Override a refusal
When the rules turn down an agent's proposal you can place the trade as your own order. Which refusals that applies to, what still binds your order, and what is recorded.
- Who it is for
- Owners & operators
- Reading time
- 6 min read
- Updated
When the risk rules refuse something the desk proposed, the shows the reason in plain words and, where it applies, Place it as my order. That opens the trade ticket pre-filled with the desk's symbol, size, limit, stop and target; you adjust what you like, confirm with your code, and the order goes in as yours: approved by you, checked by every hard limit, recorded as an override that names the proposal and the rule that refused it.
It is not a bypass. Two kinds of rule bind the agents and not you, and those are the ones an override gets past; everything that protects the book binds your order exactly as it bound theirs.
Refusals you can place as your own order
These rules exist to keep an unattended agent honest. You are attended, so your order is not held to them.
| Refused by | What it means for your order |
|---|---|
| stop distance | The desk's stop sat inside one average day's range of the entry. That rule binds the agents, not you: your order keeps the stop you type. |
| the approval window | It waited for a yes past its window. Placing it yourself is that yes, at a price you choose now. |
| you manage this name | The name is marked Manage myself, so only you may trade it: placing it yourself is exactly that. |
Temporary conditions are checked afresh when your order arrives, so placing it yourself a moment later is often all it takes:
| Refused by | What it means for your order |
|---|---|
| the was down | It was approved but the Executor could not send it before its window closed. |
| whole shares only | The broker takes whole shares only for this name; size it in whole shares. |
| a malformed price rule | The proposal's price rule could not be read; your order sets its own price. |
| the price moved past its cap | The quote ran past the most it would pay. Your order is priced by you, now. |
| the entry did not fill | The marketable entry did not fill after one re-price and was given up. |
| the closed | It was not evaluated before the order window closed. |
| a stale quote | The live quote was too old to trade on at that moment; your order is checked against a fresh one. |
| no live quote | There was no usable quote at that moment. |
| the duplicate window | The same order had just been sent. The window applies to your orders too. |
| no earnings calendar | The earnings calendar could not be read, so a buy was refused rather than guessed. |
| the market was closed | Orders are only evaluated while the market is open; place yours during the session. |
| the quiet minutes after the open | Nothing trades in the first minutes of the session. |
| the quiet minutes before the close | Nothing trades in the last minutes of the session. |
| the limit was too far from the last trade | Its limit price sat too far from the last trade. You choose the limit on your order; the same distance rule applies to it. |
| no profile | The name's tradability could not be read at that moment. |
| too small to send | The amount bought no shares at that price. |
| the broker | The broker itself rejected the order; the detail says why. |
Refusals nothing gets past
A hard limit refused it, and the same limit checks your order. The ticket says so before you type a code and links to Risk, where each limit moves inside bounds set in code (loosening asks for your code and is recorded). There is no bypass, for anyone.
| Refused by | What it means for your order |
|---|---|
| buying power | There was not enough buying power free of working buys; it applies to your orders too. |
| cash (no margin) | It would have used margin, which this book does not; it applies to your orders too. |
| the per-order cap | The order was larger than the per-order cap. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the position cap | The position would have exceeded the cap for one name. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the exposure cap | The book would have been more invested than the cap allows. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the daily order cap | The day's order cap was used up. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the | Earnings were inside the blackout window. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the pattern-day-trader rule | It would have breached the pattern-day-trader rule; that is a regulatory limit and applies to your orders too. |
| settled cash | There was not enough cash free of working buys; it applies to your orders too. |
| your never-buy list | The name is on your never-buy list. Remove it there if you changed your mind. |
| tradability | Not a tradable US-listed stock or ETF here; it applies to your orders too. |
| the minimum share price | The share price is under the floor. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the minimum trading volume | The name trades too little per day. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| the widest allowed spread | The quoted spread was too wide. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| order size against volume | The order was too large for what the name trades in a day. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| trading history | Not enough price history to size it safely. It applies to your orders too; change it on Risk settings within its bounds if you disagree. |
| an exchange | Trading in the name was halted at the exchange. |
| long only | There were no shares to sell; the book is long-only. |
Your own binding and an you set to required bind your orders too; change the rule on Strategy › Guidance or the algorithm's mode if you no longer mean it. While trading is halted or paused nothing new is sent; resume first.
| Refused by | What it means for your order |
|---|---|
| the stop | The daily loss stop halted trading. Nothing new is sent until you resume. |
| the stop | The drawdown stop halted trading. Nothing new is sent until you resume. |
| live book | Manual orders are refused on a live book until the gates exist. |
| environment mismatch | The book's environment does not match the Executor's; nothing is sent until that is fixed. |
| trading is paused | Trading is switched off for this book. Resume it first. |
| trading is halted | Trading is halted. Resume it first. |
What is recorded
- One audit row per override, with your , naming the refused proposal, the rule that refused it and the order you placed; it reads You overrode: stop distance (or whichever rule) on Activity.
- At most 6 overrides per trading day, so an override stays an exception.
- Only owners and operators of the book can override; a read only visitor sees the reason and the ticket but cannot place it.
- The PM sees your order next session like any order you place ("opened by operator") and adopts the position unless you mark it Manage myself on Portfolio.
The daily line
You are not pinged for each refusal. Once a day the Inbox and the daily digest carry one line: how many agent proposals the rules turned down today, the reasons in a few words, and how many of them you could place yourself; each links to its proposal.