Place Orders Before Time

[shamzblueworld]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

[BitcoinHodler]

for buying yes i place a couple of orders at the price that i think is best to buy in and let them stay until they get filled.
for example when LTC was 0.0140BTC i places a couple of orders at
0.0138BTC
0.0135BTC
0.0130BTC
0.0125BTC
0.0120BTC
0.01BTC
the amount was mostly on 0.0135BTC and others were smaller.

for selling, i don't place the sell order right away. i try to do some analysis and see what is the best price to sell at, watch the market for a while and things like that. and then i may place it at 0.0145 or at 0.03BTC depending on the decision that i make.

[nicolas1979]

A good strategy, but the question is do you have try it on real market and how the result ?. If your analyze is correct that will bring you happy but if the market says no what would you do? cancel the order or stay it until reaching it ?. Everyone have reason about their strategy but they also have solved the problem that came up if fails. Did you do that ?. I suggest you try that strategy and make a post about the result so we can give a great evaluation about that.

[jhenfelipe]

Yes I'm doing it for both buy and sell orders. However, there are times that I'm cancelling my pending orders too, when I can't wait anymore or I see that I need to change it to either lower or higher amount. I can't fully say it is wise, because I think taking a look into it from time to time is wiser for you to avoid losing when the price dump or to earn more during pumps.

[shamzblueworld]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

Most of the short trader do that method, Only few have patience to check hourly the price on exchange. That is very hard to do especially when you have a job in your real life.
Setting an amount for buying/selling is the best and convenient way for day traders. And it is wise decision to use that method so that you save time.

So the next question that follows is, how much time would you give to your open orders to fill up, especially the one sell ones. For example if you have placed an order at 0.0145 BTC, but after a week you see that the highest the price went was about 0.012 BTC and is now again at 0.01 BTC. Would you persist on your order and just wait till you get it done or would you reconsider and place order at a newer probably lower value?

[Idrisu]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

It is very wise to do as most traders loses the opportunity to get into trade when it is at its lowest momentum. This feature is available on poloniex trading platform and others popular trading platform. If you want to learn how to use them then try visit poloniex and practice it or Google for others exchangers that used those features.

[raven7886]

To buy at lower than current market price, we do not need any special order types. Just putting regular order is more than enough and it will remain pending until market comes down.

Similarly to sell higher than market price, we can go with regular order.

To buy higher than market price, we need to go for limit-orders. Same thing applies for selling lower than current prices.

[Kiweikoo]

To buy at lower than current market price, we do not need any special order types. Just putting regular order is more than enough and it will remain pending until market comes down.

Similarly to sell higher than market price, we can go with regular order.

To buy higher than market price, we need to go for limit-orders. Same thing applies for selling lower than current prices.

Why we need to buy above market price, it is actually losing some profits at the entry level, right ?
I am sorry I could not realize the real time applications of order types you are stating. It would be more helpful if you explain further.

[amaral1977]

I use that strategy mostly when i believe i wont be online to keep an eye on the charts. if i see a coin beggining to go down and its time to go to sleep i sometimes leave orders. both for buying but mostly to sell. I usually do my short term trades with a fixed profit on my mind. like 2 %. so i buy, and i place the sell order and sometimes just go and watch a movie, sleep or whatever.

[TryAngle]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

I often place buy and sell orders well in advance because you can't watch the charts all the time. It also helps take some of the emotion out of trading.

[cafucafucafu]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

Yes of course, I do that with all of my trades when I do trade altcoins.

This is a good idea cause you are not necessarily going to be online when a certain trade happens and it is probably easier to discipline yourself from selling too low or buying too high. This is like you either get the order filled or you don't, it's as simple as that.

When you have some coins as collateral placing limit orders are also a good idea as you are able to basically stop any further losses to the collateral and sell the collateral before it collapses to a point that it doesn't cover the loan value anymore.

It's a very useful tool to use.

[Sled]

Do you place order before time? For example you want to buy Ripple at 15K Satoshi, Its currently at 18K and you feel its gonna go down in a a couple of days and its better to place the order if you are not online to do so at that point.
And also for selling? Do you actually buy an alt, lets say Decred at 0.01 BTC, and you want to sell at least 0.015, would you place order right away so you don't have to keep on looking how is it doing and place the order when it actually goes close to that value?
Is it wise to do that? Especially for really short term trades.

Yes i always doing that especially in Poloniex because their site is getting slow because of the volume of the users so when i buy some altcoins there i immediately place an order to my target price so i don't need to worry and just wait for the price to reach my selling point or target price and after that i earn money without monitoring the price.

[bitcoinisbest]

I certainly do like this feature because many times it happen that you are busy somewhere else or there is network or electricity problem and you cannot connect to it at the time when you think price has come down and you should be buying. SO this features actually help to place the order at our rate and keep it. Also same goes for selling as well.

[RoommateAgreement]

i do all of them!
because it mainly depends on the altcoin that i am trading, for bitcoin i am just buying and holding. but for altcoins i buy at current price most of the time and never place an order to wait, then i wait a short period of time which is usually a couple of hours to half a day and dump them for a big profit and get out before it is too late.
but on rare occasions i hold the altcoin (like litecoin) when i buy at the bottom during accumulation and then dump it after the pump comes.

[elimi]

for bitcoin I just buy and hold. but for altcoins I bought at current prices most of the time and never booked to wait, then I waited a while then sold them for big profits and got out before it was too late.
but on rare occasions I hold altcoin when I buy at the bottom during the accumulation.