Trigger Order is a set of instructions for placing a trade order at predefined parameters. When the latest market price reaches the trigger price, the system will automatically place order according to the pre-set price and amount.
Trigger orders require the user to manually set the trigger price, the type and price of the order, and the amount.
- Trigger price: the order will be triggered into effect when the price reaches the specified trigger price.
- Order type: contains a limit price/market price, allowing the user to set the order to be filled at the limit price or at the market price.
- Order price: refers to the price of the limit order, market trigger order cannot specify the order price.
1. On the order page of the contract, select the order type as trigger order, enter the trigger price, order price, and amount.
2. After the order is placed successfully, the open order will have an order to be triggered, and the trigger condition will be displayed; this order will not be held in the market because it has not yet been triggered; when the trigger condition is met, user can see an order in the open order page.
The trigger order can also be combined with the stop-limit order.
For the stop-limit order function, please refer to ‘How to Use the Stop-Limit Function’.
- Select the trigger order, enter the trigger price of 50440, the limit price of 50700, and the amount is 1 cont;
- At the same time, set up take-profit and stop-loss: the take-profit price is 60,000, stop-loss price is 50,000, buy long;
- At this time, an open order to be triggered is generated, and the trigger condition is that the latest price ≤ 50440.
- Meeting the trigger condition latest price ≤ 50,440, a limit order will be generated in the open order at 50,700.
- After filled, there will be a position in the open position, because the stop loss and take profit were set when the order was placed, so the open order will generate two orders for the closing position at the same time, pending the trigger status.
If you believe that the Stop Loss and Take Profit trigger price set previously is not appropriate, you can click on Stop Loss and Take Profit under the open position to continue setting.
You can view the take-profit and stop-loss details in the details.
- Margin will not be frozen until triggered.
- Trigger orders are not always successfully filled when triggered and may fail to be placed due to price restrictions, insufficient margin, position, market conditions, etc..
- A successfully triggered limit order is the same as a normal limit order and may not be filled.
- If the order is filled, a new position will be opened and if the order fails, your margin will remain.
Cryptocurrency investment is innovative blockchain products, and subject to price fluctuation. Please judge your risk-taking ability rationally and make your investments with caution.
BitWell is not responsible for any direct, indirect or consequential losses as a result of the cryptocurrency trading and holding.
BitWell is committed to building a fair and transparent global digital asset trading platform, providing investors with secure, convenient and intelligent blockchain derivatives trading services.
Telegram English: https://t.me/Bitwell_English
Telegram Chinese: https://t.me/Bitwell_Chinese