Guide 13.5
Beginner, 4 min read. Checked with Scalpel 1.12.8 on .
In short
A rejected order shows as a red toast and a spoken "rejected", and the Orders tab marks it Rejected. If the toast reads "ABCD rejected: ... (IB 201)", Interactive Brokers refused it and the text is IBKR's reason: most often Read-Only API switched on in TWS, no trading permission for that stock, buying power, or the pattern day trader rule. Any other wording is Scalpel's own safety check, such as your fat-finger or max-position cap.
Nothing was bought or sold by a rejected order, so your position is what it was. Read the toast before you press again: pressing the same key repeats the same refusal.
The toast lasts 7 seconds. The order stays in the desk's Orders tab, in red:
Interactive Brokers refused the order and said why. Check these in order:
| IBKR's reason is about | Fix |
|---|---|
| Read-only mode | In TWS Configure > API > Settings (IB Gateway: Configure > Settings > API), untick Read-Only API and click OK (guide 1.5) |
| Trading permissions | Your account is not set up to trade that stock or exchange. Add the permission in Client Portal, or trade another stock |
| Buying power, margin or funds | The order costs more than the account can carry right now. Size down (guide 4.1) |
| Pattern day trader or intraday margin | In June 2026 FINRA replaced the pattern day trader rule (the $25,000 minimum and the day-trade count) with intraday margin rules, but brokers may phase the change in until October 2027, so your account may still be on the old rule. IBKR refuses the trade that would break whichever rule applies to you. Check IBKR's current rules for your account (what changed) |
| Price, size or order limits | The price is too far from the market, or the size is over a limit set in TWS's order precautions |
| A halt or a trading restriction | The stock is halted or restricted. Wait for it to reopen |
Scalpel sends every LIVE order as a limit order: a buy at the ask plus your Buy offset, a sell at the price the exit key asks for, such as the bid minus your Sell offset (10 cents each by default). Every sell is flagged for extended hours so it is accepted in the pre-market, and so is every buy while Extended-hours fills is on (the default; guide 11.2). Before the open, US exchanges accept limit orders only, which is why Scalpel never sends a market order.
IBKR rejected the order without sending a reason Scalpel could read. Open TWS: its orders window and messages usually say why. The causes are the same as above.
These are refused before anything reaches Interactive Brokers, in SIM and LIVE alike. The dollar figures are your own caps (the defaults shown here):
| Toast | What it means | Fix |
|---|---|---|
| Order exceeds the fat-finger cap ($250000) | One order is bigger than your fat-finger cap | Size down, or lower or raise the cap in Settings > Risk (guide 7.2) |
| Position would exceed the max ($250000) | This buy would take the position past your max-position cap | Same: size down or change the cap |
| Risk locked: Daily loss limit hit (-$1000) | The daily loss limit tripped: new entries are blocked | Stop for the day, or Resume trading on the banner (guide 7.1) |
| ABCD is halted: buys are blocked until it resumes | The stock is halted, and a halted stock reopens with a jump | Wait for it to resume. Sells are not blocked |
| No long position to sell | The focused desk's symbol has no position | Focus the desk that holds it |
| ABCD: no shares to sell | LIVE: Interactive Brokers shows no shares of it left to sell | Scalpel is long-only and never sells more than you hold (guide 7.3). Check the position in TWS |
| Order size resolves to zero shares | The preset works out to less than one share (a tiny risk on a wide stop) | Raise the preset or tighten the stop (guide 4.2) |
| No market data yet, No ask to price against, No book to price the exit | The desk has no quote or book to price the order from | Check the badges and the IBKR pill (guide 13.4) |
| Order manager was disconnected: order not sent | The link dropped between your key and the broker, so the order was dropped rather than sent at an old price | Wait for Connected, check the price again, press again |
| Insufficient buying power: order $X exceeds free cash $Y | SIM only: SIM is a cash account | Size down or raise SIM start ($) in Settings > Risk |
The caps block the whole order; they never shrink it. A sell pressed while another sell is still working is not refused: Scalpel replaces the working sell with one order for what you hold (guide 13.6).