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Author Topic: Is there a order a simple order for this case ?  (Read 106 times)
rupxisshit
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June 23, 2022, 02:24:38 PM
 #1

Hi,
I have a question that confuses me and I cant seem to find a simple order for it' just complex ones.
Let's say there is an asset that's with a current price of 100$.I want to buy at 50$ or at 130$ (higher than current price!).I thought it's buy stop limit order' but that with both prices below current price (is it not ?).
Do you know any orders for doing it ?
Thank you in advance
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June 23, 2022, 02:35:06 PM
 #2

For assets like bitcoin and high marketcap coins with high trading volume and liquidity on the exchange you are using, you can use market order. Market order means you will be able to buy or sell the coin at available market price so it filled immediately.

I prefer to use limit order, it works like this:

If bitcoin is at $20000 and you want to sell it for another coin, no one will want to buy at a price above $20000, so the trade will only be filled when the price of bitcoin is at $20000 or below because people buy from you at low price. If you want to buy, the trade will be filled at high price, so if bitcoin is at $20000, the order will only be filled at $20000 or a price above if you want to buy.

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June 23, 2022, 02:37:14 PM
Merited by The Cryptovator (2), jackg (1)
 #3

Buy stop limit is usually used to place a buy order above the current market price, with your "stop" price as the trigger($150 will be the stop price in your case, try to keep limit price close or equal to your stop price)

If you want to buy below the current price, then you can simply create a limit order for that price($50 in your case).

Let me know if I got your question right  Smiley

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June 23, 2022, 02:44:04 PM
 #4

Hi,
I have a question that confuses me and I cant seem to find a simple order for it' just complex ones.
Let's say there is an asset that's with a current price of 100$.I want to buy at 50$ or at 130$ (higher than current price!).I thought it's buy stop limit order' but that with both prices below current price (is it not ?).
Do you know any orders for doing it ?
Thank you in advance


You need to used limit order if you have fixed target price below market price and stop limit order/ trailing stop loss for price that is above the market price. Most of the exchange didn't have built in order feature for the conditional order that you want to do Base on what you are describing. A trading bot might help you with this matter because it requires a specific setup for that condition to be both meet.

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June 23, 2022, 05:38:17 PM
Last edit: June 23, 2022, 10:04:08 PM by palle11
 #5

Buy stop limit is usually used to place a buy order above the current market price, with your "stop" price as the trigger($150 will be the stop price in your case, try to keep limit price close or equal to your stop price)

If you want to buy below the current price, then you can simply create a limit order for that price($50 in your case).

Let me know if I got your question right  Smiley

This seem like more easy answer and not too much and confusing explanation.  Simple buy stop orders are used if you intend to buy above the current price, then you place on the price you wish usually above current price. On the other, you use sell stop order if you want to sell below current price. This is simple to understand better and you can work that out yourself.

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June 23, 2022, 06:50:30 PM
 #6

The perfect answer is given by edgycorner. You can't place normal order above the current price. If you place then it will fill automatically in the current price. You may place buy orders below the current price simply. But you can't place a sale order below the current price, if so then assets will be sold at the current price. But you can use the stop limit below the current price. These are the rules of a centralized exchange, otherwise, there would be huge pumps and dumps.

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June 23, 2022, 09:03:31 PM
 #7

It seems to me, or do you want to create problems for yourself out of the blue?
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June 24, 2022, 06:22:49 AM
 #8

Thank you for the responses' but I didn't understand edgycorner answer.
I can't do 2 orders on the same money at the same time, and of course I can be on it 24\7 and do the right one when the time comes (transforming myself into a bot haha), but I want one order to cover both ends.
The reason I want it is because I think the asset will go to 50$ so I don't want to buy at a 100$, but it things change I don't want to lose the train completely and want to "stop" at 130$.That's it. It's not that complicated of a use case and it's weird there isn't order to that   
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June 24, 2022, 09:32:31 AM
 #9

Thank you for the responses' but I didn't understand edgycorner answer.
I can't do 2 orders on the same money at the same time, and of course I can be on it 24\7 and do the right one when the time comes (transforming myself into a bot haha), but I want one order to cover both ends.
The reason I want it is because I think the asset will go to 50$ so I don't want to buy at a 100$, but it things change I don't want to lose the train completely and want to "stop" at 130$.That's it. It's not that complicated of a use case and it's weird there isn't order to that   

What don't you understand, it's very simple to get it right maybe you need to read some gaurdlines on youtube depending on the exchange you want to buy or execute the trade. For instance its very simple to trade on Binance exchange, I don't know what exchange you want to place the order. So checkout for some videos on youtube for best knowledge.

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June 24, 2022, 09:48:17 AM
 #10

Buy stop limit is usually used to place a buy order above the current market price, with your "stop" price as the trigger($150 will be the stop price in your case, try to keep limit price close or equal to your stop price)

If you want to buy below the current price, then you can simply create a limit order for that price($50 in your case).
I am very familiar with creating an order to execute a buy at a price below the prevailing current price but, when it comes to Buy stop limit price, I haven't encountered that function neither do I see it very reasonable for one to do this.

Hope you don't mind my asking but, what could be the reasons for one not buying a coin at a lower price but rather, set a buy at price that has already advance above a supposedly dip?
Do that, you've already lost se profits on the way and we in this for the profit so, why loosing it consciously as this doesn't make a lot of sense to me!

.
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June 24, 2022, 11:25:19 AM
 #11

Limit order is can be use to set buy and sell in specific prices, but you need to wait until the candle stick reached your target price. If it didn't happen then your limit order still pending.  If you want to execute your trade immediately, i suggest use market order especially if you're sure on your analysis, so that as well you don't need to wait in every trade..
edgycorner
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June 24, 2022, 12:57:57 PM
 #12

Thank you for the responses' but I didn't understand edgycorner answer.
I can't do 2 orders on the same money at the same time, and of course I can be on it 24\7 and do the right one when the time comes (transforming myself into a bot haha), but I want one order to cover both ends.
The reason I want it is because I think the asset will go to 50$ so I don't want to buy at a 100$, but it things change I don't want to lose the train completely and want to "stop" at 130$.That's it. It's not that complicated of a use case and it's weird there isn't order to that   
In case the market of your coin goes bullish, you want to place a buy order at 130 Dollar. And if it goes bearish, then you want a buy order on 50 Dollars.
You would like one single order, because you want it on the same money aka your balance. And you don't want to divide it between two different orders.
Give a confirmation if this is what you want.

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gunhell16
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June 24, 2022, 01:29:49 PM
 #13

Hi,
I have a question that confuses me and I cant seem to find a simple order for it' just complex ones.
Let's say there is an asset that's with a current price of 100$.I want to buy at 50$ or at 130$ (higher than current price!).I thought it's buy stop limit order' but that with both prices below current price (is it not ?).
Do you know any orders for doing it ?
Thank you in advance


There are several options for you to understand to trade like what you want to do. I don't know if you try to watch in youtube like a tutorial of how to trade buy and sell using stop limit order in terms of buying and selling where you're the one who wi set it of how much something like that. As far as I know there are a lot of the members here in the forum doing this methods dude. Good luck to you😃

It seems to me, or do you want to create problems for yourself out of the blue?

I think that's not what the OP like to do mate, perhaps He just reall want to hear others opinion to this matter.☺️

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barbara44
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June 28, 2022, 10:25:23 AM
 #14

Well, it all depends on the kind of asset on question here. Let’s take for instance that you want to buy an asset with a very high marketcap and possibly, high liquidity; Let’s take BTC as the asset for example, then you’d need to make use of the market order; now the question is, how does market order help or what does it do? Market orders generally executes near the current sell orders or ask price. I actually choose to go with the market order because they are popular considering that they are a fast and reliable method of either entering or exiting a trade.

Limit order is can be use to set buy and sell in specific prices, but you need to wait until the candle stick reached your target price. If it didn't happen then your limit order still pending.  If you want to execute your trade immediately, i suggest use market order especially if you're sure on your analysis, so that as well you don't need to wait in every trade..
Well, to some persons, the limit order could be a good other to use in this case but at the same time, personally I realized that the risk inherent to limit orders is that it fails to execute your orders if the market price doesn’t fall within the order's guidelines. Another issue that may take place is that after reaching a target price, it may happen that there wouldn’t be enough liquidity to fill the order that was set, when its turn comes. I experienced this a few times when using the limit order, it wasn’t actually a very good experience for me, so I don’t know how it favours you!

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