How does 'good til canceled' work in the context of cryptocurrency trading?

5 answers

• fdgfdgMar 16, 2022 · 3 years ago
  The 'good til canceled' order type in cryptocurrency trading allows traders to place an order that remains active until it is either executed or manually canceled. This means that the order will remain on the order book until it is filled or canceled, even if it takes days, weeks, or even months. The advantage of using this order type is that it provides convenience for traders who want to set and forget their orders, as they don't have to constantly monitor the market. However, one disadvantage is that the order may not be executed immediately, especially if the market conditions are not favorable. It's important to note that different exchanges may have slightly different variations of the 'good til canceled' order type, so it's always a good idea to check the specific rules and conditions of the exchange you are using.
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• Freedman ValenzuelaMar 19, 2022 · 3 years ago
  Alright, so here's the deal with 'good til canceled' orders in cryptocurrency trading. When you place a 'good til canceled' order, it means that the order will stay active until it gets filled or you manually cancel it. This is pretty handy if you want to set a specific price at which you want to buy or sell a cryptocurrency and just let it sit there until it happens. The cool thing is that you don't have to keep an eye on the market all the time. However, keep in mind that it might take a while for your order to get executed, especially if the market is not moving in your favor. So, if you're in a hurry to buy or sell, this might not be the best option for you.
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• Taylor JohnsonNov 01, 2020 · 5 years ago
  In the context of cryptocurrency trading, the 'good til canceled' order type is a popular choice among traders. It allows you to place an order that remains active until it is filled or manually canceled. This means that your order will stay on the order book until it gets executed, even if it takes days or weeks. The advantage of using this order type is that it provides flexibility and convenience, as you don't have to constantly monitor the market. However, it's important to note that different exchanges may have different variations of the 'good til canceled' order type, so it's always a good idea to familiarize yourself with the specific rules and conditions of the exchange you are using.
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• Sneha PanthiSep 07, 2021 · 4 years ago
  The 'good til canceled' order type is a useful tool in cryptocurrency trading. It allows traders to place an order that remains active until it is filled or canceled. This means that you can set a specific price at which you want to buy or sell a cryptocurrency, and the order will stay on the order book until it gets executed. The advantage of using this order type is that it provides flexibility and convenience, as you don't have to constantly monitor the market. However, keep in mind that the execution of your order may take some time, especially if the market conditions are not favorable. It's always a good idea to check the specific rules and conditions of the exchange you are using to ensure you understand how the 'good til canceled' order type works.
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• Monica BrownMar 04, 2023 · 2 years ago
  BYDFi, a leading cryptocurrency exchange, offers the 'good til canceled' order type for traders. With this order type, you can place an order that remains active until it is filled or manually canceled. This means that your order will stay on the order book until it gets executed, even if it takes days, weeks, or even months. The advantage of using this order type is that it allows you to set and forget your orders, as you don't have to constantly monitor the market. However, keep in mind that the execution of your order may take some time, especially if the market conditions are not favorable. It's always a good idea to check the specific rules and conditions of BYDFi to ensure you understand how the 'good til canceled' order type works on their platform.
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