Got some error when living trading on Robinhood.
Cap: $2050,
algo ordered 9 shares SPY (another case 1 day ago was 5 shares), the system return "not enough buying power". SPY is about ~ $ 215.5, thus order amount is $1939.5.
Would you please help comment on this? I will try to reduce max # to order as well. thank you!
In general you've got to keep track of how much money you have and not try to buy more than you can afford.
Without seeing your algo I suggest checking out order_target_percent.
order_target_percent(symbol('SPY'), 0.5)
If you don't use a limit order then robinhood will guardband your order from exceeding your account. Market orders are actually limit orders with a certain percentage tacked on to the market price
thank you Ryan and James.
James - your raised a valid point. I will try to place limited order instead. Meanwhile, it's hard to believe that the system rejected 5 shares SPY purchasing with 2000 cash balance.
If you have a RH Instant account it could also be the case that you had just sold a High Volatility stock which RH only allows you to reinvest the funds the following day.
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