Limit order rejected at Waterhouse. Does anyone have this problem or just me?
Say I have this stock XYZ that jumped from $20 to $30 overnight, and I am considering shorting it. So I place a limit order at $32. After seeing that the stock never gets there, I adjust the limit to the bid which is at $30. Waterhouse would sometimes reject the order saying that the limit is too far from the current price!@#$%^&*?
If I now cancel the order, and place a new limit order at $30, then WebBroken would take it. [Now we old timers know how dangerous it is at Waterhouse to cancel an order. I always change the order to a limit order far away from the current price, then cancel it, but that's besides the point. ]
I contacted Waterhouse, and one customer rep answered that a limit order is always rejected when it is 40% from the previous closing price. This is total BS. I replied that I agree with the 40% limit, but I believe that that rule only applies to limit orders placed overnight, not during market hours. Besides that, I am placing a limit order AT THE BID during market hour Another cust rep replied to my angry notes that they are forwarding my message to their programming staff, but 2 weeks have passed, and the bug remains. It happens to me again yesterday causing me to miss a running stock. (I am a programmer myself, and I would take a lot of heat if such a blattant bug slips out).
Is it just me, or does everyone experience limit order rejections once in a while for no reason at all?
//Vincent |
