Topic: Question Regarding Spot Market Trading in Binance & Supported Pending Order Type (Read 84 times)

Thanks for the reply, nevertheless, I am asking this question, as I am in the process of making a grid bot and need this to close profits, while being able to trail-up / lock more profits instead of using fixed sell limits.

As it appears, there is no safe route to take in trading that ensures 100% order filling in spot market.


So, considering that, if I use market orders for buy and sell, the actual prices have big deviation from expected grid levels,
while using limit orders, has the problem of orders being filled partially and inability to achieve a trailing-up / lock profits mechanism...


Does anyone have any ideas what is the best way to do grid trading ?

As far as I can understand from your story, you can't do it right now, unless Binance has new order types. What you can do is probably put a sell order at the price you believe Bitcoin will reach later on, and then put the stop loss at $50k. If the price drop to $50k then your order will be placed on the order book and if you're lucky all of your Bitcoin might get sold asap. If that's not your thing, then another option is to use a bot that supports such task.

Hello, I would like to ask a question using an example. The question regards only spot market.

Let's say that I have 1 BTC balance on my spot account.

The current market price is 60,000 USDT.

I believe that bitcoin's price is going to go up and I want to keep my BTC, but I don't want to risk my current profits if its price drops dramatically.

So, I would like to sell my BTC and take USDT if the market price drops at 50,000. What type of order do I have to use to accomplish this?

I have read the documentation regarding the limit orders, but from what I can understand, it is not possible for me to place sell limit at 50,000 USDT, when the current market price is at 60,000 USDT. From what I have understood, the buy limit orders can be placed only below the current market price, while on the other hand, the sell limit orders can be placed only above the current market price. So, if I placed a sell limit at 50,000 USDT, when the market price is at 60,000 USDT, the order would be executed immediately at the current rates, as it is more profitable, am I correct?

I have also read the documentation regarding the stop orders, but it is not clear how I could achieve what I want and how the system would behave in this case.

More specifically, it isn't clear what the difference between stop value and limit value is on a stop-limit order. From what I can see, and in accordance with the example above, if I placed a sell stop-limit order, with stop value at 50,000 USDT and limit value at 50,000 USDT, the system would create a sell limit order at 50,000 USDT whenever the market price would reach at this amount, but it is not quite explicit what would actually happen if the price would drop even lower, as the sell limit order type implies that it would be executed only at the rate of 50,000 USDT and up. So, in the edge scenario, that price reaches 50,000 USDT and keeps dropping lower rapidly, and there is a lack of liquidity (let's say only 0.1 BTC is asked at the 50,000 USDT rate), I assume that the order would be partially executed and I would be left with 0.9 BTC and keep losing value until the market price increases again, and the remaining order is fulfilled. Am I correct? This would not happen if stop limit supported to behave as a trigger point and the execution was done as a market order, but in such case, defining a limit value is pointless, isn't it?

Please, don't mention me that there is no liquidity problem, as the example is theoretical and the pair BTC/USDT could be any other coin which might face liquidity problem. My point here is that I want to find out exactly how the system actually behaves in this case, and to know what orders can achieve my purpose: to liquidate my BTC at 50,000 USDT or lower (according to the order book's liquidity).

Thank you in advance for your time, looking forward for your news.