How does day only vs good until cancelled impact the trading strategies of cryptocurrency investors?

1 answers

• Dec 26, 2021 · 3 years ago
  As a representative of BYDFi, I can tell you that the choice between day only and good until cancelled orders can have a significant impact on the trading strategies of cryptocurrency investors. Day only orders are typically used by short-term traders who aim to capitalize on intraday price movements. These traders may place multiple day only orders throughout the day to take advantage of short-term price fluctuations. On the other hand, good until cancelled orders are commonly used by long-term investors who have a specific target price in mind and are willing to wait for the market to reach that price. By placing a good until cancelled order, investors can automate their trading strategy and avoid constantly monitoring the market. However, it's important to carefully consider your trading goals and risk tolerance before choosing between day only and good until cancelled orders.
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