Why are my orders being rejected?

There are several situations in which orders can be rejected, and we'll talk about each one.

• Stop price can't be changed or submitted below/above the market

The error message "Stop price can't be changed or submitted below/above the market" indicates that a stop order was placed on the wrong side of the current market price.

Here's a breakdown of what this means:

• Buy Stop Order: A buy stop order must be placed above the current market price. This type of order is used to enter a long position when the price rises to a certain level, or to protect a short position.
• Sell Stop Order: A sell stop order must be placed below the current market price. This type of order is used to enter a short position when the price falls to a certain level, or to protect a long position.
• Market Proximity: The error can occur when a stop order is submitted or modified too close to the current market price. The market may move too quickly for the stop to be successfully copied, especially during volatile times.

To avoid this rejection:

• Widen your Stop orders: Place stop orders a bit further away from the current bid/ask price. This gives the market some space to move without triggering the error, especially during high volatility.
• Avoid high volatility: Consider not trading in high volatility environments, if your trading strategy allows it.
• Use Market Orders to Open Positions: To minimize issues with orders being rejected "above/below the market," consider using a market order to open positions and then set your profit target and stop loss orders a little further from the bid/ask price, especially during highly volatile times.
• ATM Copy Feature: When using the Replikanto trade copier, the ATM Copy feature is highly recommended for the setup described above.

It is worth noting that when using the Replikanto trade copier, orders submitted to the leader account close to the bid/ask price, when copied to followers in reverse (using a negative ratio), may be on the wrong side of the market, which results in order rejection. Also, market volatility is inherent, particularly in the futures market, so even when attempting to cancel or modify orders at a price far from the bid/ask, sudden market spikes may complete an order before the cancellation or change can be processed.

• Order is Complete

The "Order is Complete" rejection occurs when an attempt is made to cancel or change an order that has already been filled. This rejection happens because in a volatile market, prices can change very quickly, and the order can be completed before the broker receives the cancellation or change request.

Here are some more details regarding this rejection:

• When using a trade copier like Replikanto, if the leader account cancels or changes an order, the action is copied to the follower account. However, the time it takes for this to happen may not guarantee that the order is canceled or changed because it could be filled earlier.
• Once an order is completed, it cannot be changed or canceled.
• To avoid this issue, ensure that you are not attempting to cancel or modify orders very close to the bid/ask price. However, market volatility, especially in the futures market, can cause sudden price spikes that may complete your order before the cancellation or change can be processed, even if you cancel or modify at a price far from the bid/ask.
• The broker's Order Management System (OMS) generates this message. It appears when a request is made to cancel an order that was filled by the market microseconds after the cancellation message is received by the broker.
• The broker cannot cancel the order and sends a message to NinjaTrader to display to the user.

In summary, the "Order is Complete" rejection is a result of rapid market movements and the time it takes for cancellation or change requests to be processed, especially in volatile conditions.

• Order price is outside bands

Exchanges enforce price ranges, known as order bands, above and below the current market price. If an order is submitted at a price outside of this range, it will be automatically rejected. This can occur if a decimal point is omitted in the order submission price or if 'Price' is used instead of 'Currency' for ATM Strategy parameters.

These rejections can occur due to market volatility, incorrect order parameters, or the timing of order submissions, particularly when using a trade copier like Replikanto.