Trading is a bit more complicated than just buying and selling. On 3Commas.io in Smart trade section you can find 6 types of Buy Order. Depending on your trading strategy, you may use different types in various situations to meet your trading objectives. At first let's talk about basic definitions:
A limit order is an order to buy at a specified price or better. A buy limit order (a limit order to buy) is executed at the specified limit price or lower (i.e., better).
Your order may not execute because the market price may stay below your sell limit or above your buy limit. You could miss a trading opportunity if price moves away from the limit price before your order can be filled – the market can move to the limit price and the order still may not get filled if there are not enough sellers (depending on the trade direction) at that particular price level.
A market order is a request to buy a security at the best-available price in the current market. It is widely considered the fastest and most reliable way to enter a trade.
The price is not guaranteed. With market orders, the priorities are speed and execution, not price.
During volatile markets, the price can vary significantly from the price you're quoted.
You are going to buy 17000 RBY on Bittrex exchange, then based on data from the picture - there is no such order that immediately closes your position (see column SUM) you will get them one by one until the volume reaches 17000. So we finished at the order with price 6600. As a result, the average price will be about 10% higher than the current market price.
Conditional orders allow the user to buy currency when the price reaches set value. You can do technical analysis on the basis of which then you will put how much you want to buy and at what price.
For example, you assume the growth of RBY, but if it only reached this level of 0.0008. You can also
make a conditional setting in the opposite directions. More about this in our next posts.
Buy 5 BTC when BTC = 10 000 USDT (awaiting further rising)
Sell 5 BTC when BTC= 5500 USDT (awaiting further falling)
You may not have enough experience to develop complex strategies
and your orders will never be executed.
A basic introduction to the different order types
When you select BID the service offers you buy price automatically. The Whole amount will be displayed below. It this is suitable for you, then continue Smart Trade setup.
When you select ASK the service offers you buy price automatically. The Whole amount will be displayed below. It this is suitable for you, then continue Smart Trade setup.
When you select LAST the service offers you buy price for this exchange at present automatically. It this is suitable for you, then continue Smart Trade setup.
We fill a price to place the order.
The transaction will be closed at the specified or lower price
In 1-4 cases you order will be placed on an exchange in an order book. Funds are blocked for the required amount
In 1-3 cases, if you change the price value, the BID will change to Limit automatically.
The order will be immediately executed by the market price.
The price cannot be selected.
Funds are blocked for the required amount
Conditional orders allow the user to buy currency when the price reaches set value.
At this time, your funds are not blocked and the order does not appear in an order book.
It's as easy as one, two, three!
1 Choose an exchange
2 Select a currency pair
3 Set how many units you want to buy
Two functions, that can be useful for you.
-When you point the arrow at the information icon, you can see total amount on the exchange and locked funds.
-Size from the available amount allows you to apply for this transaction part (in percentages) of the total volume of this currency on the exchange
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Asya from 3Commas.