📖Introduction of Order Types

The order types on JOJO

When you trade cryptocurrency, you're basically giving orders to the market. There are two types of orders you can place: market and limit orders. Market Orders are when you want to buy or sell immediately at the current market price. On the other hand, Limit Orders are when you want to wait until the price hits a certain limit or better before executing the trade. Of course, there are different variations within these two categories that serve different purposes depending on your trading style. JOJOers can select from an array of order types to fulfill different before placing an order needs .

Time In Force

To gain a comprehensive understanding of orders, it is essential to become familiar with the concept of time in force. This is a critical parameter that one must specify while placing an order, as it determines the expiration conditions. There are several different types of time in force orders that traders can use when placing a limit order at JOJO.

GTC (Good till cancel):

It is commonly used in cryptocurrency trading platforms and indicates that a trade should remain open until it is executed or manually canceled.

FOK (Fill or Kill):

FOK order means that if the order not filled completely, it will be canceled. For example, if an order to buy 10 BTC at $10,000 cannot be fully executed, it will be canceled.

IOC (Immediate or Cancel):

An IOC order will try to execute the whole or a portion of the order immediately and cancel any unfilled part. If there is no quantity available at the chosen price, the order is canceled right away.

Post Only :

Post only order is a conditional limit order that enhances liquidity on the order book. During this time, the order exists as a limit order on the order book, and no orders are matched or filled.

GTT (Good Till Triggered):

GTT order allows users to set trigger and target prices, with the order being placed only when the specified trigger price is reached. The order is executed once the price reaches the target goal.

TP/SL:

Users can set a take profit price and stop limit price for the order or position. If the market reaches that price , TP/SL order will be triggered, and a market order will be placed to decrease or completely close the position.

📃pageHow to Place a TP/SL Orders?

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