Bitcoin Orders
There are different types of cryptocurrency orders which a trader can use to trade in Bitcoin.
At the foundation of successful bitcoin trading is making use of the correct btcusd order for its correct purpose. Most important things to remember about is this: Always understand the cryptocurrency 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 cryptocurrency orders:
Types of Bitcoin Trading Market Orders and Pending BTCUSD Orders
Market Bitcoin Trading Order
This is the most basic type of cryptocurrency order, market order is used to buy or sell at the current ask or bid bitcoin trading quote bitcoin trading price. This refers to the quoted bitcoin trading price which appears & is shown on your bitcoin trading platform.
This type of cryptocurrency trading order is used for buying or selling according to the current 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 cryptocurrency market order.
Entry Bitcoin Orders
These are cryptocurrency orders used to open a new trade after the btcusd trading market reaches a bitcoin trading price specified by the trader.
Entry orders are used to buy or sell bitcoin when it attains a certain bitcoin trading price target.
When a specific bitcoin trading price level is reached or broken then a bitcoin entry trading order is executed.
These Entry Bitcoin Orders are used to enter a bitcoin trade at a specified bitcoin trading price level. It is 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 trading price level that it has been touching but it has not been able to break, you would want to use an Entry Limit Bitcoin Order. Once the btcusd trading market crosses your specified level, your entry limit bitcoin trading 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 or sell at a specific limit.
An entry limit bitcoin order can be used to buy below the current bitcoin price or sell above the current bitcoin trading price.
When buying, entry limit is executed when the bitcoin trading 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've set.
These Entry Limit Bitcoin Orders are placed by bitcoin traders when they expect the btcusd trading market to bounce back after reaching the bitcoin trading price level at which the entry limit was placed.
- Buy Limit Bitcoin OrderSpecifies to buy at a level below the current market bitcoin trading price
- Sell Limit BTCUSD OrderSpecifies to sell at a level above the current market bitcoin trading price
Entry Stop Bitcoin Order
An entry stop pending order to buy above the current bitcoin price or to sell below the current 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 buy at a level above current market bitcoin trading price.
- Sell Stop Bitcoin OrderSpecifies to sell at a level below the current market bitcoin trading price.
