An image is worth a thousands words, an example is also worth a thousand words. So, I decided to make this lesson strictly image-and-example-based! Using that logic, this whole lesson contains several thousand words… which is sadly true even without the images. Hooray!

The examples are going to be shown using candlestick charts – you should know what these are from the previous lesson. If you do not or just want to get to the previous lesson, you can use the link below. Skip the link to continue.

Let the lesson number 2 begin!

Navigation
For quick navigation, there is a table of contents right below this paragraph. Click on a topic to jump to it. If you want to return to the list of topics, just click that orange arrow-in-a-circle symbol in the bottom-right corner of the screen.

1. What is an “order” and how does it work?

Basically, an ORDER is a command that you give to an exchange to either BUY or SELL whatever you want to trade with there. Nothing more!

A BUYER’s order to BUY something is FILLED if there exists a SELLER’s order to SELL it to him and both of these orders are matched and completed – this also applies vice versa (a SELLER can only SELL if there is a BUYER).

An order can also be PARTLY FILLED. This happens if at least a part of a BUYER’s order matches a SELLER’s order or a part of the SELLER’s order. For example, a BUYER wants to BUY 20 BTC for 10000 USD each and there is a SELLER that wants to SELL 10 BTC for 10000 USD each – once these orders are matched, the BUYER’s 20 BTC order gets PARTLY FILLED (he BUYs the available 10 BTC from the SELLER) and another 10 BTC remains as his another UNFILLED order (until a new SELLER’s order matches it). Again, this also applies vice versa (a SELLER can SELL a part of his order if there is a BUYER for this lower amount).

The important question is – how are the orders matched?

There are different types of orders, each having different PARAMETERS that specify how the exchange should find a matching opposite trader’s order to your order. If you are a SELLER, the exchange finds you a BUYER. If you are a BUYER, the exchange finds you a SELLER. The order’s PARAMETERS allow you to set your wanted price limits, e.g. buying only when price is lower than your predefined limit. Based on the used parameters, there are 4 basic types of orders.

  1. MARKET order
  2. LIMIT order
  3. STOP order
  4. STOP LIMIT order

These types of orders are explained in detail later in this lesson. These are just the simple types of orders, there can also be other more complex types used specifically on certain exchanges.

ORDER BOOK

All of the existing and UNFILLED ORDERs go to an ORDER BOOK which is formed by two lists – a list of all UNFILLED BUY orders and a list of all UNFILLED SELL orders. You can see an example of an ORDER BOOK from GDAX exchange in the image below.

A screenshot of GDAX order book that shows the order at which buy/sell orders are performed.
A screenshot of GDAX order book that shows the ordering (from first to last) at which BUY/SELL orders are performed – for BUY orders, the highest-price BUY order is always first, for SELL orders, the lowest-price SELL order is always first. Screenshot taken from GDAX.com.

Matching engine

The exchange has a service called a matching engine that matches UNFILLED BUY orders with UNFILLED SELL orders from the ORDER BOOK, thus completing them. The matching process has multiple rules – it matches orders based on their TIME PRIORITY (the one that came first will be served first), PRICE and perhaps a few more things.

Matching engine – PRICE matching

SELL orders in an ORDER BOOK are always ordered (ranked) from the “best” (for a BUYER) SELL price up – the first SELL order in an ORDER BOOK is always the one for the LOWEST (best for a BUYER) price. When a SELLER makes a SELL order, this order must get to the FIRST (the BOTTOM in case of GDAX) place of the ORDER BOOK before it can be FILLED! The image above (ORDER BOOK example) shows the ranking process of SELL orders.

BUY orders in an ORDER BOOK are always ordered (ranked) from the  “best” (for a SELLER) BUY price down – the first BUY order in an ORDER BOOK is always the one for the HIGHEST (best for a SELLER) price. When a BUYER makes a BUY order, this order must get to the FIRST (the TOP in case of GDAX) place of the ORDER BOOK before it can be FILLED! The image above (ORDER BOOK example) shows the ranking process of BUY orders.

There may be no matching order for your order – in this case, your order stays in the ORDER BOOK for undefined time. It may be there for hours, days, etc. Once a matching order to your order gets to the first place of the ORDER BOOK and your order gets to the FIRST place of the opposite list of the ORDER BOOK, your order will be FILLED (or PARTLY FILLED)!

Once two orders (a BUY and a SELL order) are at the first places of the ORDER BOOK, the price of the trade (whether it will be the price of the SELLER’s order, the price he is selling for, or the price of the BUYER’s order, the price he is buying for) is decided based on the matched orders’ TIME PRIORITY!

Matching engine – TIME PRIORITY matching

TIME PRIORITY has LOWER priority than PRICE matching. The orders have to be matched by PRICE (they must make it to the top of the ORDER BOOK) before TIME PRIORITY is considered.

There is this important thing about the matching engine’s TIME PRIORITY. And that is – ONE MUST ALWAYS BE FIRST! Two cases:

  • You are a BUYER and want to BUY BTC for 15000 USD (for example, this may be your MAXIMUM BUY price, so you are making a LIMIT order), so you place your BUY order. Let’s say there currently does NOT exist any SELL order that matches your BUY order (the ORDER BOOK does not include any such SELL order). After you place your order, it gets to the FIRST place of the ORDER BOOK and there comes a SELLER who wants to SELL BTC for 14000 USD. The orders will be FILLED for 15000 USD (the SELLER sells for 1000 USD MORE than he expected and you buy for 1000 USD MORE than the SELLER asks for). Why? Because you, the BUYER, placed the BUY order FIRST, BEFORE the SELLER placed his SELL order!
  • You are a SELLER and want to SELL BTC for 15000 USD (for example, this may be your MINIMUM SELL price, so you are making a LIMIT order), so you place your SELL order. Let’s say there currently does NOT exist any BUY order that matches your SELL order (the ORDER BOOK does not include any such BUY order). After you place your order, it gets to the FIRST place of the ORDER BOOK and there comes a BUYER who wants to BUY BTC for 16000 USD. The orders will be FILLED for 15000 USD (the BUYER buys for 1000 USD LESS than he expected and you sell for 1000 USD LESS than the BUYER gives). Why? Because you, the SELLER, placed the SELL order FIRST, BEFORE the BUYER placed his BUY order!

I exaggerated here, but, hopefully, I made my point. You will probably never notice anything like this (the effects will not be this visible) because there will always be some SELL order lying around BEFORE you make your BUY order (or vice versa) – the fact that there was an existing SELL order made you make that BUY order in the first place. Nevertheless, it is good to know about this.

So, one last time – if there are existing SELL orders (that match your future BUY order parameters) and you make a BUY (LIMIT) order for a higher price (even if by a mistake) than everyone else (because your BUY order has the highest price, it gets right to the top of the ORDER BOOK’s BUY order list), you will BUY for the first SELLER’s price, not yours! Why? Because the SELLER made his order first! It works the same way vice versa.

I believe, this is how it works on every single exchange (at least in my experience). If you are using your own exchange, you should inform yourself about its matching algorithm before trading there. However, I think this is a universal way of matching orders, so there should be no difference.

2. What am I going to see here?

So that I do not have to make up a whole load of numbers, I will post a screenshot from GDAX’s BTC/EURO exchange. See the image below. I made this screenshot some time back so the current prices of BTC might be hella different.

A screenshot of GDAX candlestick chart that shows 3 places - A, B, C - at which we start trading in the examples below.
GDAX price chart with 3 points – A, B, C – which we use as our starting trading positions in the order type examples below. Screenshot taken from GDAX.com.

The candlestick TIME FRAME is 1 hour. Candlestick chart’s TIME FRAME is 60 hours, calculated from 60 x 1 hour (60 candlesticks, each having a time frame of 1 hour).

Example notice

Although I am not a fan of day-trading BTC (maybe because it never worked out for me), I will describe the types of orders as if I did day-trade BTC. The examples I mention are only for SIMPLE explanation, not “do it like this” advice! You can apply the same princliples to monthly, yearly or any other trading.

3. MARKET order

Parameters

BUY MARKET order:

  • AMOUNT – the amount of currency that you want to BUY. In case of BTC/EURO trading, when we are buying BTC, we set this amount to, for example, 1.5 BTC and make a BUY MARKET order.

SELL MARKET order:

  • AMOUNT – in some exchanges, this can be the amount of currency that you want to SELL for. In case of BTC/EURO trading, when we are selling BTC, we set this amount to, for example, 12000 EURO and make a SELL MARKET order – we are going to sell an amount of BTC worth of 12000 EURO. In other exchanges, this can be the amount of currency that you want to SELL (not SELL “for”) – when we are selling BTC, we set this amount to, for example 1.5 BTC.

How it works

MARKET order is an order that is FILLED right away and you are going to BUY/SELL the amount of currency that you specify in the order. However, the price at which the order will be FILLED cannot be specified as it may vary from the current (the one that the exchange shows) market priceit may be a bit higher or a bit lower.

Every exchange has a priority queue on BUY/SELL orders. This means your order may not be FILLED at the current market price if someone else made an order before you (he will be served before you). You will follow after him (or after many others who were faster than you when making an order). Eventually you BUY/SELL the currency at the “best” price of market at the time of your turn.

As MARKET orders are executed immediately, there is one important thing about them – MARKET orders cannot be cancelled! Once you make it, it is done.

Example

MARKET order by example
A screenshot of GDAX candlestick chart that shows 3 places - A, B, C - at which we start trading in the examples below.
GDAX price chart with 3 points – A, B, C – which we use as our starting trading positions in the order type examples below. Screenshot taken from GDAX.com.

Let’s look at our image (above), letter C. BTC market price at this point is 6640.89 EURO for 1 BTC (19th November between 5AM and 6AM). We are just about to click and make a BUY MARKET order as the price starts rising a bit by a few EUROs. We make a BUY MARKET order to buy 0.01 BTC when the current price is 6649.70 EURO.

It is not really necessary to look at the chart anymore as, when using a MARKET order, we are taking the “best” price of the market. So, we have a look at the ORDER BOOK (image below).

Just a little side info, MARKET orders do not appear in the ORDER BOOK so do not start looking for our order there.

A screenshot of GDAX order book that shows the order at which buy/sell orders are performed.
A screenshot of GDAX order book that shows the ordering (from first to last) at which BUY/SELL orders are performed – for BUY orders, the highest-price BUY order is always first, for SELL orders, the lowest-price SELL order is always first. Screenshot taken from GDAX.com.

Highest (the best) BUY order is at the top of BUY ORDERS list. Lowest (the best) SELL order is at the bottom of SELL ORDERS list. As we chose to BUY for the current market price (we made a BUY MARKET order), our order is going to be FILLED by one of the SELL orders as soon as our turn comes.

Some people made a few orders before us – these orders are FILLED by the first, second and partly by the third SELL order in the ORDER BOOK. Let’s say, at this time, there were no new “better” SELL orders created in the ORDER BOOK. Our order is going to be FILLED by the third SELL order with the price 6650 EURO for 1 BTC. As we ordered 0.01 BTC, we will pay 66.5 EURO (+ fee, MARKET orders always have a fee) and get that 0.01 BTC into our GDAX BTC wallet.

As the ORDER BOOK changes realtime, new SELL orders (with different “better” prices) may come before our BUY order is served and our BUY MARKET order will be FILLED by one of these new orders.

Our FILLED MARKET order’s price is usually a bit different from the current market price at the time of making our order. In case of a quickly rising or falling market, the price difference can be a lot different – at such times, differences in hundreds of EUROs can be quite common.

MARKET order in one sentence

BUY/SELL now or as soon as possible, no matter what the exact price is!

When to use it

If the market changes too fast and you do not have the time to make a LIMIT order.

The best thing about MARKET orders is that you do not have to specify your wanted price (you BUY/SELL for the current market price). This saves a lot of time, so be sure to use MARKET orders when the market starts getting crazy and you really want to BUY or SELL!

4. LIMIT order

Parameters

BUY LIMIT order:

  • AMOUNT – the amount of currency that you want to BUY. In case of BTC/EURO trading, when we are buying BTC, we set this amount to, for example, 1.5 BTC.
  • LIMIT PRICE – the HIGHEST price at which you want to BUY. You will not buy if the price goes above this limit! In case of BTC/EURO trading, LIMIT price is always in EURO.

SELL LIMIT order:

  • AMOUNT – in some exchanges, this can be the amount of currency that you want to SELL for. In case of BTC/EURO trading, when we are selling BTC, we set this amount to, for example, 12000 EURO – we are going to sell an amount of BTC worth of 12000 EURO. In other exchanges, this can be the amount of currency that you want to SELL (not SELL “for”) – when we are selling BTC, we set this amount to, for example 1.5 BTC.
  • LIMIT PRICE – the LOWEST price at which you want to SELL. You will not sell if the price goes below this limit! In case of BTC/EURO trading, LIMIT price is always in EURO.

How it works

LIMIT orders are a way to specify the BUY/SELL price limits which suit us the best. This is very important to understand as these will be the orders that you will use the most (at least I do).

One thing is, a LIMIT order may NOT be FILLED immediately. More importantly, it does not have to be FILLED at all. If you set the LIMIT price of your order too high or too low, this price may never be reached!

Example

LIMIT order by example
A screenshot of GDAX candlestick chart that shows 3 places - A, B, C - at which we start trading in the examples below.
GDAX price chart with 3 points – A, B, C – which we use as our starting trading positions in the order type examples below. Screenshot taken from GDAX.com.

Example 1

Back to image (above), letter A. We want to BUY 1 BTC and SELL it later. The current market price is 6754 EURO for 1 BTC (17th November between 5PM and 6PM). We do not want to BUY that BTC now as we believe that the price will start descending soon. We want to BUY at the LOWEST price but we are not sure that we will be at the computer at the time.

So, we set a BUY LIMIT order with its LIMIT price a bit higher than the last previous minimum on our chart – to 6460 EURO for 1 BTC (17th November between 8AM and 9AM). This price (or lower) will actually be reached after 10 hours from our order (18th November between 2AM and 3AM). Our BUY LIMIT order will be FILLED for the price of 6460 EURO or lower.

Example 2

Image, letter B. The current price is 6650 EURO for 1 BTC (18th November between 5AM and 6AM). We purchased some BTC two hours ago for around 6460 EURO and we are quite confident that BTC price will continue going higher as it had been going for 2 hours now. But we also fear that, at some point, the price will start falling again.

We set a SELL LIMIT order with a LIMIT price of 6800 EURO – we consider this enough profit for us. Unfortunately, this order will NOT be FILLED in the near future (at least NOT in the visible part of the candlestick chart) so our order will stay in the ORDER BOOK for many more hours to come.

LIMIT order in one sentence

BUY/SELL when the price gets BETTER (BETTER = HIGHER for SELL order, BETTER = LOWER for BUY order) than my LIMIT price!

When to use it

The most basic use for a LIMIT order is to trade on the market even at times when you cannot be directly at the computer – at times when you sleep or something, if you do those things.

I learnt that market usually falls (the market price falls) the most during the night (obviously). If you believe you missed a chance to buy something at a lower price during the day, set a BUY LIMIT order on that price and wait till the morning. Maybe you will get it!

Most exchanges work solely with this type of orders.

5. STOP order

Parameters

BUY STOP order:

  • AMOUNT – the amount of currency that you want to BUY. In case of BTC/EURO trading, when we are buying BTC, we set this amount to, for example, 1.5 BTC.
  • STOP PRICE – the LOWEST price at which you want to BUY. If the price rises above STOP price, a BUY MARKET order is made. In case of BTC/EURO trading, STOP price is always in EURO.

SELL STOP order:

  • AMOUNT – in some exchanges, this can be the amount of currency that you want to SELL for. In case of BTC/EURO trading, when we are selling BTC, we set this amount to, for example, 12000 EURO – we are going to sell an amount of BTC worth of 12000 EURO. In other exchanges, this can be the amount of currency that you want to SELL (not SELL “for”) – when we are selling BTC, we set this amount to, for example 1.5 BTC.
  • STOP PRICE – the HIGHEST price at which you want to SELL. If the price falls under STOP price, a SELL MARKET order is made. In case of BTC/EURO trading, STOP price is always in EURO.

How it works

STOP order, although sounding very weird, is very useful. You are setting a STOP price in this order and, this is important, this STOP price is a price WORSE than the current market price. By WORSE, I mean:

  • HIGHER when you want to BUY and
  • LOWER when you want to SELL.

What is this for, you might ask? STOP orders are also called STOP-LOSS orders – this says quite a lot about the use. These types of orders are used to minimize losses or protect yourself from quick market changes.

You already know about LIMIT orders. STOP orders act as their counterparts. The difference between a LIMIT order and a STOP order is:

  • LIMIT price is BETTER than the market’s price,
  • STOP price is WORSE than the market’s price.

Exchanges usually perform STOP orders by creating and HIDING your order until a STOP price is reached. Once the market reaches this STOP price, your STOP order becomes a normal MARKET order and is FILLED for the current market price. Basically, after the STOP price is reached, it is as if you made a MARKET order yourself at that time – it just happens automatically.

Example

STOP order by example
A screenshot of GDAX candlestick chart that shows 3 places - A, B, C - at which we start trading in the examples below.
GDAX price chart with 3 points – A, B, C – which we use as our starting trading positions in the order type examples below. Screenshot taken from GDAX.com.

Example 1

Image above, letter A. The current market price is 6754 EURO for 1 BTC (17th November between 5PM and 6PM). We bought 1 BTC a few minutes ago for 6760 EURO because we thought the price would continue going higher. We believe the price will rise higher but we are also skeptical that it may start descending at some point.

We do not want to lose a lot of value on our recently bought batch of BTC so we make a SELL STOP order with a STOP price of 6700 EURO. We were right, the price started falling and fell under 6700 EURO STOP price (that we set when making our order) right to 6625 EURO. Our order was FILLED and we sold our 1 BTC for around 6625 EURO. We may have not got precisely 6625 EURO as our STOP order turned into a SELL MARKET order (remember, MARKET orders’ price may vary a bit). The order was FILLED and we sold at the best current market price which might have been a bit HIGHER/LOWER than 6625 EURO.

We lost about 135 EURO but we have most of our money back. We can now use this money to BUY more BTC (when if falls deeper) for a LOWER price.

Example 2

No image, no letter, just read! I did not create any sensible example so this is just a text. BUY STOP orders are tricky to use but we can think of them as prediction checks.

We want to BUY more BTC but only if we have it guaranteed that BTC will rise. How do we get that guarantee? We can base this guarantee on our beliefs or we can read and analyze the chart! One way or another, we come to a conclusion that, if BTC rises, we believe it will keep rising. If it falls, we believe it will keep falling.

So, we make a BUY STOP order and set its STOP price to a price HIGHER than the current market price, let’s say to 6800 EURO (the price we believe is the “threshold” of BTC’s rising). When the market price rises TO or ABOVE this price, our BUY MARKET order gets activated and we BUY.

Our prediction about BTC getting higher was fulfilled and we bought it for 6811 EURO (the current market price when we reached our turn). Now, hopefully, it will keep rising.

STOP order in one sentence

BUY/SELL when the price gets WORSE (WORSE = LOWER for sell order, WORSE = HIGHER for buy order) than my STOP price!

When to use it

You invested into an asset whose price started rising. You are greedy and want it to rise as much as possible. However, you fear it may start falling at some point. You want to minimize your loss so you want to SELL when the price starts falling (when the price gets WORSE than the current market price at the time of fall). You pick a STOP price, set a SELL STOP order and go to sleep.

I have never used a BUY STOP order in my life.

6. STOP LIMIT order

Parameters

BUY STOP LIMIT order:

  • AMOUNT – the amount of currency that you want to BUY. In case of BTC/EURO trading, when we are buying BTC, we set this amount to, for example, 1.5 BTC.
  • STOP PRICE – the LOWEST price at which you want to BUY. If the price rises above STOP price, a BUY LIMIT ORDER with LIMIT PRICE parameter is made. In case of BTC/EURO trading, STOP price is always in EURO.
  • LIMIT PRICE – the HIGHEST price at which you want to BUY. You will not buy if the price goes above this limit! In case of BTC/EURO trading, LIMIT price is always in EURO.

SELL STOP LIMIT order:

  • AMOUNT – in some exchanges, this can be the amount of currency that you want to SELL for. In case of BTC/EURO trading, when we are selling BTC, we set this amount to, for example, 12000 EURO – we are going to sell an amount of BTC worth of 12000 EURO. In other exchanges, this can be the amount of currency that you want to SELL (not SELL “for”) – when we are selling BTC, we set this amount to, for example 1.5 BTC.
  • STOP PRICE – the HIGHEST price at which you want to SELL. If the price falls under STOP price, a SELL LIMIT ORDER with LIMIT PRICE parameter is made. In case of BTC/EURO trading, STOP price is always in EURO.
  • LIMIT PRICE – the LOWEST price at which you want to SELL. You will not sell if the price goes below this limit! In case of BTC/EURO trading, LIMIT price is always in EURO.

How it works

STOP LIMIT order combines a LIMIT order and a STOP order and allows using both the LIMIT price and the STOP price parameters.

Exchanges usually perform STOP LIMIT orders by creating and HIDING your order until a STOP price is reached. Once the market reaches this STOP price, your STOP order becomes a normal LIMIT order and it behaves like a standard LIMIT order (it is written into the ORDER BOOK, etc.). Basically, after the STOP price is reached, it is as if you made a LIMIT order yourself at that time – it just happens automatically.

Example

STOP LIMIT order by example
A screenshot of GDAX candlestick chart that shows 3 places - A, B, C - at which we start trading in the examples below.
GDAX price chart with 3 points – A, B, C – which we use as our starting trading positions in the order type examples below. Screenshot taken from GDAX.com.

Example 1 (the same situation as Example 1 from STOP order’s example)

Image above, letter A. The current market price is 6754 EURO for 1 BTC (17th November between 5PM and 6PM). We bought 1 BTC a few minutes ago for 6760 EURO because we thought the price would continue going higher. We believe the price will rise higher but we are also skeptical that it may start descending at some point.

We  do not want to lose a lot of value on our recently bought batch of BTC so we make a SELL STOP LIMIT order with a STOP price of 6700 EURO and a LIMIT price of 6680 EURO. We were right, the price started falling and fell under 6700 EURO STOP price (that we set when making our order) right to 6625 EURO. If we had not had our LIMIT price set (if we had a normal STOP order, not a STOP LIMIT order), we would sell now for 6625 EUR. Instead, our SELL LIMIT order was activated in the ORDER BOOK because we reached the STOP price. A few minutes later the price starts rising again and at some point it rises above 6680 EURO when our SELL LIMIT order gets FILLED (the price then falls again but that is no longer our problem).

We lost “only” about 80 EURO (less then 135 EURO that we lost during the simple STOP order’s Example 1) but we have most of your money back. We can now use this money to BUY more BTC (when if falls deeper) for a LOWER price.

Example 2 (the same situation as Example 2 from STOP order’s example)

No image, no letter, just read! I did not create any sensible example so this is just a text. BUY STOP LIMIT orders are tricky to use but they also work as prediction checks just like simple BUY STOP orders.

We want to BUY more BTC but only if we have it guaranteed that BTC will rise. How do we get that guarantee? We can base this guarantee on our beliefs or we can read and analyze the chart! One way or another, we come to a conclusion that, if BTC rises, we believe it will keep rising. If it falls, we believe it will keep falling.

Nevertheless, we still do not want to BUY BTC for ANY price – we want to BUY it only if the price is at most 100 EURO higher than our STOP price. So, we make a BUY STOP LIMIT order and set its STOP price to a price HIGHER than the current market price, let’s say to 6800 EURO (the price we believe is the “threshold” of BTC’s rising), and our LIMIT price to a price that is 100 EURO more than the STOP price, so 6900 EURO. When the market price rises TO or ABOVE the STOP price, our BUY LIMIT order is activated. This order will be FILLED only if the current market price rises at most TO or BELOW the LIMIT price – then we BUY. If it rises higher, our order will NOT be FILLED and will stay in the ORDER BOOK.

Our prediction about BTC getting higher was fulfilled and we bought it for our LIMIT price, so 6900 EURO. Now, hopefully, it will keep rising.

STOP LIMIT order in one sentence

BUY/SELL when the price gets WORSE (WORSE = LOWER for sell order, WORSE = HIGHER for buy order) than my STOP price but still BETTER (BETTER = HIGHER for SELL order, BETTER = LOWER for BUY order) than my LIMIT price!

When to use it

Just like simple STOP orders, STOP LIMIT orders are for minimizing losses. If you are afraid of losing your funds overnight, you should set up a STOP LIMIT (or a simple STOP) order and, if it does not get FILLED, cancel it in the morning.

I have only used ONE BUY STOP LIMIT order in my life.

7. Lesson 2 is over!

Phew! That was soooooo much information. But you did it!

Now you know what orders are, how they work and what types of orders there are. This is probably the most important thing when starting trading.

There is a big chance that most of the exchanges will NOT allow you to make all of the described types of orders. Most of them will probably allow you to use only LIMIT orders. Nevertheless, this is a valuable knowledge. If you get an opportunity to use a STOP order and you will not be sure how to use it, you can come back to this lesson – even I do it once in while as I sometimes forget how it works.

The next lesson will be the last one and, therefore, it will be something special. It is a summary of crypto exchanges that I have been using ever since I got into crypto. Link below!

If you do not want to continue to the next lesson right now, you can also return to the Quick Crypto Trading Course navigation page with the following link.

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