I am using bitstamp for trading. And I am facing a problem. When I make an limit order to sell on if the rate reach a certain level. Then I can't make a limit to sell when the rate falls and reach a certain level.
I will give an example. Yesterday the rate was 280 $ and I bought some coins. I made a limit to sell when the price would reach 284 $. I also want to make a limit to sell when it reach 275 $. But I can't do that on bitstamp. So when I went for lunch and come back price had dropped to 250 $. If I would have been allowed to make the stop limit I wouldn't loose as much as I did now.
Is this the same on the other exchanges or only on bitstamp ? How are you solving this issue ? I think it's important to put an stop limit.
But why would you want to do that (placing a stop-loss at higher price than buy price - at 284?)
What you normally do in case of a stop-loss order is specify the bottom, not top.
For example if you bought at $280, you would make yourself insured by placing a stop-loss order at $270, specifying a $10 "buffer" over current price.
Now if the price falls by $10, your order would sell, stopping you from making further loss.
But if the price rises to $320, your sell order will automatically adjust itself at $310, honoring the $10 buffer.
Bitstamp have two type of orders.
1. Limit order
2. Stop order
I bought the coins at 280 $ , and made an limit order at 284 $. So I sell them at 284 $ and earn 4 $ profit
I wanted to make an stop order on 270 $ so if the price falls to 270 $ I want to sell. But I couldn't do that. When I asked bitstamp why , they said because the coins are locked in the first order there I made an limit order on 284 $.
How is your suggestion to do ?
