What strategies can I employ to effectively utilize 'good until cancelled' in my cryptocurrency trading?

7 answers

• May 06, 2022 · 3 years ago
  Sure, one effective strategy for utilizing the 'good until cancelled' order type in cryptocurrency trading is to set a target price for buying or selling a specific cryptocurrency and place a 'good until cancelled' order at that price. This allows you to automatically execute the trade when the market reaches your desired price, even if it takes some time. It's a great way to take advantage of potential price fluctuations without constantly monitoring the market.
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• May 06, 2022 · 3 years ago
  Another strategy is to use 'good until cancelled' orders for setting stop-loss levels. By placing a 'good until cancelled' sell order below your purchase price, you can limit your potential losses if the market goes against your position. This helps to protect your investment and minimize risks in volatile cryptocurrency markets.
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• May 06, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers the 'good until cancelled' order type for traders. With BYDFi, you can easily set up 'good until cancelled' orders to automate your trading strategy. It's a convenient feature that allows you to take advantage of market opportunities without constantly monitoring the market. Just set your desired price and let the exchange handle the rest.
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• May 06, 2022 · 3 years ago
  When utilizing the 'good until cancelled' order type, it's important to regularly review and adjust your orders based on market conditions. Cryptocurrency markets can be highly volatile, so it's crucial to stay updated and adapt your trading strategy accordingly. Keep an eye on market trends, news, and other factors that can influence the price of cryptocurrencies.
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• May 06, 2022 · 3 years ago
  One tip for effectively utilizing 'good until cancelled' orders is to set realistic price targets. Avoid setting overly ambitious targets that may be difficult to achieve. Instead, consider setting conservative targets that are more likely to be reached. This can help you execute trades more frequently and increase your chances of making profitable trades.
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• May 06, 2022 · 3 years ago
  In addition to using 'good until cancelled' orders, it's also important to diversify your cryptocurrency portfolio and not rely solely on one trading strategy. By spreading your investments across different cryptocurrencies and strategies, you can reduce the risk of potential losses and increase your chances of overall success in cryptocurrency trading.
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• May 06, 2022 · 3 years ago
  Remember, cryptocurrency trading involves risks, and there is no guarantee of profits. It's important to do thorough research, stay informed, and only invest what you can afford to lose. Utilizing the 'good until cancelled' order type can be a valuable tool in your trading arsenal, but it should be used in conjunction with a well-thought-out trading strategy and risk management plan.
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