Learn More Complex Order Types on Margin Trading Platforms
BitFinex is currently main price mover of Bitcoin.
Since March is going to be really hot for Bitcoin if you never did such trades its worth trying now so i will try to give a bit of tips.
I will explain main order types on margin and futures trading sites using BFX as the example.
Please check articles on the end that i have previously posted which will fill gaps you may have from this text alone.
Limit Orders
Means you choose price at which you want order to execute. Price has to be lower than current market.
So lets say price is 1100 USD now, yet you want to buy at 1050 USD. So this is what you set.
Stop Orders
Means an order that will sell your BTCs or close position at certain price.
Current market price is 1100USD if it falls to 1050USD i want to sell my BTC and cut stop the losses.
If you believe price is going to go down from 1100 and you open short here, but the price goes up then you make a stop at 1150 to stop your short.
Fill or Kill
Its an limit order which has to be 100% filled or cancelled. If you want to buy 1000 BTC then you either get all of them on chosen price or none.
OCO (One Cancels Other )
This are 2 orders on different sides of the market. One if to long and the other is to short. If one of the orders get filled, the other one is cancelled automatically. Its one of most secure ways to bet when you dont know where market is moving.
Usable Articles
https://steemit.com/bitcoin/@kingscrown/the-biggest-volume-btcusd-market-margin-trading-guide-bitfinex
https://steemit.com/bitcoin/@kingscrown/my-review-of-bitcoin-leverage-trading-platforms-choose-best-one-for-your-needs
Good article, I wasn't aware that people were trading BTC like they would for forex. I guess some of the same principles would apply here. Well, you gave me something to do some research on.
Thanks man, enjoy trading :)
@Kingscrown you over there giving me flash backs as I use to trade bitcoin on Bitfinex during the last part of the wild west days 0f bitcoin ;)
@eric-the-red Yes like the Forex Market 0r any other market that allows margin-trading(Leverage). It was more fun when bitcoin was really swinging LIKE the Forex. I mean it was really swinging up/down throughout the day. It was wild b0i!!!!
Now it's calm so, it can be easier to trade so, yeah go for it! Use that leverage and you won't be disappointed ;)
Yeah man BFX is on it again! And wild west is coming in March too ;)
I believe this to be true ;)
But why BFX always getting hacked? They need to figure out a better infrastructure 0r somethin before they end up being the next Mt.Gox ha!
I moved on to 1Broker - https://1broker.com/?r=6673 as they have LESS issues if any@all and over there you can trade BTC up to 5Xleverage oppose to 3 - 3.5 over@BFX
Now going through your previous posts on this topic. This is everything I wanted to know but didn't know how to ask
Glad you like it :) Enjoy!