Question:

Tried to buy a stock on E-Trade and...?

by  |  earlier

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tried to buy shares of a stock at Market Price and it came up with this alert:

Non-equity, bulletin board, OTC, pink sheet and other specific securities are not eligible for the price type you have specified

What does this mean? I cannot buy shares of this stock?

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3 ANSWERS


  1. You entered an order at a price that was not reasonably close to the current market.

    In put edits are used by all broker/dealers to prevent customers from placing orders that are too far away from the quoted market with the assumption  that they entered an incorrect symbol or entered a wrong price,

    Try putting in the order within or at the quoted market


  2. They are trying to protect you from getting ripped off in thinly traded stocks by requiring you to specify a limit price.  It's really for your own good.

  3. Yeah its prohibiting you from executing an order for a stock not listed on the exchange. OTC.BB and pink sheet stocks are penny stocks and arent listed. You can prob get that restriction lifted by calling them but I wouldnt. Just the fact you used a market order on a penny stock is a red flag that you prob should not be trading them. Use only limit orders to ensure good prices, these stocks are extemely illiquid, if you use a market order to get in and and market order to sell you will prob lose 25% or more in the spread alone.

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