IB: "order is being held & monitored"

Discussion in 'Retail Brokers' started by Option Trader, Mar 4, 2008.

  1. I've been trying to sell today & yesterday IMH shares, and the order is not sent. Today, I tried each individual routing destination & the same thing happens. This also happened to me before with a different penny stock. Is this the way it's supposed to be?
     
  2. Hmm.. I would say no. Has your account been frozen for margin requirements or something? What did IB tell you?
     
  3. Other trading as usual.
     
  4. Ok, are you trying to close out a long position or open a short position in the penny stock? Maybe the shares are not available for trading if you are going short. If you are exiting a long position and selling at the bid obviously there is a problem so I would call IB directly.
     
  5. Neither were to short the stock. Today was to close a position (which I opened when it was trading above $1); and when the same happened several weeks ago, it was to buy long.
     
  6. If you can't close a position, you should call customer service immediately.
     
  7. maxpi

    maxpi

    The rules for penny stocks are different. The market maker that has your order does not have to process it unless it is in the way of his own trade. I've had orders sit for days [ARCA] after price moved through me. If you want to trade low priced stuff like that trade NASD/NYSE issues that are low priced but not yet delisted.
     
  8. IB trade desk said to assign the order to fill even after hours would solve the problem. I did, & it worked.