Ahh eeh big umbrella rule not a specific series of rules!
Thanks for replying. All brokers interpret the " rules" differently internally and they then write a script to highlight orders that may be in breech. They may even as in your case be proactive in flagging your account . They get a brownie point from compliance it seems as they are seen as being active. I have heard of similar with other online comsec accounts
It is not the same with all brokers IMO. I agree it totally defies logic in many aspects and they are applying it their own way as to not get caught out by "market manipulation" rules on thinly traded stocks and won't reveal "hard limits" in regards to price step, volume etc and yet algos with direct access can have a free field by simply saying it is automated and use excuse to gain a average vwap etc or to buy up to a level etc. . That may be the hint if you amend your order as a conditional so once it trades at 5.6 at certain it then executes a 5.7 limit order automatically for example. Might pass the "test" as you have no direct input.
As you would be aware a lot of traders pay a single brokerage charge per day per stock for as many trades as they wish to execute via some brokers so they don't care if they put on and amend or cancel 100 orders and get small fills etc.
I have had similar issue in the past with setting stop losses outside the market range that were not conditional orders. I would set a stop loss at 30% below market and it wouldn't accept it but if I set a conditional order it would. Crazy as by teh time my conditional order is executed there may be 1 billion shares in front of me at what I perceived as a critical level ( either technically, save my capital or psychological level.) so limiting my possibility of actually exiting. I have lost out when a share has collapsed because of this when the price collapses and goes so far past level that my order is then out of range and gets cancelled.
It is a crazy system where you can set a algo to "test " the depth by buying a couple of shares and seeing the reaction in depth but as a private individual you can't do the same even if you are happy to pay the brokerage for example.
Thanks for the reply. Always interesting to see how brokers are interpreting and acting on compliance issues . It is laughable when you see what is happening on a daily basis but the brokers are trying to tick a box and prove compliance to stay out of trouble .
PS it will take a lot of real facts and time to get me comfortable with VMT as so many false starts and poor execution of previous plans I wonder if shareholders will ever be rewarded for their loyalty and expect latecomers to get a cheap issue and take all the cream such is the market . No trust from me due to past.
