Tips for trading on Indodax this time is that you need to try trading using the limit method. What is the limit method? And why is that important for you to know?
In principle, trading is buying an asset when the price is low and selling it when the price is high. But in fact, this method is not easy to do, especially for new traders.
Trading tips on Indodax using the limit method will make it easier for you to determine prices. So, you can set the benefits that you can get yourself. Here is the full explanation
What is the meaning of Limit?
Limit is the process of buying or selling crypto assets at a price that you set yourself. Usually, the limit method is also called the market maker. You can buy crypto assets at a price that you set yourself.
For example, the Bitcoin price is IDR 270 million. You want to buy it at a price of IDR 260 million.
So, later on, your rupiah balance will be locked at a price of IDR 260 million. Your order will be executed when the Bitcoin asset price touches IDR 260 million.
The opposite of this limit method is the instant or market taker. You can buy crypto assets instantly or directly.
You don’t need to set the price because you are buying crypto assets at the current selling price. For example, the price of a crypto asset like Bitcoin touched IDR 270 million, if you used a market taker or instant method, you would buy it at IDR 270 million.
The limit method also applies when you want to sell the crypto asset price. For example, suppose you have bought the price of a crypto asset. Then, you want to set a profit of around 100%. Well, you can set a limit on the selling price.
Easy is not a trading tip at Indodax.
Why Should Use the Limit Method?
There are several advantages to using the limit method, namely:
1. You can buy or sell crypto assets at the price you want.
2. You can get higher profits and be able to trade well.
3. At Indodax, you will not be charged a fee or trading fee if you use the limit method. Unlike the instant or taker method, you can be charged a fee of 0.3%.
4. You don’t need to waste a lot of time looking at price movements. Because you have installed the limit method. Your balance will automatically run following the price movement of the crypto asset.
How to trade using the limit method on Indodax?
1. You are logged into your Indodax account.
2. If not registered, please register and fill in the balance.
3. Select the crypto asset that you want to buy.
4. Fill in the limit price at what you want to buy in the limit column. Of course, you buy or charge a price that is cheaper than the price at that time
5. Wait for the crypto asset to hit the price. Automatically, your balance will be played or invested.
6. You can also set a limit on the selling price according to the profit you want. For example, 100%.
7. After the price hits 100%, your balance will automatically be returned in Rupiah. In other words, your trading has stopped.
What is Market Taker or Instant?
This method is an instant or direct purchase method. You can buy crypto assets at current prices. The plus is, you don’t have to wait. Because at that time, your balance will automatically move according to the price movement of the crypto asset.
Unlike the market limit. You can just wait a certain time until the crypto asset price reaches the same price as the price you want.
Not a few people use the instant market. For example, in tight conditions or in conditions of cut loss and certain other conditions.
So, those were the trading tips on Indodax using the limit method. You can use this method so that you can continue to profit while trading.
You can get other interesting information on Indodax.Academy and on Indodax’s official social media.