What is a stop limit order on GDAX and how does it work?

1 answers

• khaled eldeepAug 30, 2024 · a year ago
  A stop limit order on GDAX is a type of order that allows you to set a stop price and a limit price for buying or selling a cryptocurrency. When the stop price is reached, a limit order is placed at the limit price or better. This means that if the market moves in your favor, you may get a better price than your limit price. Stop limit orders are useful for traders who want to enter or exit a position at a specific price. They can help to minimize losses and maximize profits by allowing you to set a predetermined price at which you are willing to buy or sell. However, it's important to note that stop limit orders may not be executed if the market moves quickly and the limit price is not reached. It's always a good idea to monitor the market and adjust your orders accordingly.
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