BitMake is now online for Stop Loss and Trailing Stop orders: When you place an order using these two ways, the order will not be immediately delegated to the market, but will be triggered when the market price reaches the trigger price set by the user.
You can choose the order method on the Spot trading page:
Overview of commissioning methods:
- A stop buy order will be issued when the market price exceeds its trigger price. A Stop Sell order will be issued when the market price is below its trigger price.
- The opposite is true for Take Profit Buy orders: a Buy order is issued when the market price is below its trigger price, and a Sell order is issued when the market price exceeds its trigger price.
- A trailing stop order is similar to a stop loss, but its trigger price changes due to market movement.
- Please note: Advanced Orders do not guarantee a deal! In particular, any type of limit order, immediate close or cancel order or passive order may not be filled if the conditions are not met.If you place a (normal/stop/trailing stop/profit) limit order, the market will exceed your limit price at the time your order is executed. If you place an immediate close or cancel order, it will be cancelled in the absence of an immediate trade; if you place a passive order, it will be cancelled in the absence of an immediate trade.
- Please note: The price at which a market order is executed will ultimately depend on its volume and market conditions, and may vary significantly from the prevailing market price. If you want to control the execution price of your order, please issue a limit order.
- Please also note: BitMakehas a price band. This means that even if you place a market order, the order will not be executed in full if the order information moves by more than a certain percentage.
- Please note: The position percentages and leverage sliders on the order record form are approximate only. The actual ratio of your position on the order will depend on your other orders and trading activity. The actual number of orders depends purely on the amount of contracts/tokens etc. you have issued. In case of doubt, please check whether it is what you expected.
While BitMake is committed to keeping the market orderly and liquid, the availability of orders is determined by BitMake quotes. Whether or not an order is filled and at what price will depend on the parameters of the order and BitMake's order information market and its index. By placing an order, you are willing to suffer any consequences.
- While BitMakewill attempt to maintain an orderly, liquid market, the filling or otherwise of orders will depend on the market conditions on BitMake. Whether or not an order is filled, or (if it is filled) at whatever price, will depend on the order parameters and order information on BitMake and the relevant index. By placing an order, you are willing to suffer any consequences.
TP/SL for position
TP/SL for position orders are triggered based on the calculation of the account's available margin at the time of triggering. If there is not enough available margin in the account, TP/SL for position orders will fail to trigger.
Stop Loss Order (Limit Price and Market Price)
When the user creates a stop order, you can enter a trigger price you want: if it is a buy call, your order will be placed to the market when the market price exceeds the trigger price you set in advance; if it is a sell put, your order will be placed to the market when the market price drops below the trigger price.
Take BTC perpetual contract as an example, when the market price is $10,000, the user selects a stop loss order, and sets the trigger price to $10,500, and enters the order quantity of 5 BTC. When the market price rises to the trigger price of $10,500, the stop order will be triggered and the order will be placed at the market price of 5 BTC.
If you have selected a market stop, a market order will be sent, otherwise a limit order will be sent at the limit price.
Profit (Limit Price and Market Price)
Similar to a Stop Loss order, you can enter the trigger price directly when setting up a Take Profit order. If you are buying, the order will be placed when the market price is below your trigger price. If you are selling, the order will be issued when the market price is higher than your trigger price.
For example: BTC perpetual contracts are traded at $10,000. You enter a buy take profit order with a trigger price of $9,500 and a quantity of 5. When the market falls below $9,500, your stop loss order will be triggered and BitMake will convert it into 5 buy orders for the BTC perpetual contract.
If you have chosen to take profit then a market order will be sent, otherwise if you choose to take profit limit, then a limit order will be sent at the limit price.
Trailing Stop Orders
The trigger price of a Trailing Stop Order will follow the market price and the user will need to enter a trailing value (a specific value or percentage) rather than entering a trigger price directly.
Assuming the user sets a trailing stop order to buy calls, if the market price rises to the trailing value, then the trailing stop order will be triggered; if the market price falls below the low seen when the user set the order, then the trailing stop order will only be triggered if the market price rallies from this new low and rallies to the trailing value.
When selling puts, the trailing value (specific value or percentage) must be a negative number.
Take BTC perpetual contract as an example, when the market price is $10,000, the user sets a buy call stop order with a tracking value of 10 and an order size of 5BTC, and as long as the market price does not fall below $10,000, then the trigger price of the moving stop order is $10,010; if the market price of BTC perpetual contract falls to $9,998, then the moving stop order's The trigger price will change to $10,008 with the market price, i.e. when the market price rises further to $10,008 and reaches the trigger price, the stop order will be triggered and a 5BTC market buy order will be placed on the market.
It should be noted that all Stop Orders are triggered by the marker price of the relevant market. The marker prices are the bid price, the ask price and the latest traded price.
Close Now or Cancel Order (IOC)
Close Now or Cancel Order, also known as an IOC, is the opposite of a passive order: the order in question will only eat the order. If you issue an IOC that will not be traded immediately, it will be cancelled.
For example, that the handicap is as follows：
If you place a Buy Now or Cancel order at 19,400, it will be cancelled because pending orders are not allowed. However, if you place a BUY NOW OR ELSE order at 19,435, it will trade normally. If you place an immediate close or cancel order at the bid price of 19,421 with a quantity of 0.001, the buy 0.0009 will be traded against the sell order and the rest will be cancelled.
Position reduction only: It will only reduce the position. It will not increase the size of your position or open an order in the opposite direction.
Tip: Decrease only orders will automatically enable the "IOC" extension, so please plan your orders well.
A market order means that the user only needs to specify the number of trades without giving a specific price. If you place a market order to buy 2 BTC perpetual contracts, the matching system will trade at the lowest price in the market. The advantage of a market order is that it guarantees an immediate transaction of the market order, independent of the price.
Generally speaking, this means that market orders (and market stop orders) will all be filled at whatever price is the lowest in the market. However, please note that BitMake also has a price limit mechanism to prevent orders from trading too far off the market, which is used to prevent market orders from accidentally causing 60% of the market price to move during periods of low liquidity. A price limit is a situation where your market order may not be fully filled if there is not enough buy/sell volume to fill within the optimal bid/ask price range.
Generally speaking, a limit order is an order that will buy/sell to a certain price. For example, if you place a limit buy order for BTC at $10,100, you are willing to pay up to $10,100 for BTC and your order will trade any pending orders below $10,100. If not all of them are filled, a conditional bid price of $10,100 will be left for the remaining quantity.
Limit orders are not guaranteed to be filled. If no one is willing to sell below your limit price or buy above your limit price (in the case of a limit order for sale), the order will not be filled in its entirety and the remainder will be placed in the order book as a conditional limit order at the limit price. However, limit orders do guarantee that the price will not be less than your limit price in the event that you fill the order.