Watch out! Did you know the FX spread is variable and the cost to your broker (or market maker) differs depending on volatility, news etc. Consequently, brokers get up to all sorts of tricks to impose higher spreads on you without you knowing it. Beware of delayed data, rejected trades, delayed execution, price-skewing and stop-hunting.
For example, when your trades are delayed and get rejected when the market moves with you and accepted when the market moves against you, it could be your broker taking an extra pip or two to cover his costs.
Be aware, the market depth available to you with forex is not global. It is comprised of only the broker or market maker's clients. The broker (or market maker) could very well be aware of your stops and could be stop-hunting too. It is a very good idea to compare the live tick data feed of your broker with another broker especially the high, low, spikes, etc when the market is volatile.
One experiment I did recently was to place 10 long and 10 short AUD/USD orders at various levels near the current price (Sorry, I wont mention the broker). All orders were set to trigger when their order price was reached and had a take profit of 1 pip and a stop loss of 5 pips. Every single one of them had their orders triggered and their stop loss taken out before their take profit was executed. Obviously, a hungry stop-hunting bot was having a good time eating up everybody's orders on that day. To escape this thing you could try another broker or use more mini-forex orders with bigger stop loss targets. More orders are better than bigger orders.
