So friends if you're with for some time and following my articles then you knew that generally I write about blockchain technologies and some fantastic blockchain projects.
But now I think (it is true 😜) many people are new to the cryptocurriencies here and they're scared of trading crypto and in my opinion they're neglecting the huge profitable crypto-section here. I personally think that even if you're newbie in crypto trading, even with basic trading knowledge like risk management, controlling emotions and a very little research anyone can generate good profits.
So, in my future articles along with blockchain stuff I'll aalo share something related to the trading. So for now in this article we'll go through the basic order types that you'll see on crypto exchanges.
Let's dive in...!!
Market Order
This is the most basic and straight forward order type. So what Market order means is that your buy/sell order will be executed at the best current market value.
Let's understand with example, let say you're on any exchange and want to buy a BCH and the price of BCH at that moment is $350. So if you place an market buy order then $350 is the price you buy some BCH.
IOC (Immediate or Cancel) Order
Sometimes depending on the coin you're trading and the volume you're trading the exchange might take some time to fill your order successfully, and who knows you might get the worst deal due to that late fill-up.
IOC order solves the above issue, as it is placed in such a manner that the entire order or part the order is executed immediately and the remaining part of the unfilled order will get cancelled.
Limit Order
Limit Order is a bit confusing than those two orders but I think this is the mostly used order type by the successful or unsuccessful 🤪 trader.
Limit Order is placed to buy/sell any specific coin at specific price (provided by trader) or better than that price. This type of orders generally not filled up quickly as the price is the estimated best price of action by the trader. These type of orders strengthens the trading strategies of a trader as trader don't have to wait and watch the charts until his/her best price shows up.
I think three orders are enough for today, don't need to rush. In next trading related article I'll share more advanced trading orders and also share some technical analysis of coins. Don't look at trading as a charts or stressful decisions just enjoy the process and trust me it'll teach you some best things,one of them is patience and controlling emotions.
Update :
Part-2 of this article has been published check it out : Order Types (Part-2)
So friends hope you enjoyed this article and found it helpful. If you're still not trading cryptos then trust me you're giving up a golden opportunity.
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