I learn everyday why I am different than most...
I go to place an order to sell some shares of a stock at $1.97 which has a bid at $1.30. The stock traded in the $1.80s range a few days ago.
TD Webbroker (Read: Not TD; Not NYSE) says the following rules are in force:
Price Range over current Bid/Ask restrictions:
0-1.00 $0.50
1.01-5 50%
5.01-50 35%
50.01+ 30%
It means that this stock, is 4 cents over the 50% mark and I cannot place the trade.
The trader can place the order - but not in WebBroker.
What the hell is the logic? Basically I cannot place realistic sell orders. That "after 5 trades your account needs to reviewed" is also BS.
But I will thank the boyz at TD for two things:
(A) More of an incentive to pack my bags and scram... (Ameritrade fits ok; just have to rule out or in IB)
(B) It provides me yet another question to ask with the other brokers before I commit.
Are restrictions like this at other Canadian Discount brokers?
Same crap with options. Looking around trying to play only to find have the bloody combos aren't setup in webbroker.
TD SUX TO BE CUX!
Suxton O. Bluke..
"When you have to shoot, shoot. Don't talk."
Tuco (The Good, the Bad and the Ugly)
"An umbrella with holes is better than no umbrella at all."
Dr. Alexander Elder on using stops.
