How to place StopLoss and ProfitTaking orders without getting BuyingPower error by Cole S

Cole S INVESTOR

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Hi All,

This question has been asked a few times on the forums but I'm still struggling to find a good solution.

https://www.quantconnect.com/forum/discussion/1493/need-help-for-stop-loss-order-error/p1

I'm trading Crypto pairs and I set some amount in USD and then set BTC to 0.

1. Place MarketOrder for BTC and wait for successful order to return.
2. Place a LimitOrder for profit order and a MarketOrder for StopLoss

I always get a insufficient buying power on the 2nd sell order I place. The only way I can avoid this is to SetCash on the BTC with enough funds to cover the additional sell. Once I do this everything works fine. However, in live trading I don't want to hold extra BTC (or any other pair) to cover the order. Am I missing something?

I use some OneCancelsTheOther code I modified off of the forums to close out the sell orders and that all works fine as long as I can place both sell orders.

Thanks for you help.

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Cole S

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Cole S

4.7k Pro ,

Here is a simple example of the issue.

Link Liang

6.1k Pro ,

Hi Kctrader,

The problem is, cash type account does now allow short selling. Once we buy 3.31 BTC, we are allowed to place selling orders summing up to no more than 3.31 BTC, otherwise we are attempting to short selling. This is also why when you put enough BTC to cover the second selling order, everything works fine.

Since you are using cash account and don't want to hold extra BTC, it is impossible to place two selling orders with the same quantity as the buying order. I would suggest using other strategies for Stop Loss and Profit Taking.

Hope it helps.

Cole S INVESTOR

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