Error on Nabtrade for buy order: "Denied: price too far from market"

[anasttin]

Hi,

I placed a buy order for a share "AFI.AX" on Thursday night at $6.25 per share and got the message ""Denied: price too far from market" today. This is baffling to me as the price didn't get as high as $6.25

I called Nabtrade and the call centre operator wasn't sure but suggested I had to have my price between the high and low for the day or something like that.

Can someone please tell me how I determine what price to put my buy order in at so it isn't denied?

(Mind you, I'm grateful it was denied given another day of plunging prices but I need to know it will work for me Monday).

Thanks in advance for the help.

Ana

 

[Smurf1976]

What price was it trading at when you placed your buy order?

What price were there sellers at (market depth will show that - different brokers may call it something different but the list which shows buy and sell orders in the market and what price they’re at)?

And what was the most recent price for a trade in this stock when you placed your order?

Long story short - you’re (and me and everyone else) not allowed to place an order too far from where the market’s at. That’s an ASX rule but it’s the broker’s job to make sure everything going through them complies hence the rejection by Nabtrade.

 

[PZ99]

At $6.25 your bid was too high. Try going for $6.15 or less.

Alternatively, put in an order for the market price.

 

[Wysiwyg]

You can place a conditional order such as a BUY LIMIT order as per the following screen shot. Example the trigger price is $6.10 and the buy price is $6.14 (above todays range) so if price starts to reverse on Monday and $6.10 is traded by someone, the buy order will hit the market to buy at $6.14. An explanation is on the right.

 

[FozzyWozzy]

I put in an order for share with a limit of $16.08 the share price had that earlier in the day. Nab trade bought my shares at a price of $16.24 how does that happen as I limited the value of the share? confused

 

[divs4ever]

I put in an order for share with a limit of $16.08 the share price had that earlier in the day. Nab trade bought my shares at a price of $16.24 how does that happen as I limited the value of the share? confused

well it should only let you buy at the desired price ( or LOWER ) or sell at the desired price ( or HIGHER )

if not the case maybe a phone call to support might help ( along with copies of the order placed and confirmed nice and handy for you to refer to

 

[frugal.rock]

Just wondering if anyone has had a limit order sold early (at a much lower price) when using an online broker platform? I had this experience recently and am wondering how common this is?

I'm wondering if this is NAB trade also?
The poster refused to out the broker.
Why?
The broker is huge, us retail mob are small.
I post this here as it's the only mispricing issue from a broker I've heard of in recent years, then suddenly another.
Coincidence? Maybe, maybe not.