Measure how much adverse execution costs you on gold trades. Compare planned versus actual entry and exit prices and see total dollar slippage and its impact on gross trade value.
Slippage is different from spread and commission. It is an execution outcome. A strategy can have acceptable quoted costs yet suffer large slippage during fast markets, thin liquidity or poor execution conditions.
For a long position, a higher-than-expected entry and lower-than-expected exit both hurt the result. For a short position the directions reverse.
The difference between expected and actual execution price.
Adverse price difference multiplied by position size.
Yes.
It can control execution price differently, but it may remain unfilled.