Can anyone help me to understand why an order I placed today via Etrade was rejected?
For the shares I wanted to buy the lowest offer price was 1.485 and I placed an order for 1000 shares.
When I placed the order I received a message that the order would be reviewed manually before being placed into the market. After that the order was rejected with the message:
Order rejected: If your order trades, this would push the price of the stock too far from the market. Please amend the price of your order
At the time the highest offer price from other buyers was 1.39
This also happened to me a few weeks back but at the time I decided to ignore it. Second time round I am getting annoyed. Presumably the person trying to sell at 1.485 would also be annoyed if they knew that their oportunity to sell at their asking price had been thwarted.