What are the limit and market features? In Tokenomy Academy’s new “When and How” segment, we will study each feature in TokenomyX.
Limit is a feature to place a trading position at a price that you set yourself.
Currently the bitcoin price is at 161,855.8 but you plan to open a position at 160,000, then you can use the limit feature. After filling in the size that you want to trade, determine the type of expiry of your order, if you choose good till canceled, it means that your order will continue to be active without a certain deadline until the market price touches the price you specified earlier.
But if you have waited too long and want to replace the order with a new number, you can cancel the order manually by clicking cancel.
If you choose good till date, it means that there is a deadline that you specify, for example in the next 3 days the market price has not reached the price you want, your order will be canceled by the system automatically.
After determining the type of expiration, determine the amount of stop loss and take profit.
If everything is filled in, you can determine whether you want to place a long or short position.
If based on your analysis the market price has a tendency for the price to move up you can choose long, but if the price tends to move down you can choose short.
Market is a feature for placing trading positions at the current market price, there is no need to specify the type of expiration, your order will be executed instantly because you open a trading position at the current price level, after determining the size, determine the number of stop losses and profits, then specify the number of stops loss and take profit.