Requote or reject: what your broker's choice tells you

[Amanhasnoname]

Requotes and rejects look like two flavours of the same annoyance, but they point at different plumbing. A requote means the price you clicked is gone and the server is offering another one for you to accept or decline. That flow usually comes from a dealer-style setup where a price gets checked before the order is committed. A reject means the order was simply refused at the moment of execution, often because the liquidity provider behind the broker declined it or the price moved past tolerance.

Neither one proves anything on its own. Plenty of agency-style brokers still reject when the book has thinned out, and plenty of dealer-style ones fill everything at whatever price they like. What matters is the pattern. Requotes that show up mostly when price is moving in your favour, and almost never when it moves against you, are a different story from requotes clustered around news prints.

Worth doing: log every requote and reject for a couple of weeks, with the direction of the move after the attempt. Note whether the new price was better or worse than the one you clicked. If 80 percent of the offered prices are worse, that is data, not bad luck.

Disagree if needed: is a requote-heavy broker automatically worse for scalping than one that just rejects?