How does a 'good till cancel' order work in the context of cryptocurrency?

5 answers

• Nermin MuataficJul 04, 2023 · 2 years ago
  A 'good till cancel' order, also known as a GTC order, is a type of order in cryptocurrency trading that remains active until it is either executed or canceled by the trader. When you place a GTC order, it will stay in the order book until it is filled or manually canceled. This means that the order will persist across multiple trading sessions, allowing you to potentially take advantage of price movements over time. One of the main benefits of using a GTC order is that it provides convenience and flexibility, as you don't need to constantly monitor the market and manually place orders. However, it's important to note that there are risks associated with using GTC orders. For example, if the market conditions change drastically, your order may not be executed at the desired price, resulting in missed opportunities or potential losses. It's always important to carefully consider the risks and benefits before using GTC orders in cryptocurrency trading.
  964

  482
• THE5WAY HIENMar 16, 2023 · 2 years ago
  Alright, let me break it down for you. A 'good till cancel' order in the context of cryptocurrency is basically an order that remains active until it's either filled or canceled. So, let's say you want to buy Bitcoin at a specific price, but the market is currently trading above that price. You can place a GTC order with your desired price, and it will stay in the order book until the price reaches your target or you manually cancel the order. This type of order is great if you don't want to constantly monitor the market and manually place orders. However, keep in mind that there are risks involved. If the market suddenly drops and your order is not filled, you might miss out on potential profits. So, it's important to weigh the benefits and risks before using GTC orders.
  782

  261
• Clau UlloaJan 25, 2021 · 4 years ago
  In the context of cryptocurrency, a 'good till cancel' order is a type of order that remains active until it is filled or canceled by the trader. Let's say you want to sell your Ethereum at a specific price, but the current market price is lower. You can place a GTC order with your desired price, and it will stay in the order book until the price reaches your target or you manually cancel the order. This type of order is particularly useful if you want to set a specific price target and don't want to constantly monitor the market. However, it's important to note that not all exchanges support GTC orders, so make sure to check if your chosen exchange offers this feature. At BYDFi, for example, we support GTC orders to provide our users with more flexibility and convenience in their trading strategies.
  811

  203
• marcus247Feb 17, 2023 · 2 years ago
  A 'good till cancel' order is a type of order in cryptocurrency trading that remains active until it is filled or manually canceled by the trader. It is a convenient way to place an order without having to constantly monitor the market. When you place a GTC order, it will stay in the order book until it is executed or canceled. This means that if the price reaches your desired level, the order will be filled automatically. However, it's important to note that GTC orders may not be suitable for all trading strategies. For example, if you are looking to take advantage of short-term price movements, a GTC order may not be the best option as it remains active for an extended period. It's always important to consider your trading goals and strategies before using GTC orders.
  780

  156
• Salman ShaikhJun 06, 2022 · 3 years ago
  A 'good till cancel' order in the context of cryptocurrency is an order that remains active until it is filled or canceled by the trader. It is a popular type of order among traders who want to set a specific price target and don't want to constantly monitor the market. When you place a GTC order, it will stay in the order book until the price reaches your target or you manually cancel the order. This allows you to potentially take advantage of price movements over time without the need for constant monitoring. However, it's important to be aware of the risks associated with GTC orders. For example, if the market experiences a sudden price drop, your order may not be filled at your desired price, resulting in missed opportunities or potential losses. It's always important to carefully consider the risks and benefits before using GTC orders in cryptocurrency trading.
  878

  147