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Author Topic: Clarification needed about how trading at Mt.Gox works  (Read 721 times)
SkRRJyTC
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July 19, 2012, 10:50:28 PM
 #1

Ok here's the scenario...

The current price is 9.10.  There is a bid wall at 9.05 of 10k BTC and a bid wall at 9.00 of 10k BTC.  The total bid volume from the current price to 9.00 is less than 22k BTC.

I issue a sell order for 22k BTC at the market price.

Is there any way that the entirety of both walls isn't sold into by my sell order? 
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Stephen Gornick
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July 20, 2012, 12:15:14 AM
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Ok here's the scenario...

The current price is 9.10.  There is a bid wall at 9.05 of 10k BTC and a bid wall at 9.00 of 10k BTC.  The total bid volume from the current price to 9.00 is less than 22k BTC.

I issue a sell order for 22k BTC at the market price.

Is there any way that the entirety of both walls isn't sold into by my sell order?  

You are asking for the specific behavior of Mt. Gox's trading engine.  If it were to process your entire market order at once, then of course, the bid wall will fall.

If Mt. Gox didn't operate this way, I would be surprised.

SkRRJyTC
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July 20, 2012, 12:18:51 AM
 #3

Ok here's the scenario...

The current price is 9.10.  There is a bid wall at 9.05 of 10k BTC and a bid wall at 9.00 of 10k BTC.  The total bid volume from the current price to 9.00 is less than 22k BTC.

I issue a sell order for 22k BTC at the market price.

Is there any way that the entirety of both walls isn't sold into by my sell order?  

You are asking for the specific behavior of Mt. Gox's trading engine.  If it were to process your entire market order at once, then of course, the bid wall will fall.

If Mt. Gox didn't operate this way, I would be surprised.

Yes that is what I am asking.  Is it reasonable to expect a response to this question?

I would also be surprised, and shocked, yet some have told me this may be the case...
rjk
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July 20, 2012, 01:02:54 AM
 #4

Well, what outcome are you expecting, or what have you observed that differs from the expected behavior?

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July 20, 2012, 01:05:14 AM
 #5

Ok here's the scenario...

The current price is 9.10.  There is a bid wall at 9.05 of 10k BTC and a bid wall at 9.00 of 10k BTC.  The total bid volume from the current price to 9.00 is less than 22k BTC.

I issue a sell order for 22k BTC at the market price.

Is there any way that the entirety of both walls isn't sold into by my sell order? 

The only way would be if someone already placed an order eating on those walls before you.

If not, then you will be the one who gets to trade with the people on both walls.

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July 20, 2012, 01:07:10 AM
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Buy at market and sell at above market and you will never loose!

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SkRRJyTC
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July 20, 2012, 01:41:44 AM
 #7

Ok here's the scenario...

The current price is 9.10.  There is a bid wall at 9.05 of 10k BTC and a bid wall at 9.00 of 10k BTC.  The total bid volume from the current price to 9.00 is less than 22k BTC.

I issue a sell order for 22k BTC at the market price.

Is there any way that the entirety of both walls isn't sold into by my sell order? 

The only way would be if someone already placed an order eating on those walls before you.

If not, then you will be the one who gets to trade with the people on both walls.

Thanks very much.  I was told it was possible for a bot to pull one or some of the walls during the sell order.  I am glad this is not the case.
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