How Do You Get Out Of A Trade in Coinbase?

justdimin

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Quote from: flyingcarpet on June 15, 2023, 07:18:14 AM

You must learn to use the simplest trading method. You are probably trying to sell at a price above the current market price and that's why only the cancel option appears. Try changing the price and be careful not to rush it. If it reaches the price you want, you can convert it to USDT or anything else you want. As far as I understand, the reason why it says cancel is because the operation you want to do has not taken place yet. Please watch a few videos about trading and make no mistake.

From what I can see between 1-3, he thought he had it, but he never actually had it. If the trade is still open that means he never bought it, it wasn't on his account, he opened a trade to buy it, but the price went up before he could, so he never did. So that means he used his money to buy something, put up an order, never bought it, in order to buy something you need to click market price, that guarantees that you buy it.

That's what OP should do, he didn't even come to sell option, he wasn't selling anything he had, he was failing to buy, when he cancels he cancels the buy order, and that's the issue. I know it's a simple think for all of us here because we are so used to it, but the reality is that we are not really shocked about newbies who does these, they are learning.

karabiber

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

First of all learn the theory of trading before trading on exchanges, and if possible, ask for help if you know anyone who has used crypto exchanges before. If you do not know about trading and want to trade alone you are about to lose your balance absolutely. You either open a trade at the level you want or open a trade at the market price for purchase.

If you press cancel you will have canceled your transaction. Set a buy level for Bitcoin and buy it, then set the level you want to profit from and sell it from there. Sometimes things don't go the way you want and you may lose. Remember canceling means throwing away profit or loss. When applying the advice you get here in practice, do not forget to get help from your friends who have traded in the stock market before.

SquirrelJulietGarden

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Quote from: 348Judah on June 15, 2023, 07:57:28 AM

Before you can get out of a trade, it's either you complete the trade or cancel it, so just don't assume they will allow you into another trade when the one you've started is still pending or inconclusive

Exchanges must do it because they must account user trading activities, orders accurately. If they have bad accounting, their business will be exploited and they will pay very high cost for bad accounting.

They will pay expensive cost like Silk Road which was compromised by James Zhong.
US seizes $1.4 billion in Bitcoin from Silk Road Market Scammer (James Zhong)

Quote

In 2012, when Zhong was just 22 years old, he executed a scheme to defraud Silk Road, a notorious dark web marketplace infamous for the distribution of illegal drugs and money laundering.

By creating a string of accounts and triggering over 140 transactions in rapid succession, he tricked Silk Road’s withdrawal-processing system into releasing approximately 50,000 Bitcoin which he then transferred into a variety of separate addresses under his control.

348Judah

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

How Do I Get Out Of The Trade Without Canceling It?

Before you can get out of a trade, it's either you complete the trade or cancel it, so just don't assume they will allow you into another trade when the one you've started is still pending or inconclusive, these measures you see the exchanges take into effective use were just to avoid mixing things up and user trading a particular coin twice which may be a loss to them because they will be responsible for that order, i will advise OP to move this thread to trading discussion board for more information on this area of discussion.

flyingcarpet

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

You must learn to use the simplest trading method. You are probably trying to sell at a price above the current market price and that's why only the cancel option appears. Try changing the price and be careful not to rush it. If it reaches the price you want, you can convert it to USDT or anything else you want. As far as I understand, the reason why it says cancel is because the operation you want to do has not taken place yet. Please watch a few videos about trading and make no mistake.

sunsilk

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

Look at your account's dashboard and see how much you've got there and look at the history of your trades if you're able to cancel it as what you've said.

Then, when you see those amounts that you've got as your balance in your account and you already want to get out then the last thing you'll have to do is withdraw it. If ever you still got funds there on your Coinbase account.

And before committing your next trade, study first the platform itself so that you're aware of those buttons and what you'll do whether you'll proceed or cancel a trade.

SamReomo

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

You didn't bought Bitcoin from Coinbase but placed a limit buy order to buy Bitcoin and that order was not filled I guess. When an order isn't filled then that means you haven't got any Bitcoin from the Coinbase exchange and your own trade wasn't filled. Even if Bitcoin price goes up you won't have any profit from that because your buy limit order wasn't executed in the first place. The trade was open because the limit price was never reached and that's why the order was not filled at all. And, when you clicked on the cancel button you simply canceled the non filled order and you got your initial crypto back that you place as buy order.

That's the main reason for you getting out of the trade and not losing or making any profit. I recommend you to learn the difference between market order and limit order. When you place a buy market order then that order gets filled within seconds, but when you place buy limit order then the order will only get filled if the limit that is set is reached out. In your case I believe that you have placed a limit buy order but the limit range wasn't reached and the order wasn't filled, and that's why when you canceled the order you didn't make any profit or loss from that order.

Crypt0Gore

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Looks like you are new to trading, you don't even know what you are doing, so why doing it? Why not take your time to learn how trading works first? If coinbase is your favourite there are many tutorials on how to use the exchange perfectly for trading, you can find tutorials about this on Youtube, make a search about Coinbase trading and you will get numbers of results.

This was how someone lost money trading on Kucoin because he has no idea what he is doing, he mistakenly sold some Bitcoin for way lesser price than the present selling price, crypto is not a place where a clue works, if all you have is a clue, you will make mistakes.

Some.things need to be done right in front of you before you can learn and avoid some mistakes, so do not believe that you know something or you have a clue, learn first.

un_rank

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Was your order filled before you cancelled it? And is this your first time using coinbase for trades?

You probably did something wrong during the process and was only able to see the cancel option, if you could post screenshots they would really help us give better responses. Jut make sure to blur anything which contains personal information.

- Jay -

retreat

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

What you're doing is canceling the trade, so you don't make a loss or profit because you canceled the trade. If what you mean is take profit, you can close your trade and later you will be able to get profit if your trade is successful. You must be able to distinguish between canceling a trade and closing a trade because they are different. Canceling means you withdraw yourself from the trade, while closing means you finish the trade.

Mikky.Crypto

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Hey there! Exiting a trade without canceling it might sound like a magic trick, but unfortunately, it's not that simple. Once you've clicked "Cancel," you're effectively closing the trade, which means you won't make or lose any money from it. If you're looking to secure your profits, you'll have to go ahead and close the trade. Remember, taking profits is always a good thing, even if it means saying goodbye to potential future gains. Good luck!

Solosanz

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Are you looking to cancel your transaction on specific time if your order haven't been filled yet? I have never find such exchanges, all centralized exchanges are completely similar with each order and the only want to cancel it you need to click the cancel button.

But if you mean you want to get out your coins from the exchange, you must withdraw your coins to your non custodial wallet, don't hold it on the exchange for long term period.

BitMaxz

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

How Do I Get Out Of The Trade Without Canceling It?

There's no way without canceling the trade if you already made a profit by holding BTC or losing a profit then the only way to get out of the trade is to exchange it to FIAT or USDT.

Are you still selling orders for BTC higher than the current price since you said it is still open I don't get what your point but if you already made a profit with BTC cancel the order and trade it right away with the current price to exit?

SquirrelJulietGarden

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Quote from: David92506 on June 15, 2023, 12:09:48 AM

1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

If you no longer want to trade, cancel your order, you did it.

If you have a trade (buy) and open a position to take profit but after a while, you no longer chase for profit because you need cash or feel risk in the market, you can either exit with with small profit, with a draw at price that is nearly the same as your entry price or cut loss with a bit lower price than your entry price.

Two main options, cancel your trade order and exit your position to have cash with either small profit, no profit no loss, small loss.

nakamura12

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What do you mean with get out of trade? Do you mean quit trading?. Have you tried stop-loss order on Coinbase?. As far as I know that Coinbase have that feature and most exchange platform have that kind of feature. I think that's what you can do to trade without canceling your order. I don't know any other solution to do what you wanted to do or maybe there are other ways that I don't know that could work without canceling an order.

David92506

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1. I buy Bitcoin using the PC Coinbase platform.
2. It goes up and I want to get out of the trade to make a profit.
3. The trade is still open.
4. I open the trade and the only option is "Cancel."
5. I click "Cancel" and the order is canceled.
6. I don't make or lose any money.
How Do I Get Out Of The Trade Without Canceling It?

Thank you for taking the time to read my post and replying.

Topic: How Do You Get Out Of A Trade in Coinbase? (Read 131 times)