In the previous 3 lessons, we have explained what futures trading is and also the basic operation process of opening and closing a position in perpetual futures trading, using the Bitunix perpetual futures product as an example. In the next course, we will continue to learn more about the concepts and knowledge of contract trading in conjunction with the operation of the actual product.
Types of Orders in USDT-M Perpetual Future Trading
There are 3 types of orders in USDT-M perpetual future trading: limit order, market order, and trigger order. Users can use any of them when they are opening a position or closing a position.
Limit Order: Users need to specify the price and amount of the order, which is similar to limit order of spot trading. The limit order shows the highest price that users are willing to buy or the minimum price they are willing to sell. The order will only be executed when the market price reaches the set price. If the market price does not reach the set price, the limit order will continue to wait for the transaction in the order book
Market Order: Users will only need to specify the amount of the order. The placed order will be matched by the latest price or the best price of the market.
Trigger Order: Users can pre-set the trigger conditions and its price and amount. When the latest market price reaches the trigger conditions, the system will place orders according to the price and amount set in advance (i.e. limit order) or according to the amount (i.e. market order).
How to Choose Different Order Types for Trading
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Log in to Bitunix.com, click “Futures” on the top of the page.
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On the right side of the screen, you can select limit order, market order and plan order respectively to open a position, enter the order price and amount and click buy.
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After successfully placing the order, you can view your orders under Open Orders at the bottom of the page. You can also cancel your order before they are filled. If the order is filled, you can find it under Position.
Disclaimer
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Crypto investment involves significant risks. Please proceed with caution. The course shall not be considered investment or financial advice.
Next: Lesson 5 - The Difference Between Cross and Isolated Margin Mode