Topic: General noob BTC/Altcoin buying question (Read 100 times)

@mk4 is right, if you set a particular market price but the price of a particular coin didn't reach that market price, it will not trigger at all.
There are differences in a limit order and market order. Both also got different advantages and disadvantages.

I think this article will help you to understand more about different order types: Understanding the Different Order Types

Do not contradict yourself, once someone is ready and set his/her buying price at $0.50, then the limit order price should be at that price for people to buy. Although the order book is more complex than this but this is how it works, sellers will set prices, buyers will buy at that price, buyers will also set prices while sellers will sell at that price if they like. The people that set price are the market makers while the people that are buying and selling immediately are market takers. If the price set is filled, then the order will be filled.

You should be able to know the difference between limit order and market order, I believe this will totally answer your question.

If you buy or sell using limit order, the order will be filled exactly at your order price. For example, if Bitcoin price is at $50100, you set the limit order buying price at $50050, when the market falls to $50050 or below, the order will be placed and you will buy it exactly at $50050. But if you used market order, the coin will be bought at $50100 or higher price or price slightly higher in a way you will no notice differences.

Reverse is the case for low volume coins and shit coins, that is why it is good to always use limit order, there was a day I bought a coin, the price of the coin at the time was $0.0022, if I use limit order, it can take time like hours or more before my limit order will be filled, I wanted to buy the coin at the same price ($0.0022) it did not filled for hours, which means nobody was selling at that price, I later had to use market order, and the trade was filled at $0.0017, it was a loss for me.

Such thing shouldn't happen. Because when you set a limit/market buy order, your order should be buying at the best price available. Whereas, if there's a sell price at 0.52 USDT, unless you don't completely drain out the whole offer down to 0.501 USDT, your 0.050 USDT sell offer should remain untouched.

I want to make sure I am am understanding this correctly so here goes.

Is there ever an instance where a crypto is being sold at a certain price even though the market price for the crypto never falls to the set price? Say you want to sell for 0.50 USDT but the market price never falls below 0.52 USDT but your Order is filled because someone bought at the 0.50 USDT Order Book price. Does this mean that you've lost money? Since the Market Price never went down to 0.50? I am a little confused on this.

Thanks for all the help as usual, I really like all of your insight.