Bitcoin Forum

I'm a FOREX trader and am familiar with their platform.
I created a Coinbase account.

I did a Sell on Bitcoin with a Limit of 25100.00. So if it goes up and hit 25100.00 the trade ends and I lost money.
I did not place a limit on profit. In that way, it can keep going down and down and I'll end it when I want to.
THIS IS HOW FOREX WORKS. :)

So I have an Open Order on Bitcoin.
It keeps going down and I'm making money.
I open the order to get out of the trade and collect profit.
However, the only thing I can do is Cancel the order.
If I cancel the order I lose everything.
There is no way for me to end the trade and collect profit, just like FOREX.

Unless I'm missing something?
How do I end the trade and collect the profit?

When I click the "Insert Image" feature, all that appears is: http://
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Lost money?

I don't understand how you lost money after selling your bitcoin and your order is filled. You will receive either cash or stable coin after selling your bitcoin. The amount and value can be bigger or smaller than your initial capital but you won't lose all your money. Price of Bitcoin when you sold it is $25,100 not $0.

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I'm not sure that the "cancel" button exists unless your order has not been filled.

Let me get this straight
It looks like you're trading on the futures market and you open a sell (short) position, right? And you set a "Limit" (Stop Lost) at $25100. Fyi, I've never used Coinbase, if I'm on Binance, I just close positions through the list of active positions like this

https://public.bnbstatic.com/image/cms/article/body/202106/fd505d9ca4b4d1bf009f1e139ae593a4.jpeg

Close All Positions
I do not see that feature in Coinbase. The only thing I see is, "Cancel Order."

I am not very familiar with Coinbase, however I think that you are currently navigating through the spot trading section of that platform. I am not sure if Coinbase offers futures trading, but in case that they don't, there are other platforms such as Binance for which futures trading feature is currently available.

It means that your position is not yet fillied if cancel order is still available on your order status. What type of trade you are doing? Spot trading or Futures Trading because the forex like feature on trading that you are talking is Futures trading while spot trasing will just let you hold the coin.

Or are you using an option trading?

I’m really sure that your order is not filled since there’s still cancel order feature? Check your total balance in your wallet if your money is still there. Probably your balance is still on the open order that’s why you assume that your balance already loss because you can’t place an order anymore. Cancel your open order so that you can retrieve your balance.

This is what I don't understand about the trade being "filled."
I Sell Bitcoin and have a limit of $$. If the price goes up and hits $$ then the Trade is "filled" and lost money.
In my last case, I Sell Bitcoin and it kept going down, down, down, which I want. When I open the order then the only option is Cancel.
After 30 minutes I cancel the order.

Is the only way the trade is "Filled" if it goes up and hits the $$ and then it's filled?

When the sell order is filled you didn't lost your money, but you got a short position open which will either have positive or negative returns depending on the price of the coin. Lets suppose you created a short limit order to sell Bitcoin at $26000 and the order gets filled, now you have an open short position, and after sometime the price goes to $26500 then you are having negative return from your shorting. And, if the price goes down again to $25500 then you will have positive return from shorting the Bitcoin. In first case if you close your position you will lose some money but in the 2nd case you will make money by closing the position.

I understand what you wrote. But this all depends if the order is filled or not?
If the order isn't filled then the only way out is to cancel the order. Or at least this is what I understand.
How long does it take to fill an order?
I put a Sell on Bitcoin. $20.00. I waited 30 minutes and it still wasn't filled. So I canceled the order.

So I just found out that coinbase doesn't offer futures trading. So I assume you're currently trading the spot market and that is different from trading forex.

Yes, and you don't mean to lose money because you have the coins. Or you're actually using another "Coinbase" that we don't know, can you give me the link?

This depends on where the price is moving, you have to wait until the price hits your target selling price or higher. But the waiting time is infinite and there are no brokerage fees for it.