Order price too far from market price (FXCM)

[siroki]

Hi,

I've asked this problem before but in a different scenario. I spoke to a representative of FXCM today on the phone and he told me that I was trying to place a limit order below market profit as a profit target. Which I doubt is the case.

Here is the scenario.

On March 31st I entered a long EURCAD trade at 1.3615 at 15:58. My strategy immediately tried to place a limit sell order as profit target at 1.3627. That limit order failed and gave me the following error:

“Order rejected: Order price too far from market price :1.35639 vs 1.36128 affected Order: Sell 1000 Limit @ 1.3627” is a message generated from the strategy.

So exactly what does this error mean? The person from FXCM tried to convince me I tried to place a limit order at 1.35639, which I don't think is the case. I think the strategy tried to place a limit sell at 1.3627 .. and the error message says right? (sell 1000 limit @ 1.3627) .

So what exactly is that 1.35639 price? Is that the current market price?

The result from this failed sell limit order was that the position was closed immediately and the strategy was disabled.

I use EnterLong() for long order and SetProfitTarget() for limit sell order.

Only scenario I can think of is that the SetProfitTarget still has a value from a previous position that is not reset yet after the previous position was closed.

Maybe it's better to use an ExitLongLimit() method?

[NinjaTrader_PatrickH]

Hello siroki,

Thank you for your post.

The Limit was submitted to 1.3627, however this means it needs to sell to the Bid so we factor in the Spread which looks to be between 4 to 6 full pips late on the 31st. Your limit would also be 12 full pips from your entry, so somewhere between 16 to 18 pips difference from Bid to your limit price.

This actually appears to be a Margin related item. I would bring this information to the brokerage and advise them you were trading 1,000 lots.

Please let me know if you have any questions.