What is Slippage Tolerance?

The maximum amount of price difference a trader is willing to accept to get an order filled.

In-Depth Explanation

If you set a tolerance of 1 pip and the market moves 2 pips before you are filled, the order will be rejected.

"During the news release, the trader increased their slippage tolerance to ensure a fill."

Knowing the terms is just the start. Learning how to apply them is where the edge is found.