Why is this capped at 200%? Please remove and add by date, good for day or till cancelled, please.
I’m intrigued …which stock are you expecting 200%+ on?
It does happen, I’ve just sold part of a position that’s +409%
Although I can’t honestly say I was expecting that to happen
This came up the other day. Was the market closed at the time?
Is this because you can’t set a GME sell order for 1000
Honestly, yes. Why is there a cap on it and can it be removed?
You’re a braver man than me
I tried during market hours too
I’ve also tried in and and out of market hours and it’s the same.
Plenty of penny stocks on Freetrade and many have wild swings it’s not just GME, look at PNPL. We need to be able to set a much higher limit please.
Also, being able to set a limit buy outside of hours more than 6% from the last close.
Adding my +1. At the very least is like to understand why the limit exists at all.
Does anyone know why it’s a thing?
The only logical reason would be to prevent individuals from expecting those levels of gains. I would think a disclaimer would better serve this rather than a technical limit.
I’ve just run foul of this trying to set a limit order for AMC, but it complained that it was nearly a 4000% raise and wouldn’t let me I agree a simple notice and confirmation prompt would be fine, no reason at all to have any kind a physical limit on this.
By the way triggered orders let you set as high as you like up to $25000, not to get in that old debate again.
Yes, why is there even a limit on this? I see no good reason. It’s not Freetrade’s call as to what we are happy to sell at, and many stock can have big swings that you can easily miss.
Also need options to choose how long those sell limits are set for (end of day, number of days, etc).
If as you say
then you probably want a day trader account and NOT a budget Freetrade app. Freetrade are very open about being a long term investment platform and not quick get rich platform.
I’ve seen two explanations for it. One is that it’s for your protection because the usual reason for someone placing an out-of-the-ballpark limit order is a typing error, but one could argue that in that case a ‘confirm’ step would suffice. The other explanation that I’ve seen is that there is a cost to the broker to register a limit order with the exchange (and there is also of course a cost to the broker itself to process each order, even if it is a small cost), so they refuse to take orders that are unlikely to ever be executed.
Who said anything about get rich quick? You might want to set a limit sell, believing it’s worth at least that price, then set and forget so that you don’t have to keep an eye on it. That’s a perfectly valid strategy and takes away any stress from keeping on watching prices.
In the last year we have seen many stocks drop dramatically then come back up. Likewise many stocks have gone up many hundreds of percent. It’s not about getting rich quick, but about selling at the price you think is worth it. That may happen to be quick, or it might happen to be long-term.
Further, despite them saying they are about long-term investment, the fact a trade costs nothing other than the exchange fee, I would argue that they encourage short-term trading through their price structure, and it would be very hard to make an argument against that. If they charged £12 or more per trade like other brokers, that would encourage long-term trades.