Limit Order is an automatic order to enter or add to an existing long or a short position. Limit orders are executed according to the same principle as a manual order – for stocks, ETFs, forex pairs and futures contracts they are triggered and filled by the buy or sell price, while orders in cryptocurrency pairs are triggered by the last price, and filled based on the Binance order book price for the size of your position. You can cancel or modify your limit order at any time.
There are 2 types of limit orders you can set to go long or short:
- Limit Order – you can set the price BELOW the current last price, which will be executed at that price or LOWER.
- Breakout Limit Order – you can set the price ABOVE the current last price, which will be executed at that price or HIGHER (in case the market price gaps, skipping your price, and there's no stop order to protect you from the order being executed).
- Limit Order – you can set the price ABOVE the current last price, which will be executed at that price or HIGHER.
- Breakout Limit Order – you can set the price BELOW the current last price, which will be executed at that price or LOWER (in case the market price gaps, skipping your price, and there's no stop order to protect you from the order being executed)
Open limit orders appear on your home screen under your open positions and above the assets in your watchlist. Trading power allocated toward an open limit order cannot be allocated to other positions or limit orders.
To set a limit order:
- Tap an asset you wish to set a limit order for;
- Tap on to set a short limit order, or to set a long limit order;
- Enter the BUY or SELL price you wish to open the position at, and the amount. You can also set a Stop order or Target order if you wish;
- Tap on 'Confirm Limit Buy Order' for a long limit order, or 'Confirm Limit Sell Order' for a short limit order and confirm your trade.
Multiple Limit Orders
You can set one or more limit orders to open a position, or to add to an existing position. Once you’ve set either a long or a short limit order, all additional limit orders will have to be set in the same direction.
You can access your existing limit order(s) from your Watchlist, or from the Instrument View screen of the asset you are trading by pressing on the limit buy order icon on the right side of your screen, or the limit sell order icon on the left side of the screen.
Cancelling Limit Order(s)
You can cancel your limit order(s) from the main screen by swiping the limit order you wish to cancel to the left, and pressing the ‘Cancel’ button. If you have multiple limit orders in a single asset and you wish to cancel them all, you can cancel them one by one from the main Quantfury app screen, or press the ‘Cancel All’ button from the actual limit order screen to cancel all limit orders in that asset at once.