What is the difference between a GTC order and a day order in the world of cryptocurrency trading?

6 answers

• Dec 27, 2021 · 3 years ago
  A GTC order is an instruction to buy or sell a cryptocurrency at a specified price that remains active until it is either filled or canceled by the trader. It is not limited to a specific time frame and can remain open for an extended period, even days or weeks. On the other hand, a day order is only valid for the trading day it is placed. If the order is not executed by the end of the day, it will be automatically canceled. So, the main difference lies in the duration of the order.
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• Dec 27, 2021 · 3 years ago
  When it comes to GTC orders, they are often used by traders who want to set a specific price target and are willing to wait for the market to reach that level. It provides more flexibility and allows traders to take advantage of potential price movements over a longer period. Day orders, on the other hand, are suitable for short-term traders who want their orders to be executed within the same trading day. They are more time-sensitive and typically used for immediate execution.
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• Dec 27, 2021 · 3 years ago
  In the world of cryptocurrency trading, GTC orders are quite popular as they allow traders to set their desired price and wait for the market conditions to align with their strategy. However, it's important to note that not all exchanges support GTC orders, so traders need to check if their chosen exchange offers this option. For example, at BYDFi, we provide GTC order functionality to our users, enabling them to place orders with extended validity.
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• Dec 27, 2021 · 3 years ago
  GTC orders can be advantageous in volatile markets where prices can fluctuate rapidly. By setting a GTC order, traders can avoid constantly monitoring the market and manually placing orders. On the other hand, day orders are more suitable for traders who want to take advantage of short-term price movements or specific market conditions within a single trading day.
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• Dec 27, 2021 · 3 years ago
  GTC orders are often used by investors who have a long-term perspective and want to enter or exit a position at a specific price. It allows them to automate their trading strategy and reduces the need for constant monitoring. Day orders, on the other hand, are commonly used by day traders who aim to profit from short-term price fluctuations and take advantage of intraday trading opportunities.
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• Dec 27, 2021 · 3 years ago
  In summary, the main difference between a GTC order and a day order in cryptocurrency trading lies in their duration. GTC orders remain active until filled or canceled by the trader, while day orders are only valid for the trading day they are placed. Traders should consider their trading style, goals, and market conditions when choosing between these order types.
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