How does the GTC (Good 'Til Cancelled) order type work in the context of digital currency trading?

6 answers

• Jan 13, 2022 · 3 years ago
  Sure! The GTC (Good 'Til Cancelled) order type is a popular choice among digital currency traders. When you place a GTC order, it remains active until it is either filled or manually canceled by the trader. This means that the order can stay open for an extended period, allowing traders to potentially take advantage of favorable market conditions. Unlike other order types, such as immediate or cancel (IOC) or fill or kill (FOK), GTC orders do not have a time limit and can be executed at any time. It provides flexibility and convenience for traders who want to set and forget their orders.
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• Jan 13, 2022 · 3 years ago
  The GTC order type is particularly useful for traders who have specific price targets in mind but are not able to constantly monitor the market. By placing a GTC order, traders can set their desired price and wait for the market to reach that level. Once the price is reached, the order will be executed automatically. It eliminates the need for constant monitoring and allows traders to focus on other aspects of their trading strategy.
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• Jan 13, 2022 · 3 years ago
  From BYDFi's perspective, the GTC order type is a fundamental feature of our trading platform. It allows our users to set long-term trading strategies without worrying about their orders expiring. Our platform ensures that GTC orders are executed efficiently and accurately, providing a seamless trading experience for our users.
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• Jan 13, 2022 · 3 years ago
  GTC orders are not exclusive to BYDFi, and many other digital currency exchanges also offer this order type. It is a widely accepted and commonly used order type in the digital currency trading industry.
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• Jan 13, 2022 · 3 years ago
  The GTC order type can be a valuable tool for both experienced and novice traders. It provides flexibility, convenience, and the ability to execute trades at desired price levels. However, it's important to note that GTC orders may not be suitable for all trading strategies, and traders should carefully consider their individual trading goals and risk tolerance before using this order type.
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• Jan 13, 2022 · 3 years ago
  In summary, the GTC (Good 'Til Cancelled) order type allows traders to set long-term orders that remain active until filled or manually canceled. It provides flexibility and convenience for traders who want to take advantage of favorable market conditions without constantly monitoring the market. It is a widely used order type in the digital currency trading industry and is offered by many exchanges, including BYDFi.
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