This post is a continuation of our previous article: Bittrex Trading - Reading the order book, buying and selling at your preferred prices and a lot more
Here, you will be able to learn about the advanced trading methods on Bittrex.
Conditional Orders are advanced trade orders that are automatically submitted or canceled if specified criteria are met. Conditional orders must be placed before the trade is entered, and are considered the most basic form of trade automation. Two common conditional orders are the order cancels order (OCO) and the order sends order (OSO).
You can also choose a Time In Force. Time in force is a special instruction used when placing a trade to indicate how long an order will remain active before it is executed or expires. Time-in-force options allow traders to be more specific about the time parameters in which an order is activated.
(Source: Investopedia.com)
Bittrex has two types of Time In Force, the “Good-Til-Cancelled Order” and the “Immediate-Or-Cancel Order”. At default, orders are at Good-Til-Cancelled type.
Here's the difference between the two:
- Good-Til-Cancelled Order
A Good-Til-Cancelled (GTC) order is an order to buy or sell a stock that lasts until the order is completed or cancelled.
- Immediate-Or-Cancel Order
An Immediate-Or-Cancel (IOC) order is an order to buy or sell a stock that must be executed immediately. Any portion of an IOC order that cannot be filled immediately will be cancelled.
Bittrex offers other new functionalities in trading. These are Any2Any Convertor, Auto-Sell and Profit-Loss.
- Any2Any allows you to easily convert one digital currency to another by market selling one currency and market buying the other.
- The price is not guaranteed. It is an estimate based on the current orderbook
- You may have some dust left over from the trades
- The standard trade fees apply
- Auto-Sell is a feature that automatically sells any currency you specify into Bitcoin. We primarily see this as a convenience for mining pools and large scale miners to convert their coins
- Every 10 seconds, we check your balance. If you have more than the minimum trade size, we market sell your coin for Bitcoin
- Any coins you have in your balance will get sold if the auto-sell option is enabled in that currency, whether you have a balance due to a trade or a deposit
- The price your currency is sold at is dependant on the market price at the time it was sold
- The standard trade fees apply
To view your Order history, click on the Orders tab to got to the History page.
If you don't have a Bittrex account yet, read our article: Bittrex Basics - How to create and verify an account, securing an account, funding and withdrawing your Bitcoins on the Bittrex trading platform.
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