Beginner Trader & how to automate buy/sell orders based on price conditions...

[nocturnix]

Hi everyone, glad to see this busy forum available for n00bs like me.

I am new to trading, so I am not familiar with all of the various order terms (stop loss, trailing stop order etc.) Basically I found some bitcoin I had bought years ago and want to play with it a little bit, and set up a few automatic trades. I tried first with Coinbase but found they disabled stop orders and such, I thought maybe I could do it through an App as I read somewhere coinbase has an open api with possibility to execute things via external apps, but that sounds a bit complex and unreliable option.

I simply want to buy bitcoins when the price hits $X,000 and sell when it hits $Y,000. These trades should be executed immediately and without my input. I think this is called a stop order? But in any case, when researching how to do this i came upon Kraken, but after looking further it seems these types of "advanced orders" have been disabled.

Now when I look at the buy/sell fields in Kraken it seems this is possible to setup currently. So i'm confused, can I do the above now with Kraken, or not? And what is the best way to do this, it seems fairly straight forward, as I understand it. This order would be executed when the price of bitcoins >= 15000/usd. And it should be executed automatically without any input from me (checking the skip order confirmations). It would sell .06666667 of my bitcoins, or 1,000 USD worth.

https://imgur.com/a/ZXrZU

[davis196]

I`m not familiar with Kraken,i`ve used HitBTC and Coinbase in the past.
If you wanna sell when it hits $Y,000 why not just place that sell order for $Y,000 as "good `till cancelled" and just wait for the market price to reach your desired level.What do you mean by "executed immediately"?If you place a buy or sell order with a price that is very different than the current market price,it can`t be executed immediately.I guess that you need a trading bot,but i can`t help with that.

[nocturnix]

I`m not familiar with Kraken,i`ve used HitBTC and Coinbase in the past.
If you wanna sell when it hits $Y,000 why not just place that sell order for $Y,000 as "good `till cancelled" and just wait for the market price to reach your desired level.What do you mean by "executed immediately"?If you place a buy or sell order with a price that is very different than the current market price,it can`t be executed immediately.I guess that you need a trading bot,but i can`t help with that.

Yes, i understand it will only be executed when the price hits that point. If it's very different it could take a long time, or never. I think what i showed in the screenshot is what I need. I just was not 100% sure how it works. Like, what if the price hits my limit then drops again super fast. will the order still trigger? How fast is it typically? As i understand it Coinbase can not do a simple limit trade like what i'm describing? I see GDAX can do it, but unfortunatley it looks like GDAX is not available in Germany. GDAX feels more solid and professional than Kraken, but I think Kraken so far seems to work in Germany so may be my only option.

[LeGaulois]

OP

Sorry to ask you but did you notice you are currently in the Tier 0? You can't deposit or withdraw fiat/crypto. You need to be Tier 1 or 2.
See https://www.kraken.com/u/verify

As for your question, I think you can find everything in their trading guide, there are a lot of things explained correctly
See https://support.kraken.com/hc/en-us/categories/200187143-Kraken-Trading-Guide

And yes, kraken works fine for us in Europe

[nocturnix]

OP

Sorry to ask you but did you notice you are currently in the Tier 0? You can't deposit or withdraw fiat/crypto. You need to be Tier 1 or 2.
See https://www.kraken.com/u/verify

As for your question, I think you can find everything in their trading guide, there are a lot of things explained correctly
See https://support.kraken.com/hc/en-us/categories/200187143-Kraken-Trading-Guide

And yes, kraken works fine for us in Europe

I am aware still verifying everything, and signed up for a few exchanges because I wasnt sure which one could do what I wanted. Will complete my kraken setup today. I will check the guide, thank you. So I guess that means the blog post stating stop orders/limit trades are disabled is no longer correct? I couldnt find any update saying that the features were back, their communication on this stuff doesnt seem very good. But from what I have seen in researching this the past few days all the exchanges are flooded and overloaded with new traders, support requests, trades, etc. Many can't handle the load it seems.

[LeGaulois]

Oh sorry.

To be honest I haven't heard about the stop loss disabled but as they are (or were) upgrading their system it is maybe the reason.
I supposed it can not work for you as you're in the Tier 0 (thinking you need to be at least Tier to have this feature working)

Kraken is, like other exchanges, overloaded with thousands of support tickets daily and over 10,000 sign up daily (the real number is 50k if i am not wrong)

[Jaya912]

Hi everyone, glad to see this busy forum available for n00bs like me.

I am new to trading, so I am not familiar with all of the various order terms (stop loss, trailing stop order etc.) Basically I found some bitcoin I had bought years ago and want to play with it a little bit, and set up a few automatic trades. I tried first with Coinbase but found they disabled stop orders and such, I thought maybe I could do it through an App as I read somewhere coinbase has an open api with possibility to execute things via external apps, but that sounds a bit complex and unreliable option.

I simply want to buy bitcoins when the price hits $X,000 and sell when it hits $Y,000. These trades should be executed immediately and without my input. I think this is called a stop order? But in any case, when researching how to do this i came upon Kraken, but after looking further it seems these types of "advanced orders" have been disabled.

Now when I look at the buy/sell fields in Kraken it seems this is possible to setup currently. So i'm confused, can I do the above now with Kraken, or not? And what is the best way to do this, it seems fairly straight forward, as I understand it. This order would be executed when the price of bitcoins >= 15000/usd. And it should be executed automatically without any input from me (checking the skip order confirmations). It would sell .06666667 of my bitcoins, or 1,000 USD worth.

https://imgur.com/a/ZXrZU

About your order taken immadietly is depending on your buying price and recent price.
If you do like instant buy, recent price and buy price the same, it will be executed immadietly.

[coino.org]

Selling in these conditions is more seems to algorithmic trading, and this really require deep knowledges. So, if you don't want to get into it, I would recommend you copy-trading, for instance Covesting, or just set up stops and take profit orders, it is feasible in every single exchange.