What are some strategies for effectively using 'good till cancel' orders in cryptocurrency trading?

3 answers

• May 06, 2022 · 3 years ago
  One effective strategy for using 'good till cancel' orders in cryptocurrency trading is to set a target price at which you want to buy or sell a particular cryptocurrency. By placing a 'good till cancel' order with this target price, you can automatically execute the trade when the market reaches your desired price. This strategy allows you to take advantage of price movements without constantly monitoring the market.
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• May 06, 2022 · 3 years ago
  Another strategy is to use 'good till cancel' orders to set stop-loss levels. By setting a stop-loss order with a specific price, you can limit your potential losses if the market moves against your position. This strategy helps to protect your investment and minimize risks in volatile cryptocurrency markets.
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• May 06, 2022 · 3 years ago
  At BYDFi, we recommend using 'good till cancel' orders as part of a diversified trading strategy. These orders can be used to automate your trading and take advantage of market opportunities even when you're not actively monitoring the market. However, it's important to carefully consider your trading goals and risk tolerance before using these types of orders.
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