Are there any risks or drawbacks to using 'good til cancelled' orders in the crypto market?

3 answers

• May 05, 2022 · 3 years ago
  Using 'good til cancelled' orders in the crypto market can have some risks and drawbacks. One potential risk is that the market conditions can change rapidly, and if the order is not updated or cancelled in time, it may result in executing the order at an unfavorable price. Additionally, if the order is not filled for an extended period of time, it may tie up the funds and limit other trading opportunities. It's important to regularly review and adjust these orders to mitigate these risks.
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• May 05, 2022 · 3 years ago
  When it comes to 'good til cancelled' orders in the crypto market, there are a few drawbacks to consider. Firstly, these orders can remain active indefinitely until manually cancelled, which means they may stay open for a long time and tie up your funds. Secondly, if the market conditions change significantly, the order may not be executed at the desired price, leading to missed opportunities or potential losses. Lastly, it's important to note that 'good til cancelled' orders may not be suitable for short-term or high-frequency trading strategies.
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• May 05, 2022 · 3 years ago
  As an expert at BYDFi, I can tell you that using 'good til cancelled' orders in the crypto market can be both beneficial and risky. On one hand, it allows you to set a specific price at which you want to buy or sell, which can be advantageous in volatile markets. On the other hand, if the market moves in the opposite direction, your order may not be executed for a long time, potentially resulting in missed opportunities. It's important to carefully consider your trading strategy and regularly review and adjust your orders to minimize risks.
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