IBITTERS,
Limit Order
A limit order allows users to set a specific quantity and either the highest acceptable buy price or the lowest acceptable sell price. When the market price meets the user's expectations, the system executes the trade at the best price within the specified limit.
Market Order
A market order is executed immediately at the current best available market price, prioritizing speed of execution for buying or selling.
Trigger Order
A trigger order allows users to set the order price, quantity, and a trigger price. When the market's latest price reaches the trigger price, the system automatically places the order based on the preset price and quantity. Trigger orders do not freeze account assets.
Trigger Price
When the "latest price" reaches the set "trigger price," the order is activated and placed on the market at the specified order price.
Buy/Sell Price
This is the price at which you intend to buy or sell. Once the "trigger order" is activated, the order is placed at the specified price, which can be either a limit price or a market price.
Trigger Failures
A trigger order might fail if, at the time of activation, the available balance in the user's account is insufficient to cover the order quantity. If the available balance is less than the minimum trade quantity, the order fails. Other potential failures include price limits, order quantity limits, and order placement limits.
*Example:
For BTC/USDT, a user bought 10 BTC at 69,764 USDT and aims to secure profits. The expected support level is around 70,000 USDT, meaning if the price rises to this level, it might pull back. To take profit, the user sets a "trigger price" at 69,980 USDT, a "sell price" at 70,000 USDT, and a "sell quantity" of 10 BTC. By clicking "Sell BTC," when the price reaches 69,980 USDT, the order is triggered and a limit sell order is placed at 70,000 USDT.
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