Question About Limit Orders and Trading Platforms

[dukeofiowa]

I just put in my first limit order, so we'll see how that goes. The thing is that they tied up my money until the order goes through or I choose to cancel. My question is if you guys know of a site that doesn't do that. Like, can I put into 2 limit orders for everything and once one goes through the other is just ignored, maybe

[Oshosondy]

This is not what I can tell, or maybe it differs from one exchange to another, but what I know is that if you first place an order on spot trading, the order will be filled. If you place another order and the first order has or has not been filled, you are still buying the same coin, which means the orders will be filled to buy just the total amount of what the 2, 3 or more orders you placed about the coin. But if you place another order to buy different coin, then the different orders will be placed to buy the different coin.

If you are trading future, which I will not recommend, if it is in isolated margin, you can change it to cross margin, but I am not sure if two positions opened as both buy or sell will not be added together in net addition or will be separate, but you can try it. But I know that a position can be opened in buy direction while the other opened in sell direction and two positions will be opened unlike in isolated margin.

[TheUltraElite]

I just put in my first limit order, so we'll see how that goes. The thing is that they tied up my money until the order goes through or I choose to cancel.

The limit order becomes a market order when the said price is reached, only whether the filling is done or not is not guaranteed, the price is. When you place such an order your money is always going to get locked in the order. That is how it works.

My question is if you guys know of a site that doesn't do that. Like, can I put into 2 limit orders for everything and once one goes through the other is just ignored, maybe

You can look into One-Cancels-the-Other (OCO) orders, where you place two orders simultaneously and the filling of one will cancel the other automatically.

This will depend on what your exchange offers though, it may not be available on every exchange. Remember that OCO is usually used in a volatile situation and I suggest doing some dummy trading on it before heading into the actual market.

[Etranger]

I just put in my first limit order, so we'll see how that goes. The thing is that they tied up my money until the order goes through or I choose to cancel. My question is if you guys know of a site that doesn't do that. Like, can I put into 2 limit orders for everything and once one goes through the other is just ignored, maybe

No, you can’t make more than one limited order for the same amount of money. They need to be tied up, because they are waiting for their turn. If you want to use them, just cancel the order, otherwise wait until in works. Exchanges  will work like that, because you create the volatility making limited orders, crating demand for prices, which are different from the market price.

[mk4]

I don't know a single exchange that has such feature. In the first place, it doesn't make much sense.

e.g.

1. You have $1000
2. You set a buy offer at 55k BTC using the $1000
3. You set another buy offer at 50k BTC using the same $1000
4. Your 55k buy offer filled 100%

You don't have the $1000 anymore since you already bought at 55k, what would be the point of having a second one on 50k if the price needs to go through the first 55k buy order before hitting 50k in the first place?

[palle11]

Like, can I put into 2 limit orders for everything and once one goes through the other is just ignored, maybe

From my understanding, you want after making your order and one gets filled and triggers of then the second order is automatically cancelled ?
This will be a fantastic feature and I believe many traders too would like to see that but at the main time I have not seen that feature in an exchange. Maybe that will be waiting to be programmed but yet I have not seen any.

[Etranger]

I don't know a single exchange that has such feature. In the first place, it doesn't make much sense.

e.g.

1. You have $1000
2. You set a buy offer at 55k BTC using the $1000
3. You set another buy offer at 50k BTC using the same $1000
4. Your 55k buy offer filled 100%

You don't have the $1000 anymore since you already bought at 55k, what would be the point of having a second one on 50k if the price needs to go through the first 55k buy order before hitting 50k in the first place?

I believe, dukeofiowa ment that you create different orders for different coins for the same amount of money. And then wait for either of them to work. Because you would like to buy one of those coins, but don’t know, which order reacts faster. When one order works, the other cancels automatically. But this function doesn’t exist on exchanges I know, because money are frozen in the order once you create it.

[logfiles]

You can look into One-Cancels-the-Other (OCO) orders, where you place two orders simultaneously and the filling of one will cancel the other automatically.

This will depend on what your exchange offers though, it may not be available on every exchange. Remember that OCO is usually used in a volatile situation and I suggest doing some dummy trading on it before heading into the actual market.

This kind of order is available on Binance. But It consists of a limit order and a stop limit order, which have to be set on either side of the current price of the coin depending on what the trader wants to do.

If OP is looking to place limit orders on one side (either above or below) the market price, which I think is awkward. Then this won't work for him.

[SquirrelJulietGarden]

One of the Best Weapons in Trading
Stop limit order can support stop loss order. It is a more advanced order than Stop loss.

They are orders to minimize your loss but the best is your method to consider both risk and benefit very carefully. You must take math calculation and if you assessment gives you that the benefit is much higher than the risk, 3 times, you can open your position. If it is lower, or 1:1 ratio, you are gambling and when you gamble, stop loss or stop limit orders can not help you.

[Ararbermas]

I just put in my first limit order, so we'll see how that goes. The thing is that they tied up my money until the order goes through or I choose to cancel. My question is if you guys know of a site that doesn't do that. Like, can I put into 2 limit orders for everything and once one goes through the other is just ignored, maybe

maybe the exchange you are using isn't not accurate like what's the real happening in the market , by the way what exchange you're using ?  Because you know its a normal scenario especially if the candles of the coin you preferred to trade is very choppy and at the same time the growth rate isn't accurate wherein sometimes there's a limit order that being ignored..