4% of the target. Costs matter most to scalpers with small targets.
At larger sizes, check whether your average slippage grows: a 5-lot order may not fill as cleanly as a 0.10-lot order, especially in thin hours. Compare your slippage per ounce at different sizes. The gold profit calculator adds spread, commission and swap to any trade, and XAUUSD spreads, commissions and swaps explains each cost.
How to read the results
- Market orders in quiet hours: slippage should be small and go both ways. Consistently one-way slippage across many quiet-hour trades is worth raising with your provider.
- Stop orders: they become market orders when triggered, so slippage in fast markets is normal. Compare news and quiet hours separately; see gold slippage explained.
- Limit orders: should fill at your price or better. A limit “filled” at a worse price is an error to report.
- Spreads: compare your logged spreads with what was advertised for quiet hours. Wider spreads at the daily break and around releases are normal; see why the gold spread widens on news.
- Rejections and requotes: occasional ones in fast markets are normal on instant execution; frequent ones in calm markets are not.
Common mistakes when judging execution
- Comparing with a different feed. A TradingView price is not your provider’s price; see why gold prices differ between platforms.
- Forgetting the spread. A short’s stop triggers on the ask, not the bid you see on the chart.
- Judging on a handful of trades. One bad fill on NFP proves little. Use 30 to 50 trades at least.
- Mixing conditions. Average news-hour and quiet-hour fills separately.
- Ignoring your own latency. A slow connection or a busy computer delays orders. Check your connection status and consider a closer server or a VPS if you scalp.
If the numbers look wrong
- Collect the trade IDs, times, requested and filled prices.
- Ask your provider in writing for its order execution policy and an explanation of the specific trades.
- Ask for the price data around those times.
- If the reply doesn’t explain it, follow the provider’s complaints procedure. Our guide to checking a provider’s licence shows where its regulator’s complaint routes are listed.
Sources
- Financial Conduct Authority Handbook: COBS 11.2A Best execution (MiFID provisions)
- EU: Directive 2014/65/EU (MiFID II), Article 27, obligation to execute orders on terms most favourable to the client
- MetaQuotes, MT5 help: Opening positions and order fields (execution types, deviation, requotes)
- All spreads, commissions, slippage figures and trades in the examples are hypothetical
Educational content only, not financial advice. We never name or recommend providers. Trading gold with leverage carries a high risk of loss.
Frequently asked questions
How do I check execution quality on my trades?
Compare the price you asked for with the price you got on every order. In MT5, the History tab shows each order’s requested price and each deal’s fill price and time. Log the spread when you trade, the slippage in dollars, and whether the order was filled in full. After 30 to 50 trades, look at the averages by order type and by time of day.
What is good execution on gold?
There is no single number. Signs of reasonable execution are: spreads in quiet hours close to what the provider advertises, slippage that is small in quiet hours and goes both ways (sometimes in your favour), few rejections or requotes, and limit orders filled at your price or better. Large one-way slippage in quiet markets is worth asking about.
Is positive slippage a good sign?
It is a sign that price improvements are being passed on to you. If your slippage is always against you, even in calm markets, ask your provider about its execution policy. In fast markets, negative slippage on stop orders is normal because stops become market orders.
What does a gold trade cost at 1 lot?
Add the spread, commission and slippage. With a hypothetical $0.30 spread, $7 round-trip commission and $0.10 of combined slippage, one lot of 100 oz costs about $30 + $7 + $10 = $47 per round trip, before any swap. Measure your own figures, because each element varies.
Do brokers have to give best execution?
In the UK and EU, investment firms executing client orders must take sufficient steps to obtain the best possible result, considering price, costs, speed and likelihood of execution, under the FCA’s COBS 11.2A rules and MiFID II Article 27. Other countries have different rules. Ask your provider for its order execution policy.
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