Newbie Trading Question for Coinbase Pro?

[Hal9900]

Hello everyone,
I am using Coinbase Pro because I want to start trading. I've watched YouTube videos that explain to me the difference between a Stop order, Limit order, and maker/taker fees. I don't get it? I've read the explanation on Coinbase Pro about the differences and I still don't get it. I must be stupid. I do live in NYC and if anyone would be willing to talk with me on the phone or get together with me to explain how this works and what actions I need to take when both selling and buying, I would be grateful. Thank you.

[jostorres]

Hello everyone,
I am using Coinbase Pro because I want to start trading. I've watched YouTube videos that explain to me the difference between a Stop order, Limit order, and maker/taker fees. I don't get it? I've read the explanation on Coinbase Pro about the differences and I still don't get it. I must be stupid. I do live in NYC and if anyone would be willing to talk with me on the phone or get together with me to explain how this works and what actions I need to take when both selling and buying, I would be grateful. Thank you.

If after you have studied lots of videos from YouTube and you still cannot grab it, just leave trading alone man, because there is no amount of explanation that you will  get here, that can ever be like the way you have even watched it live on YouTube, and another place that I will advise you to go again to try your luck is the session in this forum where the discuss the issue that has to do with tutorial because with what you have here, I think that you are looking for a comprehensive tutorial which will really take so much space if every expert is to explain their own side of the understanding of what you want to you, so I will advise you still go back to your YouTube and find the right tutorial that will suit your needs, especially the wants that states dummy on them.

[exstasie]

Hello everyone,
I am using Coinbase Pro because I want to start trading. I've watched YouTube videos that explain to me the difference between a Stop order, Limit order, and maker/taker fees. I don't get it? I've read the explanation on Coinbase Pro about the differences and I still don't get it. I must be stupid.

These definitions are pretty specific:

Limit order: A limit order is an order to buy or sell a stock at a specific price or better. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.

Market order: A market order is an order to buy or sell a stock at the best available price.  Generally, this type of order will be executed immediately.

Stop order: A stop order, also referred to as a stop-loss order, is an order to buy or sell a stock once the price of the stock reaches a specified price, known as the stop price. When the stop price is reached, a stop order becomes a market order.

Maker fees apply to limit orders because you are "making" (adding) liquidity to the order book. Taker fees apply to market orders because you are "taking" liquidity from the order book.

[leowonderful]

If after you have studied lots of videos from YouTube and you still cannot grab it, just leave trading alone man

No need to be so scathing. Everyone starts from somewhere.

As for actions you might want to take in regards to these order types when you're trading as the definitions of these types of orders have already been explained, people typically set stops on their trades to prevent excessive losses on trades because most people typically enter trades based on a certain amount of money being risked. Stop orders help you cap losses to a predetermined amount, though note that Coinbase Pro only lets you set limit stops now, and in some instances, your limit stop might be skipped over because it does not instantly execute onto the books. CBP actually removed market stops a few months ago AFAIK, dunno why but that's not a good thing in my eyes.

Generally, you use market orders when you need to quickly enter or exit a trade (usually during times of high volatility), and you use limit orders to enter or exit trades when things are calmer or when you don't necessarily need the speed of a market order so you save on fees too.

[MURONDI]

Hello everyone,
I am using Coinbase Pro because I want to start trading. I've watched YouTube videos that explain to me the difference between a Stop order, Limit order, and maker/taker fees. I don't get it? I've read the explanation on Coinbase Pro about the differences and I still don't get it. I must be stupid. I do live in NYC and if anyone would be willing to talk with me on the phone or get together with me to explain how this works and what actions I need to take when both selling and buying, I would be grateful. Thank you.

You can try another exchange, because each exchange sometimes has a different look, maybe in another exchange it makes it easier for you to understand, look for the local social media community that talks about crypto trading, learning in the same language also makes it easier for you to understand, if you really don't understand you can start by buying when the price is low and selling it when the price goes up, Don't worry too much about trading costs, stopping orders, limiting orders, and other terms, just focus on buying and selling.

[Thirdspace]

... explain to me the difference between a Stop order, Limit order, and maker/taker fees.

exstasie has given pretty straight forward definition for each term
if you still don't understand them, perhaps you should try learning by doing...
try each with a small amount and observe the results, then you can draw your own understanding
if that still doesn't work for you, try another exchange with simpler instructions/terminologies
or maybe trading isn't a thing for you and you should just do direct buy/sell with your peers

[Yaunfitda]

... explain to me the difference between a Stop order, Limit order, and maker/taker fees.

exstasie has given pretty straight forward definition for each term
if you still don't understand them, perhaps you should try learning by doing...
try each with a small amount and observe the results, then you can draw your own understanding
if that still doesn't work for you, try another exchange with simpler instructions/terminologies
or maybe trading isn't a thing for you and you should just do direct buy/sell with your peers

This one, it's different to watch you youtube out there, but if you don't apply it then you won't learn anything. Everyone here started from scratch, maybe lost a bit in the beginning but it means nothing if you will have to gain a lot of experience, learning curve as others might call it.

So you better start today, gain knowledge every day and I'm sure you will amassed information as you go a long with your crypto trading journey.

[Murat]

   
It's not a simple issue to start trading as a newcomer. Since you have gathered some idea from youtube so you have to learn a lot regarding this issue, but at the current situation, I suggest you not to start trading because this time is not perfect for trading, if you can hold some Bitcoin for a couple of months then it might be a good result for you, I think you can't do a good thing in trading right now, A lot of big fishes are playing a huge game in crypto trade. So holding is the best policy for you if you really don't have any idea about trading, I assure you this holding might bring back to you a good amount of USD without any hassle or risk.