Smart orders have become an essential part of traders' toolset, providing efficient execution of trading strategies and protection against risks. Let's take a look at what these orders are and how they are used on the Bitsgap platform.
What are Smart Orders?
Smart orders are a way of automated trading. They differ from traditional limit and market orders in a way that they offer more flexible and customizable parameters such as Trailing Stop, Take Profit and Stop-Loss options, allowing traders to optimize their strategies and minimize risk.
To start using the Smart orders on the Bitsgap platform, please follow these steps below:
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Log in to your Bitsgap account;
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On the top menu, click on the “Trading” page;
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In the "Trading" section, select exchange and trading pair on which you would like to set up a smart order;
- After that, you can choose the order type and specify the price, volume, and other parameters required to execute the order according to your trading strategy;
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The Smart Trade section also provides additional settings such as Trailing Stop, Take Profit, Stop-Loss, and many other options to help you optimize your trade;
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Once you have configured your Smart order's parameters, click the “Buy/Sell” button to confirm and execute your trading strategy.
Modifying Smart Orders
When a Smart order is created, it is important to be able to monitor its status and make changes if necessary. Go to the “Positions” or “Open orders” tab; here, you will see a list of all active orders. If you want to change the parameters of an active Smart order, select the order and click the edit icon. In the edit interface, you will be able to change some parameters.
The edit panel allows you to enable/disable and edit Take Profit, Trailing Take Profit, and Stop Loss. You can adjust them by inserting the desired percentage or a trigger price. After making the necessary changes to the order parameters, click the “Save” button to apply the new settings.
Note
Please note that not all types of smart orders have the edit icon available.
Smart orders provide traders a powerful tool to automate and optimize their trading strategies in the cryptocurrency markets. Using the Bitsgap platform, you can easily customize and manage your orders, increasing efficiency and minimizing risk. Start using smart trades to improve your trading experience!
What's Next
- Learn More About Scaled Orders: Discover how to use Scaled Orders to execute trades with precision by dividing your investment into multiple levels across a price range.
- Explore TWAP Orders: Understand how Time-Weighted Average Price (TWAP) orders can help you execute large trades over time, minimizing market impact.
Need Assistance?
If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap Customer Support Team.