How does a day order vs good till canceled affect my cryptocurrency trades?

4 answers

• Nov 26, 2021 · 3 years ago
  Using a day order or a good till canceled order can have different effects on your cryptocurrency trades. A day order is an order that is valid only for the current trading day. If the order is not executed by the end of the day, it will be automatically canceled. On the other hand, a good till canceled order remains active until it is either executed or manually canceled by the trader. This means that a good till canceled order can remain open for an extended period of time, potentially even days or weeks, until the desired conditions for execution are met. It's important to note that the specific rules and timeframes for day orders and good till canceled orders may vary between different cryptocurrency exchanges. Therefore, it's always a good idea to familiarize yourself with the specific trading rules of the exchange you are using.
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• Nov 26, 2021 · 3 years ago
  When it comes to execution and timing, using a day order can be beneficial if you want to take advantage of short-term price movements or if you prefer to have your trades executed quickly. Since a day order is only valid for the current trading day, it ensures that your trade will be executed within a relatively short timeframe. On the other hand, a good till canceled order allows you to set specific conditions for execution and gives you more flexibility in terms of timing. For example, you can set a specific price at which you want to buy or sell a cryptocurrency and wait for the market to reach that price. This can be useful if you believe that the price will move in your favor in the future and you want to wait for the right opportunity to execute your trade.
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• Nov 26, 2021 · 3 years ago
  At BYDFi, we recommend using a good till canceled order for most cryptocurrency trades. This type of order gives you more control over the execution and timing of your trades, allowing you to set specific conditions and wait for the market to meet them. However, it's important to keep in mind that using a good till canceled order also carries some risks. For example, if the market moves against you and the price of the cryptocurrency you want to buy or sell doesn't reach your specified conditions, your order may remain open indefinitely. This can tie up your funds and prevent you from taking advantage of other trading opportunities. Therefore, it's important to regularly review and adjust your open orders to ensure they still align with your trading strategy.
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• Nov 26, 2021 · 3 years ago
  Day orders and good till canceled orders are just two of the many types of orders you can use to trade cryptocurrencies. Other types of orders include limit orders, market orders, stop orders, and more. Each type of order has its own advantages and disadvantages, and the choice of which order to use depends on your trading strategy and goals. It's important to understand the differences between these order types and how they can affect your trades before placing any orders. Additionally, it's always a good idea to stay updated on the latest news and developments in the cryptocurrency market to make informed trading decisions.
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