Types of orders on Bitmex
A large number of different orders are available on the Bitmex exchange. All of them have their own distinctive features and it depends on them how exactly you will trade on the exchange.
You can open 2 positions — Long (Buy) and Short (Sell).
- Long (Buying) — buy contracts and sell more expensive.
- Short (Sale) — sell contracts and buy cheaper.
The simplest type of orders are market ones. Activating a market order, the trader makes instantly a purchase or sale in a glass, buying up other people’s orders
Immediately after entering the transaction, it does not matter if it is a market or limit order, the transaction will be displayed in the position tab.
Deferred purchase / sale of required number of contracts is called a limit order. When executing a limit order, the commission is paid to the trader.
- Set the amount in USD
- We set the expected price
- Choose Long or Short
- We set the desired leverage.
- We look at the amount of order and available funds.
- Note that in the Quantity column (1) the amount is driven in, already taking into account the leverage, and is calculated in XBT in column 5.
All pending limit orders are displayed in a special tab “active orders”.
A type of market order that has an interesting advantage. The trader opened a long position and it went into plus for $ 200. The trader does not know how long the market will grow, he wants to follow the price. In a sliding order, you can set the number of contracts and the level that will follow the price.
Suppose the current price is $ 8,000, the trader places a deviation level of $ 100 in a moving order. If the price drops $ 7900, the transaction will close automatically. If the price continues to rise and reaches $ 8300, then the trailing stop will move automatically already to the level of $ 8200. A trader will receive more profit than with a fixed take profit. Trailing stops are especially good on impulsive market movement when the price goes a long distance in a short period of time.
If you work in Long — the quantity must be set with a “-” sign, if in Short — with a “+” sign.
Available directly below the selection window, but depending on the type selected, the checkmarks will differ. When choosing a limit order, these are available, but for a market one they are not at all. Let’s see what’s what:
- Passive order (Post-Only) — Includes a delay when placing an order on the market, allowing you to save on commissions and, moreover, get a rebate. The exchange pays for opening a limit order, this is called a rebate, to guarantee it you need to put a tick — passive.
- Hidden is a limit order that is not displayed in the public stock book. By checking the “Hide” field, users can open a hidden limit order, limit stop order or limit order with profit taking. Traders use an order of this type when they prefer that their actions on the market go unnoticed.
- Decreasing is a useful thing for closing positions, for example, setting stop loss and take profit at the same time, which is not available on many exchanges. When this checkbox is set, the order cannot increase your position, only reduce it. For example, you bought BTC at 3400 and put two orders — one limit sell at 3500, the other — stop sell at 3300. If you put a tick the reduce only in them, then only one of these orders will be executed. If not, then it may happen that at first the stop will work and sell your cue ball, then the price will go up to 3500 and you will have a short, which will then have to be closed.
- Valid until cancellation — valid until manual cancellation.
- Execute immediately or cancel — the order is executed instantly, but if some part of it is not left, the exchange will cancel it.
- Execute immediately or cancel — complete cancellation of the application if it cannot be executed
All executed orders are available on a special tab, you can see the execution time up to a second
The history of orders that are not even executed is also available on a special tab.