Massive sigh. After being smacked on the hand by T212 for not using sell/buy limit orders, every time I try it gets rejected.
@nitx It’s halted due to volatility, there’s nothing we can do about that.
That was not the issue David. Immediately afterwards placed a market order which went through without issue.
I made sure to check if it was halted and could clearly see the price moving.
And the proof since the customer is never right on this free platform. @David
Again, it’s not the issue. Just literally bought a share now (to prove my point) and tried to sell it with limit order and what do you know:
Rejected would be the message from IB or exchange though? I don’t think T212 controls that.
So when ever the system craps out, T212 can just blame IB? Sounds convenient
What I’m saying is when you place an order
T212 (New order) > IB API > Exchange
Exchange (Rejected) > IB API > T212
T212 are using IB under one omnibus account, as if you or me created an account with them.
Yeah I get it, and you could be right, but it felt too instant to have gone through all that.
Plus I had this issue with selling AM the other day. Along with others.
I had rejected orders today too. I wasn’t able to limit buy Scottish Mortgage. Tried three times.
I asked on chat what was going on, and I didn’t understand his explanation. Maybe somebody here could explain.
I didn’t understand it, so I asked him to check my rejected orders and tell me what I did wrong.
@phildawson any idea? I don’t know what the figure 3.55 GBP has to do with my order.
I know Ocugen is in dollars, and the explanation above is in GBP, but maybe @nitx 's prpblem is linked to this.
Ah yes I do have an idea with that basically T212 had the wrong precision on various instruments so I think they must have automated trying to fix them to what IB has in its database.
So certain exchanges will only take certain levels of precision in limits.
I’ll dig out the thread.
Edit: so with Ocugen it might be that 2.08 is fine to two places and the previously request was 2.08xx
Could be unrelated but…
@David perhaps you can set the record straight for us
@pipo you might be on to something.
@nitx I’ve noticed on the order page I can set a limit to 0.xxxx
price > 1 0.01
Was it a limit sell / buy you had issue with? And importantly what was the price you had entered?
So when it was under 1 the exchange allowed to four places and above 1 only to two?
It was a limit order indeed! Can’t remember exactly what I set it at to be honest. What do you mean though by two/four places? You mean decimal points? @phildawson
Yeah so as the price is above 1 the maximum places that the exchange will take is two.
2.08 that would be fine
But 2.077 nope
Looking at the limit it has four which needs to be updated I think.
I’m only guessing this as I had been pestering support to update NAK to 4 places as it had significantly dropped and made it impossible to limit buy with any precision. Unfortunately the chat staff were useless but @PeterA sorted it in the forum.
I found today that on penny stocks in GBX I could only put limit orders to the nearest penny (full integer in GBX)- for example 18GBX, whilst 17.8GBX limit orders were rejected.
Basically, if my limit order had decimals it was rejected.
As far as Ocugen Inc. is concerned, IB cites the following price increment parameters (applying only to pending orders):
a) price > 0 USD: 0.0001
b) price > 1 USD: 0.01
@nitx You can compare the values of your rejected pending orders with the relevant price increment. Basically, if the value exceeds 2 USD, it should be in the format 2.XX.
@pipo The target price of your rejected Limit buy with Scottish Mortgage Investment Trust PLC was 1197.4 GBX. This translates into 11.974 GBP. The price increment cited by IB for orders between 10 GBP and 20 GBP is 0.01. If the order had been set as 1197.0 GBX, it would have gone through.
I know that it is disappointing to get your order rejected, however, IB provides a long list of price increments for most of the instruments depending on the order value. Based on this, we could not single-handedly limit the order precision so that it corresponds to one of the scenarios.