I'm the kind of trader who wants to spot his entries manually but after that I want a bot / piece of software to execute my sellorders when certain conditions are met. Basically stop-loss and price target at the same time.
Since it's impossible currently at Bittrex to place 2 orders at the same time. (one order reserves entire balance so you can never place 2 orders at the same time), i'm losing a lot of potential profits when price starts to move when i'm away from the computer.
I was able to create two different orders in Bittrex not too long ago
Hmm I use Bittrex and also can't place 2 orders at the same time, at least not in leonArdo (haven't tried on the website). Is there any other exchange that has this functionality, which works in leonArdo too? It would be great for my manual strategies. However, I'm not quite sure how the bots would work with this behavior, since if the amount isn't reserved with the first order, it can "go crazy" placing multiple orders (especially if you have more than one bot for the same currency pair).
With Leonardo you should be able to place as many orders as you want in the manual mode?? Am I missig something? You can have several bots running too on the same pair.
Well yes, in fact what I was thinking maybe doesn't make much sense (don't know if it's the same what @FritsFibonacci thought). It was kind of "stop loss" / "make profit" orders in manual mode, like in this hypothetical scenario with BTC/USDT:
- Market is ranging from [5000,5500].
- I have 1 BTC, 3000 USDT.
- Place one BUY order 0.6 BTC@5000.
- Place one SELL order: 1 BTC@5500.
- If it doesn't reserve the BTC/USDT amounts, I can continue to trade with the original amounts while these "safety" orders aren't executed. These would be something like "set and forget" in case you leave your manual trading away for a while.
Now as I mentioned I don't know if it makes much sense, because to be honest I've never seen an exchange allow that (even with stocks), because otherwise you could speculate in the order book, and influence the market, without having the actual money or assets... And we can manually place the "safety" orders just before going away.
EDIT: "stop" orders would cover this scenario (buy and sell at defined boundaries), because in this case we are not actually placing an order in the order book, so in principle no influence on the market. But I don't know which digital currencies exchanges support that (Bittrex doesn't), and if in this case leonArdo can work with stop orders.
This is not exactly what I meant.
Let's try an example on Bittrex:
1. I buy 100 neo at 0.005. (entry)
2. I want a stop loss at 0.004 (stoploss)
3. I want to take profit at 0.006 (price target)
When trading manually at bittrex it's currently impossible to set 2. and 3. at the same time for the full 100 coins. (at Bitfinex you can, it's called the OCO, one-cancels-the-other-order) This is very annoying because it forces you to choose between the stop loss and the price target.
When you pick stop loss for safety you miss out on gains when you're sleeping or away from computer. When you pick price target you run the risk of losing a lot because you don't have a stop loss.
What I want is a piece of software / bot that monitors the price fluctuation and puts in the corresponding order for either 2. (stop loss) or 3. (price target) when one of these levels is within reach.
Can Leonardo do this ? (i'm very new to all this, so please forgive me if this is obvious to some of you)
The answer is no, only the margin maker bot allows to put a stop loss but you cant set a sell order as its calculated dynamically.