What are the differences between 'good for day' and 'good till cancelled' in the context of cryptocurrency trading?

4 answers

• Dec 27, 2021 · 3 years ago
  In cryptocurrency trading, 'good for day' orders are only valid for the current trading day. If the order is not executed by the end of the day, it will be automatically canceled. On the other hand, 'good till cancelled' orders remain active until they are either executed or manually canceled by the trader. This means that 'good till cancelled' orders can potentially remain open for an extended period of time, even across multiple trading days.
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• Dec 27, 2021 · 3 years ago
  When using a 'good for day' order, it's important to keep in mind that the order will expire if it is not executed by the end of the trading day. This can be useful for short-term trading strategies where you want to ensure that your orders are executed within a specific timeframe. However, if you're looking to hold a position for a longer period of time, a 'good till cancelled' order may be more appropriate as it allows your order to remain active until it is filled or manually canceled.
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• Dec 27, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers both 'good for day' and 'good till cancelled' order types. With 'good for day' orders, traders can take advantage of short-term price movements and ensure that their orders are executed within the same trading day. On the other hand, 'good till cancelled' orders provide flexibility for traders who want to hold positions for a longer duration. It's important to carefully consider your trading strategy and time horizon when choosing between these order types.
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• Dec 27, 2021 · 3 years ago
  The main difference between 'good for day' and 'good till cancelled' orders in cryptocurrency trading is the duration of their validity. 'Good for day' orders are only valid for the current trading day, while 'good till cancelled' orders remain active until they are executed or manually canceled. This distinction is important for traders who have specific timeframes or long-term investment goals in mind. By understanding the differences between these order types, traders can effectively manage their trades and optimize their trading strategies.
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