Bitcoin Orders
There are different types of orders which a trader can use to trade in Bitcoin.
At the foundation of successful bitcoin trading is making use of correct btcusd order for the correct purpose. Most critical thing to remember about this is: Always understand the orders you place. Never place a btcusd order which you as a trader are not entirely knowledgeable about. Given below are the some basic definitions of the commonly used types of orders:
Types of Bitcoin Trading Market Orders and Pending BTCUSD Orders
Market Bitcoin Trade Order
This is the most basic type of order, market order is used to buy/sell at prevailing ask or bid bitcoin trading quote bitcoin trading price. This refers to the quoted bitcoin price which appears & is shown on your bitcoin trading platform.
This type of trading order is used for buying or selling according to the prevailing exchange rate quotation in Bitcoin Trading, the execution is instant. The minute you want to enter a position you can buy & sell bitcoin at a click of a button using a market order.
Entry Bitcoin Orders
These are orders used to execute a new trade after the btcusd trading market reaches a bitcoin price given by the trader.
Entry orders are used to buy/sell bitcoin when it attains a certain bitcoin price target.
When a specific bitcoin price level is reached or broken then a bitcoin entry trade order is executed.
These Entry Bitcoin Orders are used to enter a bitcoin trade at a specified bitcoin price level. It's almost impossible to monitor the btcusd trading market every second and this is why an entry order can be handy. If you feel the btcusd trading market might take a certain action, such as break through a particular bitcoin price level that it has been touching but it has not been able to break, you'd want to use an Entry Limit Bitcoin Order. Once the btcusd trading market crosses your given level, your entry limit bitcoin trade order is executed.
There are two different types of entry orders - limit bitcoin order & stop entry order.
These entry orders are also referred to as pending bitcoin trade orders.
Entry Limit Bitcoin Order
An order to buy/sell at a specific limit.
An entry limit bitcoin order can be used to open buy below the prevailing bitcoin price or sell above the prevailing bitcoin trading price.
When buying, entry limit is executed when the bitcoin price drops to your limit zone that you have set.
When selling, entry limit is executed when the bitcoin price rises to your limit zone that you have set.
These Entry Limit Bitcoin Orders are placed by bitcoin traders when they expect the btcusd trading market to bounce back after reaching to the bitcoin price level that the entry limit was placed.
- Buy Limit Bitcoin OrderSpecifies to open buy at a level that is below the prevailing market bitcoin trading price
- Sell Limit BTCUSD OrderSpecifies to open sell at a level that is above the prevailing market bitcoin trading price
Entry Stop Bitcoin Order
An entry stop pending order to buy above the current bitcoin price or to open sell below the prevailing bitcoin trading price.
When buying, entry stop order is executed as the btcusd trading market goes up & hits the buy stop level.
When selling, entry stop order is executed as the btcusd trading market goes down & hits the sell stop level.
- Buy Stop BTCUSD OrderSpecifies to open buy at a level that is above the prevailing market bitcoin trading price.
- Sell Stop Bitcoin OrderSpecifies to open sell at a level that is below the prevailing market bitcoin trading price.
