Don't trade in market rate when trading

[Gladitorcomeback]

Yesterday I lost 200+$ in bybit. The short story is that I hold 268$ usdt for buying new token for short profit. yesterday Jito(JTO) token listed in bybit. when I checked price, it's showing 3$ price. I purchased using market rate and then closed bybit app. after some times when I checked price then it's surges to 12$. I was very happy that my portfolio increased 4x but when I checked my total fund, it was down little. I shocked and checked trading history. It was glitch and token was purchased at the rate of 12.6$. after that price dump hard to 1.6$. My portfolio goes down from 268$ to 39$.




My recommendation for traders:
Whenever you make trade, always use limit order .

 Is there anyone who faced these type of glitch ever?

[Dr.Bitcoin_Strange]

OP, with the experience I have had in trading, I have not actually experienced this kind of thing, so I find it difficult to understand what you are saying. You are really the cause of your loss, and that's because you saw a coin that just got listed, you placed to buy at market rate, and you ran off the exchange to relax. Wow!! It seems you are not yet familiar with the rabbit race of altcoins,  especially a newly listed coin. I have been in a situation like this before but not exactly what you discribe, and that very day, I was fully prepared to purchase the coin immediately it got listed on the exchange. Finally,  it got listed with a high price of about $10, and I bought it at that price, hoping it could pump to $15, and I would just take my profit and leave but it dipped and I sold at loss and waited to buy at the bottom.

Sorry for the loss, but that's one thing about trading. Next time you engage in this kind of trade, always be alert and monitor the price swing closely. If you feel the dip is getting dip, just close the trade and wait to buy at the bottom, but if it pumps, have a target price to take profit and exit so you don't get greedy.

[BitMaxz]

I never experienced that glitch/bug before.
Did you suddenly close the app after you buy? There might be a delay in submitting your action from the app to the exchange. I think it can be possible if you close the app right away after you buy or you might have a very slow internet that causes this glitch/bug.

Next time before you close the app make sure it syncs first before you close and always make a screenshot so that you have evidence to show when you contact their support.

[bhadz]

That sucks, probably the surge happened exactly when you have purchased on the market trade. I do that when I want to sell but never do that when I am buying. It's gonna take you a few seconds to check on how much it is but did you tried to check if the rate and time tallies exactly as what you've charged? It could be a glitch but it's best to contact to support but even with that, I doubt that they'll revert the trade for you.

[AmoreJaz]

That sucks, probably the surge happened exactly when you have purchased on the market trade. I do that when I want to sell but never do that when I am buying. It's gonna take you a few seconds to check on how much it is but did you tried to check if the rate and time tallies exactly as what you've charged? It could be a glitch but it's best to contact to support but even with that, I doubt that they'll revert the trade for you.

that's the dilemma of most token or meme investors, it can easily surge its price but it can go down the drain so fast as well. most of the alts or hyped up project are just being manipulated by their respective creators. sometimes i don't want to call them as developers because they are not actual developers. just copy-paste of known projects and changing the name.

[logfiles]

You can use market price, but always avoid it when you are dealing with very volatile markets. Yesterday, JTO was very volatile as it was being listed on various exchanges and when a coin has just been listed, there is very low liquidity in the order book, so the price is bound to go from $0.1 to $14 and back in a matter of second or within just one minute

For example, look at what happened on Binance on the very first minute of listing the token. Those who bought at the top using the market price are still counting losses.

[hd49728]

Yesterday I lost 200+$ in bybit. The short story is that I hold 268$ usdt for buying new token for short profit. yesterday Jito(JTO) token listed in bybit. when I checked price, it's showing 3$ price. I purchased using market rate and then closed bybit app. after some times when I checked price then it's surges to 12$. I was very happy that my portfolio increased 4x but when I checked my total fund, it was down little. I shocked and checked trading history. It was glitch and token was purchased at the rate of 12.6$. after that price dump hard to 1.6$. My portfolio goes down from 268$ to 39$

It is not a glitch. It is an order type you use is not good and not safe.

You did another bad thing, joining a pump and dump game. New listing tokens are very risky even you don't choose a bad order type to use. You will get your lessons and sure with losses if you continue to join those pumps and dumps.

Market order and Limit order on Bybit.

[taufik123]

Your LOL is too careless because it doesn't always monitor the price of new coins that are hype and FOMO.
When you have no control and have to leave the application, then do nothing, do it manually.
The fluctuation of newly listed tokens is tremendous.

It was entirely a mistake you made, because it was too careless.
I never even close the app when dealing with a newly listed token purchase, because I know the hype will be overwhelming.
Do it quickly and don't leave it for even a second.
Because the main goal is quick profits.

[rat03gopoh]

My recommendation for traders:
Whenever you make trade, always use limit order .

The problem is that the coin you were trading has not reached sufficient liquidity. I'dn't be surprised to see a new coin experience high fluctuations the first time it is traded, the level of interest traders will have in the pair is yet to be determined. Market price order is never suitable for conditions like this, it's only suitable for time efficiency and you already know the liquidity.

[SquirrelJulietGarden]

Your LOL is too careless because it doesn't always monitor the price of new coins that are hype and FOMO.
When you have no control and have to leave the application, then do nothing, do it manually.
The fluctuation of newly listed tokens is tremendous.

With a new coin listed on exchanges, even it is listed on a big one like Binance, don't touch it after a like 7 days or 14 days. Because you simply can not know where it will go in early days.

Wait like 2 weeks or 1 month to see it settles down and find your opportunities with its crash. You can get profit with its bounce but don't hold those new coins because they are very risky.

Check their token unlock schedule too.
https://vestlab.io/
https://token.unlocks.app/
https://www.team.finance/
https://messari.io/

[taufik123]

With a new coin listed on exchanges, even it is listed on a big one like Binance, don't touch it after a like 7 days or 14 days. Because you simply can not know where it will go in early days.

Wait like 2 weeks or 1 month to see it settles down and find your opportunities with its crash. You can get profit with its bounce but don't hold those new coins because they are very risky.

Check their token unlock schedule too.
https://vestlab.io/
https://token.unlocks.app/
https://www.team.finance/
https://messari.io/

But since the OP's goal is a short profit, then waiting for the token before listing needs to be done so that he can buy when the FOMO is over in a few minutes.
If the wait of 7-14 days FOMO has passed and the market returns to normal, this will not provide profits faster than when it was only a few minutes of listing.

Moreover, waiting for 1–2 months, it has entered the saturation phase, because most new coins will stop having large volumes and this also depends on what project is running.
If the community is strong and the volume continues to increase fire the price is still dumped, it becomes a good opportunity.
And the Unlock token schedule will provide some pump and dump, of course as holders need to be careful

[Gladitorcomeback]

OP, with the experience I have had in trading, I have not actually experienced this kind of thing, so I find it difficult to understand what you are saying. You are really the cause of your loss, and that's because you saw a coin that just got listed, you placed to buy at market rate, and you ran off the exchange to relax. Wow!! It seems you are not yet familiar with the rabbit race of altcoins,  especially a newly listed coin. I have been in a situation like this before but not exactly what you discribe, and that very day, I was fully prepared to purchase the coin immediately it got listed on the exchange. Finally,  it got listed with a high price of about $10, and I bought it at that price, hoping it could pump to $15, and I would just take my profit and leave but it dipped and I sold at loss and waited to buy at the bottom.

Sorry for the loss, but that's one thing about trading. Next time you engage in this kind of trade, always be alert and monitor the price swing closely. If you feel the dip is getting dip, just close the trade and wait to buy at the bottom, but if it pumps, have a target price to take profit and exit so you don't get greedy.

No Actually I am not fully responsible of this loss. I have not experienced this kind of glitch before. I researched about a project and well aware of token price. bybit was showing 3$ price and there was huge buyer limit (bybit showing)when I placed market rate but the result was different.

 I also applying same strategy with new tokens and got short profit in many coins. Actually the screen bybit showing was listing time screen and then screen freezes which decieve me. I will be 1000% careful from next time but I also want everyone to be aware of this kind of glitch and always use Limit order for trading.

[bhadz]

That sucks, probably the surge happened exactly when you have purchased on the market trade. I do that when I want to sell but never do that when I am buying. It's gonna take you a few seconds to check on how much it is but did you tried to check if the rate and time tallies exactly as what you've charged? It could be a glitch but it's best to contact to support but even with that, I doubt that they'll revert the trade for you.

that's the dilemma of most token or meme investors, it can easily surge its price but it can go down the drain so fast as well. most of the alts or hyped up project are just being manipulated by their respective creators. sometimes i don't want to call them as developers because they are not actual developers. just copy-paste of known projects and changing the name.

And they probably just hired someone to do it for them. Anyway, that encounter of OP could also happen to anyone here. Well, no doubt that many of these projects are the same but still, there are some genuine ones. So, let's thank OP for sharing this experience that he's got because if we do this on a such highly volatile market and especially with the meme coins, the movements are so rapid and skyrocketing but it can also revert with the prices for the dumping is always open to these pumps.

[GreatArkansas]

(.....)

It is not a glitch. It is an order type you use is not good and not safe.

You did another bad thing, joining a pump and dump game. New listing tokens are very risky even you don't choose a bad order type to use. You will get your lessons and sure with losses if you continue to join those pumps and dumps.

Market order and Limit order on Bybit.

Yep, the OP screenshot is showing the LIMIT BUY ORDER. This means it's not a market, limit order was set to the price that is around $12. Maybe by default when you open a trade in most exchanges, the default value of limit order is the current price, so maybe during this newly listed, price is such volatile and yes price could started at $12 and dump immediately.

[sheenshane]

What I'm thinking now is that isn't a glitch.
It was a pump and dump made by the group which we know this has wasn't new, especially in a new project.

That's the risk when we choose to invest in a token, you should always watch the price in the market while trading on it and you're right, using stop-loss might help you sometimes.  Those tokens aren't good for the long term like months of holding, you must watch it closely in the market and monitor the price.  What if you use an automated trading bot that automatically sells when the price goes down?

[adaseb]

The only way I can understand what happened was that he submitted the order, there was some delay, he closed the app, and when it was 4x higher, he opened the app and his phone sent the market order in then. Its a strange bug but I don't see a small order of his being able to get such a poor liquidity fill.

I think there is a glitch in the app and maybe contact Bybit and they might help you out. Try and wait until the market order fills first before you exit the app, and always use limit orders. Even if its above the market price, it will save you from these crazy times like today.

[tvplus006]

Yesterday I lost 200+$ in bybit. The short story is that I hold 268$ usdt for buying new token for short profit. yesterday Jito(JTO) token listed in bybit...

I am sure that there was no glitch, and such a high price is due to the high volatility of this coin, which was at the very beginning of trading after listing on the stock exchange. It could also be explained by the fact that there was very little liquidity, but Bybit can't have a problem with that.

[Gladitorcomeback]

(.....)

It is not a glitch. It is an order type you use is not good and not safe.

You did another bad thing, joining a pump and dump game. New listing tokens are very risky even you don't choose a bad order type to use. You will get your lessons and sure with losses if you continue to join those pumps and dumps.

Market order and Limit order on Bybit.

Yep, the OP screenshot is showing the LIMIT BUY ORDER. This means it's not a market, limit order was set to the price that is around $12. Maybe by default when you open a trade in most exchanges, the default value of limit order is the current price, so maybe during this newly listed, price is such volatile and yes price could started at $12 and dump immediately.

Oh I rechecked and it is showing limit order. I don't understand what actually happen because I set 3$ price as I remembered. now there is only one possibility which maybe happened. Actually when I trade then I click on last selling rate which automatically added to limit buying rate. Maybe I clicked on it but hence there was glitch in the bybit android app, the real price was 12$ but showing 3$ so the real price 12$ have been selected.

I am sure that there was no glitch, and such a high price is due to the high volatility of this coin, which was at the very beginning of trading after listing on the stock exchange. It could also be explained by the fact that there was very little liquidity, but Bybit can't have a problem with that.

No brother, this type of glitch I experienced in Binance also many times IE price remain freeze(NO UP AND DOWN) while in real the price was trading above the rate. In android app this type of glitch is possible.

[BabyBandit]

Yesterday I lost 200+$ in bybit. The short story is that I hold 268$ usdt for buying new token for short profit. yesterday Jito(JTO) token listed in bybit. when I checked price, it's showing 3$ price. I purchased using market rate and then closed bybit app. after some times when I checked price then it's surges to 12$. I was very happy that my portfolio increased 4x but when I checked my total fund, it was down little. I shocked and checked trading history. It was glitch and token was purchased at the rate of 12.6$. after that price dump hard to 1.6$. My portfolio goes down from 268$ to 39$.




My recommendation for traders:
Whenever you make trade, always use limit order .

 Is there anyone who faced these type of glitch ever?

Damn.  
Should have this glitch instead.

[Best-mary]

OP, with the experience I have had in trading, I have not actually experienced this kind of thing, so I find it difficult to understand what you are saying. You are really the cause of your loss, and that's because you saw a coin that just got listed, you placed to buy at market rate, and you ran off the exchange to relax. Wow!! It seems you are not yet familiar with the rabbit race of altcoins,  especially a newly listed coin. I have been in a situation like this before but not exactly what you discribe, and that very day, I was fully prepared to purchase the coin immediately it got listed on the exchange. Finally,  it got listed with a high price of about $10, and I bought it at that price, hoping it could pump to $15, and I would just take my profit and leave but it dipped and I sold at loss and waited to buy at the bottom.

Sorry for the loss, but that's one thing about trading. Next time you engage in this kind of trade, always be alert and monitor the price swing closely. If you feel the dip is getting dip, just close the trade and wait to buy at the bottom, but if it pumps, have a target price to take profit and exit so you don't get greedy.

Yes, OP's description is quite confusing even if I didn't use Bybit.. I used bitget to get the token when it was rising as soon as it rose to 2$5 I went off because I know how listing coins could be. Even at that, JTO rose to $54. I'm surprised by this also