I think you should go through the Academy articles on limit, market and stop limit orders, they are going to help you understand what you’re talking about here. I don’t know what the Binance app for US would look like but I will assume it is likely the same for all, so you’re still going to have these same tools available there, so make use of them.
To break this down for you, the market order is an order that is carried out instantly, when you make a market order it is executed at the market’s current price. Then as for the limit order, unlike the market order which is executed instantly, the limit order is placed on the order book with a specific limit price. Then stop limit is another thing, and I believe you already know that one cause you’re using it.
Topic: A quick question about setting limit orders on an exchange. (Read 136 times)
That's definitely can be done via OCO of binance however the only disadvantage of this method is it hit the order which it comes first. Sometime you can see an annoying market trades where your order have been hit or the stop loss order for a very short period of time and let's just say you'decide to sleep on it and when you wake up the price of your take profit set has been overrun now. Its dissapointing right? And what's worse is your stop loss order was intercepted in a while and go up continously after that.
It feels like you shouldn't set OCO for stop order.
It feels like you shouldn't set OCO for stop order.
Setting limit orders in the exchange is good especially if you are doing selling where you have the power to control your losses even for setting it for buying the coin in accordance with the price you like of course. So for me this is good for the individual traders like me here who made an activity most often in the exchange.
Yeah, limits are really needed for traders who are currently trading or holding. Because with this, we can determine the upper and lower limits. Where the upper limit, you can limit the price you want to buy. You don't need to look at the chart continuously, limit can help you with this by setting the upper limit according to the price you want. If the price has reached the predetermined limit, the coins will automatically be bought. At the lower limit, you can determine when your coin will stop trading, because of a decrease in price, you can set it up by determining the lower price limit. Instead, what I emphasize more is the lower limit, by using a stop limit, we will not accept unexpected losses, set the price you are ready to lose. I think we need this stop limit every time we trade, because we will benefit from this feature, if there is no stop limit, maybe we have to watch the monitor continuously, and cannot buy, sell, or stop automatically. It will be very draining for you later. Take advantage, with the best possible. Good luck always!
Setting limit orders in the exchange is good especially if you are doing selling where you have the power to control your losses even for setting it for buying the coin in accordance with the price you like of course. So for me this is good for the individual traders like me here who made an activity most often in the exchange.
OCO is made for this (as previous posters already explained). If you don't have it on binance.us (which i doubt) you can use their API, write a few lines of code and achieve it that way. Yea I know it may look super hard if you never did this but trust me. This will put your trading on completely different level. Open your trading to completely different strategies like open position when price
I want to program a sell order for x amount of coins for when/if the amount of dogecoin I have reaches .45/coin...but at the same time, I would like to program an automatic sell order where I sell all my doge if it dips below .30/coin in order to prevent epic losses.
Can I do both at the same time? If so, how do I do that on binance.us market exchange?
Yes you can with OCO Order(One Cancels-the-Other Oder)Can I do both at the same time? If so, how do I do that on binance.us market exchange?
I just checked out Binance.us and that option is under the stop limit order once you click on the small down facing arrow
This video should be able to guide you with OCO order and how to set it up - https://academy.binance.com/en/articles/what-is-an-oco-order. If you have any questions, don't hesitate to ask.
In normal binance this is an oco order (do you have that in the US one)?
If so these are the fields:
Limit: the price you want your buy at
Stop: the price you want your stop limit to be posted
Stop limit: the price you want your coins to be sold at on the stop (I'd recommend a bit below your stop limit unless resistence is strong).
Amount/total: how much you want to buy
If so these are the fields:
Limit: the price you want your buy at
Stop: the price you want your stop limit to be posted
Stop limit: the price you want your coins to be sold at on the stop (I'd recommend a bit below your stop limit unless resistence is strong).
Amount/total: how much you want to buy
I'm using binance.us as an example in this question because that's the exchange I'm using.
I've finally gotten the hang of setting buy orders and sell orders to the point of successfully scalping. I've been practicing with dogecoin because of how cheap it is and because of it's fast volatility right now. (Well fast, compared to ADA).
I had an idea and wanted to know how I can do it(and if it's even possible).
I want to program a sell order for x amount of coins for when/if the amount of dogecoin I have reaches .45/coin...but at the same time, I would like to program an automatic sell order where I sell all my doge if it dips below .30/coin in order to prevent epic losses.
Can I do both at the same time? If so, how do I do that on binance.us market exchange?
For now, what I've been doing, is making a sell order for .45 and once that sell order has been completed, I quickly make a buy order for when/if doge drops back down to .30. And of course I was only able to do this once, since doge hit .45 for the first time(that I'm aware of) today.
I've finally gotten the hang of setting buy orders and sell orders to the point of successfully scalping. I've been practicing with dogecoin because of how cheap it is and because of it's fast volatility right now. (Well fast, compared to ADA).
I had an idea and wanted to know how I can do it(and if it's even possible).
I want to program a sell order for x amount of coins for when/if the amount of dogecoin I have reaches .45/coin...but at the same time, I would like to program an automatic sell order where I sell all my doge if it dips below .30/coin in order to prevent epic losses.
Can I do both at the same time? If so, how do I do that on binance.us market exchange?
For now, what I've been doing, is making a sell order for .45 and once that sell order has been completed, I quickly make a buy order for when/if doge drops back down to .30. And of course I was only able to do this once, since doge hit .45 for the first time(that I'm aware of) today.
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