Limit price can't be smaller than current bid

[kiss987]

Hello,

While submitting an EnterShortLimit order, I've received the following error:

Limit price can't be smaller than current bid. affected Order: SellShort 10 Limit @ 123.781

At the time the order was submitted, the values where:
Close[0]: 123.810
Ask: 123.818
Bid: 123.811

And my limit price was 123.781

I do not understand why I got that error, I'm giving myself a few pips (I'm trading foreX) to make sure the order will be filled (I am not interested in a market order since the slippage might b to large). Does the limit has to be 123.811 (current bid) or higher? why?

Thank you

[NinjaTrader_PatrickH]

Hello kiss987,

Thank you for your post.

Short Limit orders would need to be above the Bid price. Limit orders are set to enter at the price they are set or better. If you wish to go below the market for your short you would need to use a Stop Market or a Stop Limit order.

There is some publicly available information on Limit orders at the following link: http://www.investopedia.com/terms/l/limitorder.asp

Please let me know if you have any questions.

[kiss987]

Thank you for your reply

In that case, can I define a maximum slippage when I submit a MARKET order?

[NinjaTrader_Brandon]

Hello kiss987,
Thanks for your reply.
No, market orders indicate you are willing to be filled at the best available market price.

[cutzpr]

I am having a similar issue in a strategy. Because forex is now 5 decimal places, the slightest move will modify the the price before the execution occurs. Especially during fast markets when trying to Buy Bid and Sell Ask. It causes an error like the picture shown so there is some sort of feedback. How can I access that event so I can tell the strategy to resubmit when it occurs?

[NinjaTrader_PatrickH]

Hello cutzpr,

Thank you for your post.

There is no event to access for that message. You would instead need to prevent such order submissions to invalid price levels in your code.

Please let me know if you have any questions.

[bltdavid]

SubmitOrderUnmanaged(0, OrderAction.Buy, OrderType.Limit, Quantity, 0, ssPrice, "", "Enter SStop");

The LimitPrice argument is incorrect.

For a LIMIT order, the LimitPrice should not be zero.