Limit buy max distance

[Guest me99]

Newbie doing first trade here. So i want to limit buy GTC a fairly volatile equity with no stop to hold longer term. When placing the order i get an error when placing an order "too far from the last traded price". The market price is 300 and my limit buy is 230.  

 

I can do this order in my demo account on the new platform. Is it something I'm doing wrong or is there a max distance i have to be from the market price. I have limited time and don't want to be looking at screen in real time for the volatility or setting alerts. Just want to fire and forget. 

 

All advice welcomed.

 

 

[JamesIG]

Hi  

 

There is a max of 20% for limit orders from the last traded price. This is to stop accidental fat finger errors (and in some instances is due to restrictions by the exchanges themselves). If you were to call our dealing desk they should be able to get your order on your account. You can find the number to deal here >> https://www.ig.com/uk/contact-us 

[Guest An IG customer]

20% is too conservative, it should be higher

[Guest k4sperski]

What?

Quote

This is to stop accidental fat finger errors

What? Have a confirmation prompt or something instead. if I want my limit to be set 1000 dollars higher than the current price then be it. Why do this? This is so counter intuitive. There should be no max limit value.

 

 

Change this.

[Guest Johnny joh]

This is incredibly counterintuitive - have a prompt... if i want to set a limit and go to sleep, I want to set a limit and I should be able to - I shouldn’t have to stay up while the market is doing some crazy volatile **** just to close a sell. 

[AspiringTard]

On 10/11/2017 at 08:43, JamesIG-inactive said:

Hi  

 

There is a max of 20% for limit orders from the last traded price. This is to stop accidental fat finger errors (and in some instances is due to restrictions by the exchanges themselves). If you were to call our dealing desk they should be able to get your order on your account. You can find the number to deal here >> https://www.ig.com/uk/contact-us 

Except that you charge 40 pounds per order over the phone.

Any way to restrict these limitations in such a high volatile market? I'm sure your members might consider staying after these events if that were the case. I know I am leaving once my positions are closed if this is the norm.

[AspiringTard]

On 31/01/2021 at 09:24, AspiringTard said:

Except that you charge 40 pounds per order over the phone.

Any way to restrict these limitations in such a high volatile market? I'm sure your members might consider staying after these events if that were the case. I know I am leaving once my positions are closed if this is the norm.

Also, after calling, I was told it was also not possible to go over the 20% limit.

Nice

I'll be changing brokers after all this.

[JRom]

On 10/11/2017 at 09:43, JamesIG said:

Hi  

 

There is a max of 20% for limit orders from the last traded price. This is to stop accidental fat finger errors (and in some instances is due to restrictions by the exchanges themselves). If you were to call our dealing desk they should be able to get your order on your account. You can find the number to deal here >> https://www.ig.com/uk/contact-us 

This is terrible design. Please make this a configurable option.

If to avoid "fat fingers" (seriously?) put an execution buffer after creating the order (ie do not execute until after 10 seconds - giving you time to cancel or alter), or a warning dialogue box if the difference is significant (ie greater than 20%).

 

Flat out disabling the ability is a terrible limitation and one that has me as a new member considering migrating.

Edited February 11, 2021 by JRom