Greetings, dear reader! I continue my series of articles for newbies on the cryptocurrency market. In this article, we will understand the concept of "order", what orders there are, and also, using the example of Kattana, I will show you how to use them.
Kattana is a cross-chain trading terminal for DEX and CEX. Kattana gives users the ability to trade on DEX across multiple networks including Ethereum, BSC, Polygon, HECO, Elrond, Fantom and Avalanche in real-time with large amounts of data.
An order is a request to buy or sell a specific cryptocurrency at a specific price. Orders can be executed immediately or can be set to execute at a future date and time. When a trader places an order, the exchange holds the cryptocurrency until the order is executed or canceled.
There are several types of orders that can be used on cryptocurrency exchanges:
Market orders: A market order is an order to buy or sell a cryptocurrency at the current market price. This type of order is executed immediately and the trader receives the current market price of the cryptocurrency.
Limit orders: A limit order is an order to buy or sell a cryptocurrency at a specific price or better. If a trader places a limit order to buy, the order will only be executed if the price of the cryptocurrency falls to or below the specified price. If a trader places a sell limit order, the order will only be executed if the price of the cryptocurrency rises to or above the specified price.
Stop orders: A stop order is an order to buy or sell a cryptocurrency when it reaches a certain price. If the trader places a stop order to buy, it will only be executed if the price of the cryptocurrency rises to or above the specified price. If the trader places a stop order to sell, the order will only be executed if the price of the cryptocurrency falls to or below the specified price.
Stop-Limit Orders: A stop-limit order is a combination of a stop order and a limit order. If a trader places a stop-limit order to buy, the order will only be executed if the price of the cryptocurrency rises to or above the specified price and the price is within a certain range. If the trader places a stop-limit sell order, the order will only be executed if the price of the cryptocurrency falls to or below the specified price and the price is within the specified range.
In order to start opening and closing orders, a user needs to connect to the Kattana trading terminal with their own cryptocurrency wallet.
Kattana currently supports wallets such as:
MetaMask, WalletConnect, Ledger, Coinbace Wallet и MultiversX
After connecting the wallet, the user needs to select the network on which tokens are stored for trading
Then, the user needs to select a cryptocurrency pair. This can be done in the upper left corner of the terminal. In our case, the cryptocurrency pair KTN/WETH is selected
After the preparatory procedures, you can start trading, i.e., placing the orders. You can do this in the upper right corner of the terminal
Orders are a powerful tool for cryptocurrency traders, allowing them to automate their trades and execute them even when they are not monitoring the market. Understanding the different types of orders and how to use them effectively is crucial to successful cryptocurrency trading.
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The author of the article: L1S