Glossary
Slippage is the difference between an expected execution price and the price actually filled.
In short
Slippage arises when an order consumes book depth beyond the top level, or when the market moves between decision and execution. It scales with order size relative to available liquidity and with volatility.
Replication happens after the leader's action is observed, so the follower's order meets a slightly different book. In fast markets that difference is larger, and it applies to exits as well as entries.
Slippage is a cost of copying, not a defect of it. It is why a mirrored account's realised result diverges from a leader's published history in both directions.
Questions
No, but it is negative on average because urgency correlates with adverse movement.
No. It can be reduced with sizing discipline and passive execution where the strategy allows.
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