[dguaraglia]

Ah, that bullshit! I think you stumbled on the way Robinhood makes money.

When I first joined the Android beta Robinhood had a very clear message before every purchase: "to protect the user from volatility, Robinhood creates market orders as limit orders with a 5% higher price". So, yeah, that means that if you place your market order at $100, they reserve the right to broker it all the way to $105, which is bullshit. On average it won't be that high, but still, if you were planning to make a 0.5% profit, you'll always lose.

The only way to get around that is by creating a proper limit order yourself, setting the price a couple cents the current price (to match the BP you are willing to give up.)

Since I started doing that, things became way more predictable.

[basseq]

Total BS. I'm a big fan of limit orders (though most of my purchases are DCA). Since Robinhood can't do limit orders (or couldn't when I was using it—or I couldn't figure it out), it's useless.

[dguaraglia]

You can do limit orders now! The interface is still kind of clunky, but it works well enough for my use case. Still, I haven't used Robinhood for anything but short term speculation, as a toy.

[dguaraglia]

Well, I love that my post, that actually has some information that might be useful to people using Robinhood, gets downvoted.

[awptimus]

You should always trade by specifying your own limit.