How to set a higher sell order and stop-loss order on Poloniex?

[Jupi10]

Hi all,

I am trying to learn about investing and trading but still a newby.

I am trading on Poloniex but do not know how to set both a higher sell order and a stop-loss order at the same time.

What happens is that once I place my higher sell order, the system tells me I have no more funds ie. it "takes them away" so I can't place my stop-loss order.

If it's not obvious, I would like to tell Poloniex:
- if price reaches X high, sell.
- if price reaches Y low, sell just below.

Think this is all standard practice, but I'm clueless how to do it.

Any ideas? Thank you!

[Maus0728]

I believe this is a "Spot" trade, no?

You may have exceeded the maximum limit percentage (%) from the current price if your order has failed. You cannot just set a sell order that is too distant from the market price, since this would constitute market manipulation.

Also, you can use "Stop-Limit" that combines both the limit order and stop losses at the same time.

[Wapfika]

Hi all,

I am trying to learn about investing and trading but still a newby.

I am trading on Poloniex but do not know how to set both a higher sell order and a stop-loss order at the same time.

What happens is that once I place my higher sell order, the system tells me I have no more funds ie. it "takes them away" so I can't place my stop-loss order.

If it's not obvious, I would like to tell Poloniex:
- if price reaches X high, sell.
- if price reaches Y low, sell just below.

Think this is all standard practice, but I'm clueless how to do it.

Any ideas? Thank you!

You can’t place order at the same time in different direction if you are just using same capital in both order because your capital used in open order will be unavailable to use to set different order. You need to wait for your buy/sell order to be filled in able to do the other trade unless you will do conditional option which @maus suggest but it will still limited on the price that you set.

Grid trading using bot is the best tool satisfy your needs but I’m not sure if this feature is available in Polo.

[mk4]

The first one is literally just a limit sell order and the second one is just a stop-loss order.

What happens is that once I place my higher sell order, the system tells me I have no more funds ie. it "takes them away" so I can't place my stop-loss order.

Can you explain more on this part? I never used Poloniex, but aren't you trying to sell an amount that you don't have hence why it's saying you have no more funds?

[Jupi10]

Hi guys. Many thanks for your replies! I still don't know how to do it though.

The first one is literally just a limit sell order and the second one is just a stop-loss order.

What happens is that once I place my higher sell order, the system tells me I have no more funds ie. it "takes them away" so I can't place my stop-loss order.

Can you explain more on this part? I never used Poloniex, but aren't you trying to sell an amount that you don't have hence why it's saying you have no more funds?

Assume I have 1 BTC.
I put a limit sell order for 1 BTC above the current price (this is my high target price).
Once placed, when I try to put a stop-loss order for 1 BTC at below current price (this is my stop-loss price), the system tells me I have zero bitcoin, so I can't place the stop-loss order.
To my mind, I still have 1 BTC because the limit sell order has yet to fire, but it could be that as far as Poloniex is concerned I don't have it since it is on order.

I have been playing around with charting and would like to learn about swing trading.
But I can't do it if I have to be at my computer all the time

I also asked in Poloniex chat trollbox and the mod pointed me to the futures function. That sounds far to complicated for what I need.

[mk4]

Assume I have 1 BTC.
I put a limit sell order for 1 BTC above the current price (this is my high target price).
Once placed, when I try to put a stop-loss order for 1 BTC at below current price (this is my stop-loss price), the system tells me I have zero bitcoin, so I can't place the stop-loss order.
To my mind, I still have 1 BTC because the limit sell order has yet to fire, but it could be that as far as Poloniex is concerned I don't have it since it is on order.

Yes, it's the same with every other exchange. If your funds are already in a buy/sell offer, it's pretty much already sort of "planted" in the orderbook hence why you cant use the same funds to create a different order.

The only way around this is to use scripts and automation thingys, which can be a bit too complicated.

[Jupi10]

Yes, it's the same with every other exchange. If your funds are already in a buy/sell offer, it's pretty much already sort of "planted" in the orderbook hence why you cant use the same funds to create a different order.

Thank you. But that's quite stupid, isn't it?

So how do the Youtubers that do swing trading do it? Do they have to sit in front of their computer all day?


OK, apparently Binance has this feature built in, an "OCO order".
https://academy.binance.com/en/articles/what-is-an-oco-order

That's fine, I was thinking of moving there anyway due to the higher volume.

Thanks everyone, think we've solved the issue!

[mk4]

Thank you. But that's quite stupid, isn't it?

It can look stupid in some way but I understand why exchanges have that limitation. If that was allowed, thinks can go haywire when huge wicks happen and multiple orders gets triggered.

So how do the Youtubers that do swing trading do it? Do they have to sit in front of their computer all day?

Not really sure as I don't watch traders on YT. But I'm guessing that the answer is probably yes.