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Learn how to execute a market, limit, stop, stop limit, trailing stop limit, trailing stop market, fill or kill, reserve/iceberg and IOC orders
A limit order is a buy or sell order executed at a specific price. The advantage of this order is that if the order is executed it will be done at a fixed price. However, the disadvantage to this order is that there is no guarantee that the order will ever be executed or filled.
Stop Limit Order
A Stop Limit Order is a Limit Buy or Sell Order that is triggered once a cryptocurrency touches an exact price. The advantage of this order is that you can ensure an exact price for the order but like any limit order it may not execute if the price does not reach that level.
Trailing Stop Limit Order
A Trailing Stop Limit Order is a Limit Buy or Sell Order that is triggered once a cryptocurrency touches a trailing amount set by the user.
Trailing Stop Market Order
A Trailing Stop Market Order is a Market Buy or Sell Order that is triggered once a cryptocurrency touches a trailing amount set by the user.
A Stop Order is a Market Buy or Sell Order that is triggered once a cryptocurrency hits an exact price. The disadvantage like any Market Order, is that you cannot fully guarantee the exact price of the executed order, but you can ensure that it is executed once the price trigger has been met.
Fill or Kill Order
A Fill or Kill Order is a trade that executes immediately and completely at a certain price but if it cannot fill the entire order immediately then it will be cancelled entirely.
Reserve Order/Iceberg Order
A Reserve or Iceberg Order is a large trade that is divided up into multiple limit orders. The orders are split into visible and concealed amounts. The concealed orders become visible as the visible portions are executed.
How does the orderbook work?
In order to understand how an orderbook works, you must first understand its four concepts which are bid, ask, quantity and spread. The bid is a price (labelled in green) offer given by the buyer to purchase. The ask is a price (labelled in red) offer given by the seller to sell. The quantity is the amount the buyer is willing to buy, or the seller is willing to sell. The spread is the difference between the Ask and Bid price. An orderbook contains all the bids and asks from
An Immediate or Cancel Order (IOC) is a trade that executes immediately and cancels any unfilled portions of a partial filled order.
A Market Order is a buy or sell order executed at the best available average price on the NDAX orderbook. The advantage of this order is that it is simple, and the trade is fully executed immediately at the best average price at that moment. The disadvantage is that you cannot fully guarantee the exact price of the order.