StockFetcher Forums · General Discussion · Weird error I got while trading<< >>Post Follow-up
57 posts
msg #132431
Ignore arimont
11/10/2016 3:00:05 AM

Occasionally I do some Day trade, usually using LMT and/or STOP-MKT orders.
In the few weeks I have encountered a error that happens, not on every trade, not on every stock.
Until yesterday I occurred on this error only when trying to ENTER a position, so no real damage was done, I just missed out the trade.

Yesterday, I was IN a trade, it went against me (shit happens...) and I got my exit order rejected with the message: "Rejected: LMT PricePrecision".
Until I realized what happens, and that I should run an "emergency-exit" (using MKT order, which I hate), my loss grew fast.

When I contacted my broker, they replied (this is a qoute of their response):
"This rejection message that you see on your portfolio is a NASDAQ rule in which case for certain stocks either the LMT or the STP price (in cases of a STP-LMT both) has to end with 0 or 5.
For example for this trade your STP price was 13,69 in this case the price that would not be rejected could be 13.70, 13,65 etc."

Does anyone knows about such a NASDAQ rule? Anyone heard of this?

1,185 posts
msg #132433
Ignore pthomas215
11/10/2016 9:14:50 AM

Ive had it happen. My guess is that on certain lower priced or lower volume stocks you can only trade in certain lots. 5 cent lots. As to the exact exchange rule, I have no idea why.

658 posts
msg #132484
Ignore gmg733
11/12/2016 10:07:09 PM

Sec made a change for some small cap stocks to trade .05 wide. I don't like the rule. But you need to be trading the most liquid underlying anyhow.

StockFetcher Forums · General Discussion · Weird error I got while trading<< >>Post Follow-up

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