Orders you set with Exchange Valet are not like the regular orders you create on the exchange. All your orders will be "Pending Orders". Pending orders are waiting to be placed on the exchange when the price is reached. You can choose different order types for the pending order. There are different types of orders to suit your needs:
- Limit Buy
- Limit Sell
- Limit Panic Sell
- Market Buy (Binance only)
- Market Sell (Binance only)
- Stop-loss and take-profit
- Trailing stop-loss
Triggers when the best "bid" touches or crosses your order price.
Triggers when the best "ask" touches or crosses your order price.
REMINDER: If the price is dropping to your order price quickly, your LIMIT SELL order might not get filled because there might be no buy orders at your price (price jumps from 0.0022 to 0.0020 but your order is at 0.0021).
If you want to increase the chance of order fill, you can use “Panic Sell” option for limit sell orders.
LIMIT PANIC SELL
This option sets the order price to %95 of your ask, and places the order when best "bid" hits your order price. This does not mean that it will sell for 5% cheaper, but it will sell to best bids in the order book, selling remaining coins for lower, up to a maximum of 5% of your order price. You increase the chances of order fill at the cost of a possible loss(because of no available orders).
For example, you have a stop loss at "100". If this is a panic sell, it will execute the order with the "ask" price of "95". This order will eat all the best available bids from "100" to "95". Let’s say you are selling 10 coins.
This does not always have to be the case! For example, if you are in 5% loss and your “Panic sell stop-loss at 100” is triggered, in the worst case scenario, there will be tiny amounts available at the best bid prices (99,97,96), and it will sell most of the coins for 95(minimum), and your order will be sold for ~5% less.
Market Orders (Binance only)
Triggers when the best "ask" touches or crosses your order price(there is a seller).
Triggers when the best "bid" touches or crosses your order price(there is a buyer).
You won’t have to worry about unfilled orders with market orders. With market orders, the order will be executed against the best prices available in the market and is going to fill immediately. However, your order might buy/sell slightly lower/higher!
IMPORTANT: If there are not enough bids/asks at your price, your order will be executed working up the order book for the best price to fill all your order amount. This can sometimes be dangerous. Let’s look at a really bad scenario. Let's say you set a “market” stop-loss at 100.
This does not mean that your orders will sell for less if you use market orders but is a possibility. However, it is very unlikely to happen unless you are trading with huge capital. This is an example market order execution at 0.00015600:
As you can see, trades were made for slightly higher and lower prices and the average became 0.00015615.
Stop-Loss and Take-Profit Orders
You can simply create sell orders as stop-loss and take-profit orders in the SELL panel. Just create a sell order where you want your stop-loss to be. However, if you are creating them at the same time using "Additional Options" or "Speed Trade", then these orders will have more features than a regular pending order.
When you use these options, your stop-loss and take-profit orders will be automatically adjusted. For example, you are selling 20 NEO in your take-profit order, and you set a stop-loss for selling 100 NEO. After your take-profit order for 20 NEO triggers, your stop-loss amount will be adjusted from 100 to 80. The amount you sold in the take-profit order will be automatically deducted from the stop loss order.
Trailing Stop Loss
Trailing stop-losses are used to maximize profit as the price rises and limit losses when the price falls. The trailing stop-loss will keep track of the price and move the stop-loss price upwards by your specified offset when the price of the market goes upwards, but if the price falls, the stop loss price doesn't change.
- There is no guarantee that your pending LIMIT orders are going to be filled. After a LIMIT order is placed, there might be not enough buyers/sellers available, and your order might not fill. If you have stop-loss or take-profit orders pending, those orders might fail if the buy order was not fully filled, because you will not have enough coins to place the sell order. You can use market orders to make sure your order is filled.
BINANCE ONLY: Make sure you have some BNB balance
If the "Using BNB to pay for fees" option is disabled or you do not have enough BNB balance, Binance will use the coin you are trading to pay the fees(instead of using BNB) and deduct the fee from your trade amount. For example, when you buy 625 KEY, Binance will take 0.625 KEY as the trading fee. This will cause your take profit and stop loss orders to fail with "not enough balance" error because those orders will have 625 as the amount but you will only have 625 - 0.625 = 624.375 in your KEY balance. Make sure you have enough BNB and enable the "Using BNB to pay for fees" option in your account settings on Binance website.