Cannot submit limit order with limit price below last traded price
Author: DaveAronow
Creation Date: 7/25/2010 7:50 AM
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DaveAronow

#1
When I try to submit a limit order (from a trading system) through WL Pro, Fidelity (WLP?) rejects it with the message "The limit price you entered on your sell order is BELOW the last trade price for this security. Please review your order.". I am forced to go through the Fidelity web site to submit the trade (where I get that message as a warning but it allows the order). I am not sure if this is something WLP can control (or if it's the Fidelity Client App Server) but if this is within your control could you change the severity to a warning (like the Fidelity website) as this is a royal pain and I lose the tracking in WLP when I need to submit it via their website (and just because the last traded price on Friday was above the limit price it doesn't mean it will still be above that price at 9:30 AM Monday -- unfortunately).

Dave
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Cone

#2
Sorry, there's apparently nothing that can be done to cross the market with an order like that. We've been through this a couple years ago, explained why a trader may wish to purposely enter a limit order that could be executed AtMarket, Fidelity investigated, and they said that a large change on the back end would be required, which apparently was cost-prohibitive. It seems strange to me that such an order is allowed on the site, but you could edit the order in Wealth-Lab and switch to AtMarket. It's "essentially" the same order, but of course without the limit protection in a run-away market.
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