How can I set these conditions in Binance?

[9thsky]

Let's say I place an order to buy BTC when it's $34,000. My current BTC funds is zero. Then I want to place another order to sell the BTC that's currently still in order at $35,000 as soon as its filled.

Get me?

Basically I want to place two orders but for the sell order to be placed as soon as the buy order is filled. The sell order would be placed using the funds aquired from the sell.

Obviously I could just wait until the buy order is filled and then place the sell order, but I want to set it and forget it. Or more precisely, set it and sleep.

[jackg]

I kinda know how this is done but it might take some calculations.
(I'm on the app also, I don't know if it works on desktop too).

Go to futures trade tab (fourth across), select the type of futures, three dots (options) and click "preferences"
Click on "position mode settings" and press to switch it to "hedged mode".

Now go back and you'll see a window for opening new positions and one for closing old ones (you might want to familiarise yourself with how these work).

Make sure you also put the mode into cross margin instead of isolated too so you can use your entire balance.

Margin is provided to me as percentages, so you'll just want to do your 100/leverage to work out percentages. So if you have a 20x long, 100/20 is 5% of your whole funds. (subtract a percent from this to allow for the maintenance margin and half it for leverages over ~30x just in case).

For the counterposition, if using your whole funds, you'll then want to work out how many % up you'll be if in profit and adjust your % allocation accordingly. I wouldn't recommend putting 100% of everything on a trade, if you're playing with up to 5% of you're portfolio though and aren't susceptible to obtaining an addiction then it's probably fine.

[9thsky]

Thanks Jackg! Yeah, I don't see the futures tab on the desktop version

[jackg]

Thanks Jackg! Yeah, I don't see the futures tab on the desktop version

It should be up at the top where you're able to switch to the margin exchange? There is also a launchpad afaik represented by a bunch of squares (3x3 i think).

[slaman29]

Interesting option, I didn't know you could do this so thanks to both:)

I actually thought all these kinds of orders were no longer allowed by the big exchanges though, forgot the term for it but they used to allow you to put buy and sell at the same time in both directions, then they wouldn't let you do it and this was years ago.

Futures is different I guess, didn't realize you could do it like this:)

[Darker45]

Futures is different I guess, didn't realize you could do it like this:)

It is cool indeed, creating an advance buy or sell order from something you haven't got yet. How I wish we could do the same on the classic trading platform of Binance as well. That would save us a lot of time. That would also make sure we do not miss on a price target once our order gets filled.

Is this feature only available on futures?

[hugeblack]

I did not know that this feature exists, but it can be programmed using a trading bot if it does not exist. The idea is as follows:
If the first condition is met, set the second condition.
In general, the futures market is dangerous for beginners and if you do not know what to do, it is better to use an open source trading bot.

[slaman29]

Futures is different I guess, didn't realize you could do it like this:)

It is cool indeed, creating an advance buy or sell order from something you haven't got yet. How I wish we could do the same on the classic trading platform of Binance as well. That would save us a lot of time. That would also make sure we do not miss on a price target once our order gets filled.

Yeah it's pretty cool, I am still half mindblown that you can do it. I do wonder why they don't just allow those future types on classic. But have to say Binance classic platform (which I guess we're both on) is getting more and more confusing by the day. I think 80% of the features I haven't used because it loads too slowly or is just too complicated.

[jrrsparkles]

I kinda know how this is done but it might take some calculations.
(I'm on the app also, I don't know if it works on desktop too).

Go to futures trade tab (fourth across), select the type of futures, three dots (options) and click "preferences"
Click on "position mode settings" and press to switch it to "hedged mode".

Now go back and you'll see a window for opening new positions and one for closing old ones (you might want to familiarise yourself with how these work).

Make sure you also put the mode into cross margin instead of isolated too so you can use your entire balance.

Margin is provided to me as percentages, so you'll just want to do your 100/leverage to work out percentages. So if you have a 20x long, 100/20 is 5% of your whole funds. (subtract a percent from this to allow for the maintenance margin and half it for leverages over ~30x just in case).

For the counterposition, if using your whole funds, you'll then want to work out how many % up you'll be if in profit and adjust your % allocation accordingly. I wouldn't recommend putting 100% of everything on a trade, if you're playing with up to 5% of you're portfolio though and aren't susceptible to obtaining an addiction then it's probably fine.

Its interesting to know such strategy can be executed, probably the knowledge I learnt for today but I am not going to execute such kind kf trading orders, I just go with the traditional spot trading so I will only can create a trade order for buying or selling after the previous one is done.