As you know, FTX exchange has 7 different order types and 3 different features. Each of them has different functions and purposes. It is an indisputable fact that a user who controls them will use the exchange optimally.
Order types in FTX;
· Limit Order
· Market Order
· Stop Market
· Stop Limit
· Trailing Stop
· Take Profit
· Take Profit Limit
Other 3 order features;
· Just Descending
· POST
· IOC
Order Types
Limit Order: In this type of order, the transaction is opened by specifying the price and quantity (or the total position size). When your order is entered on the board, if another user or users entered the order for the same price, a ranking is created according to the order entry time.
Market Order: In this type of order, the transaction is opened by specifying only the quantity without the price. Direct purchase or sale is performed on the board for the amount entered by the user.
Stop Market: In this type of order, the transaction is not reflected directly on the board. A trigger condition is required to process this order on the board. The user specifies the trigger price and quantity. When the parity comes at the trigger price, a direct purchase or sale is made on the board as much as the amount entered by the user.
Stop Limit: The user enters the order by specifying the trigger price, the price and the amount of the transaction. When the parity comes at the trigger price, the price and quantity specified by the user are entered on the board. There is a point to be considered here. When the trigger condition is fulfilled, the “stop market” order is definitely executed, whereas the “stop limit” order has no certainty to occur. This is entirely dependent on the price the user specified when entering the stop limit order.
Trailing Stop: The working logic of this order varies completely from the others. When the user enters this order, it specifies the "value to be followed" and the amount. If the user has used this type of order to buy, the price at which the order will be raised each time the price goes up. However, if the parity price decreases from the highest value (the highest value after entering the order) to “follow value” after the order is entered, the order is realized. The opposite is true in the sales section.
Take Profit: In this type of order, the transaction is not reflected directly on the board. A trigger condition is required. The user specifies the trigger price and quantity. When the parity comes at the trigger price, a direct purchase or sale is made on the board as much as the amount entered by the user.
Take Profit Limit: The user enters the order by specifying the trigger price, the price and the amount of the transaction. When the parity comes at the trigger price, the price and quantity specified by the user are entered on the board.
** If the user wants to enter both stop and take profit orders for his current position, we suggest that both orders turn on the "declining only" feature. Otherwise, if the price goes to one of these two orders and then to the other, a new position will be opened.
Orders Features
Just Descending: When this feature is on, the operation will only occur if it will shrink or close the existing position. This feature cannot be used to open new positions or enlarge existing positions.
POST: The order takes place only as a maker. If it cannot be realized as a maker, the order is canceled.
IOC: Immediate or cancel. The order is executed only as a taker (market buyer). If it cannot be performed as a taker, the order is canceled.
NOTE: This article is translated from Turkish to English by ''BitcoinTurk''. Orginal, Turkish source link is https://medium.com/@ftxturkiye/emir-tipleri-c1be3403c961 and Turkish thread of Bitcointalk is https://bitcointalk.org/index.php?topic=5230119.msg53956594#msg53956594 .
