I’m using Robinhood, and I’m new to options trading. A co-worker is teaching me about options trading, and recommended I start with cheaper long term options to learn with since I’ll lose less money with cheaper options if it doesn’t go as planned.
I’ve found that there are call options listed for ticker ACB at a $0.5 strike price. However there is no purchase price listed.
When I go to purchase, I say I want 1 contract at $0.15 which means I’ll spend $15 for the contract. I don’t really see much of a chance to lose from that option since the stock price is currently $2.11 but two years is a long time and anything could happen. As long as it stays above $0.65 I should make a profit (from my understanding since I paid $0.15 per share for the contract).
The problem is, when I submit my order, it fails and said buy orders can’t go that direction.
Why am I not able to buy this call option?