Setting up a Kraken order to sell BTC when it reaches certain price help

[jchi2210]

Sorry if this is a stupid question, but can someone tell me how I can set up a order so that I will sell an exact amount of BTC if the price of BTC falls below a specified amount?

So say I create a new order with 1 BTC. I specify that I want that 1 bitcoin to sell if bitcoin drops to 5300 USD. So if it drops to 5287.33 it will sell that 1 BTC (or whatever amount I tell it t sell). If it drops to 5300.01 it won't sell. But if it drops to 5267.00 it will sell.  Anyone have advice how to set that up on Kraken?

[buwaytress]

From your info, I'm assuming this is an active long position, and you want to limit potential losses right?

You'll want to set up a stop loss limit sell order on your open position, with the stop price at $5287.33.

If you don't have a position but want to BUY at 5300 then open a market, create a stop buy order at that price, and it will fill if that price is reached. Works the same across all platforms, just with different names.

[jchi2210]

From your info, I'm assuming this is an active long position, and you want to limit potential losses right?

You'll want to set up a stop loss limit sell order on your open position, with the stop price at $5287.33.

If you don't have a position but want to BUY at 5300 then open a market, create a stop buy order at that price, and it will fill if that price is reached. Works the same across all platforms, just with different names.

Thank you for the info! That actually helps! It is exactly what I want to do, which is limit potential losses. But I'm still not sure how to go about it on Kraken. I'm a noob when it comes to that kind of stuff. I understand the concept. Lets just say I have no open orders on Kraken but I have the BTC in my Kraken account. Do I go to create a new order, go to advanced, and do a sell? and then I'm guessing on the order type I do a "Settle Position" maybe? Then I put my volume of BTC in to sell, and I'm not sure what to put in the price part. Obviously it would maybe be the amount I want to sell at but it also gives you the options for + - and =.  I understand what they stand for, greater than less than or equal to that amount, just not sure how to use them in this scenario.

It also gives me an option for "Conditional Close" at the bottom with another option for "order type" where you can select "settle position" again. and put the amount in with the + - and the = sign. Any thoughts how I should proceed?

[jchi2210]

Do they even offer the option of a stop loss anymore? I did some research since I was not seeing the option for a stop loss and I saw they removed the advanced options nearly two months ago to help their trading engine work more efficiently. They said it was "temporary" and would be back in about a month, but it has been two months. I'm guessing the stop loss option used to show up under the "order type" section when creating a new sell order?

[e-coinomist]

Do they even offer the option of a stop loss anymore? I did some research since I was not seeing the option for a stop loss and I saw they removed the advanced options nearly two months ago to help their trading engine work more efficiently. They said it was "temporary" and would be back in about a month, but it has been two months. I'm guessing the stop loss option used to show up under the "order type" section when creating a new sell order?

People kidding they run their site on a toaster!

Stop Loss, Stop Loss Limit, similar Trailing Stop all had been possible, https://support.kraken.com/hc/en-us/articles/203325793-Stop-Loss-Orders
Kraken has gone further than most other sites on implementing different order styles. However, people don't even appreciate complexity. I like simple, too.

[buwaytress]

Do they even offer the option of a stop loss anymore? I did some research since I was not seeing the option for a stop loss and I saw they removed the advanced options nearly two months ago to help their trading engine work more efficiently. They said it was "temporary" and would be back in about a month, but it has been two months. I'm guessing the stop loss option used to show up under the "order type" section when creating a new sell order?

Looks like you're right after all. They disabled advanced options on 22nd August, according to this post: https://www.reddit.com/r/BitcoinMarkets/comments/6v6h91/kraken_disabling_advanced_orders_to_reduce_load/

I wasn't aware as I'm not trading on Kraken. It would seem very strange to me, since stop loss and take profit aren't really considered advanced anymore, they're just very basic trading order instructions that have been around for as long as I've used online trading platforms. Time to move to another platform? They're all pretty crap, to be honest. I'm really just waiting for a dex to really come up in a big way, with all these headaches from centralized exchanges.

[jchi2210]

Do they even offer the option of a stop loss anymore? I did some research since I was not seeing the option for a stop loss and I saw they removed the advanced options nearly two months ago to help their trading engine work more efficiently. They said it was "temporary" and would be back in about a month, but it has been two months. I'm guessing the stop loss option used to show up under the "order type" section when creating a new sell order?

Looks like you're right after all. They disabled advanced options on 22nd August, according to this post: https://www.reddit.com/r/BitcoinMarkets/comments/6v6h91/kraken_disabling_advanced_orders_to_reduce_load/

I wasn't aware as I'm not trading on Kraken. It would seem very strange to me, since stop loss and take profit aren't really considered advanced anymore, they're just very basic trading order instructions that have been around for as long as I've used online trading platforms. Time to move to another platform? They're all pretty crap, to be honest. I'm really just waiting for a dex to really come up in a big way, with all these headaches from centralized exchanges.

Yea I already had a Bitstamp account and used their platform for my stop loss. It was actually extremely simple to set up and I liked how their option for a trailing loss showed you what the new stop loss would be if BTC went up.

[BitcoinPC]

It is not that hard, but you have to be careful that you handle it just right or you will lose money.  The people here have set you right, but check, double check and then check again the pending order and make sure that it is perfect.  You can even try a small order in another way to test your numbers and see that you understand it just right.

[Kraken-Septimus]

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