How Setup Buy, Sale Orders and Stop Limit On Bittrex – Easy Step-by-Step How-to Tutorials

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How to Setup Buy Sell Stop Loss Orders On Bittrex - Step-by-Step Tutorials

Bittrex is a very safe exchange I’ve been using for years to day trade bitcoin and other cryptocurrency coins. It is pretty simple with a nice user interface, but what I and other active altcoin traders like the most is the ability to do conditional buy, sell orders and stop limit on the popular exchange. Pay careful attention because a simple little mistake can cost you a lot of money. The tutorial is using Bitcoin as example but applies to all cryptocurrencies.

How Setup Buy, Sale Orders and Stop Limit on Bittrex – Step-by-Step How-to Tutorials

Creating A BUY ORDER

A Buy Zone is a price range set by a trader as an indicator of a safe place to buy in at with minimal chance of a big drop in price. To take advantage of the buy zone price (or to buy coin at any price), you must create a buy order.

(NOTE: This tutorial is buying bitcoin, assuming you already have cash or other altcoins in your account. You would follow same step to exchange coin-to-coin (i.e BTC to Ripple (XPR) or buy with cash). (Example: BTC-XRP, USDT-XRP, USDT-BTC) and so on. USDT is United States dollars.

Step-by-Step Tutorials. (USDT-BTC)

1. Login to your Bittrex account (will go to homepage…if not, click on site logo)

2. Scroll down until you see USDT MARKETS and click on USDT-BTC

How To Buy Bitcoin With Cash

3. In the box (picture below), you will see the following options: Max, Price, Limit, Good ‘Til Cancel. Under the word “TRADING,” you will see “Buy Bitcoin” on the left hand side. If you were buying Ripple of another coin it would say the name of the coin. On the right hand side you see “USDT Available.” It will tell you exactly how much US dollars you have to spend. If you trading Bitcoin for Ripple it will say how many bitcoin you have.

How to Set Up Bittrex Buy Orders

4. For Unit, click “Max” for Unit or enter the amount of money you want to spend.

5. For Bid, click on Price dropdown and select Bit and DON’T enter anything for price.

6. Under Type, select ‘Conditional’ on dropdown. Under Buy When, enter the price point to buy.

7. Under Time In Force, leave it at “Good ‘Til Cancelled.”

8. Verify the amount under ‘Total,’ then press ‘Buy Bitcoin’ button.

NOTE: In this example, we’re buying BTC with all the US dollars in the bittrex account. What does this all mean?

Units – This is the number of units you will receive. Bittrex will do some math calculations for you, so, you can purchase an arbitrary amount of the desired unit or you can purchase the maximum amount afforded by the number placed in the Total box below.

Bid – This is the price per unit. For example, in this scenario, we will be paying (amount will show) USDT per 1 BTC.

Type – This is covered more extensively in the STOP LOSS section. There are two options here, “Good ‘Til Cancelled” and “Immediate or Cancel.” “Good Til Cancelled” will allow small portions of your order to be executed until it is complete. “Immediate or Cancel” requires the full order to be filled immediately, anything else is cancelled.

Total – This is the total amount of coin you currently have that you will be spending for the coin you desire to buy. In this example, we are selling 1 BTC in exchange for 6.93131432 ETH

Setting a SELL ORDER – Step-by-step Tutorials

Sell Zone is a price range set by a trader as an ideal place to sell your coin where we feel that it will not continue climbing. This is to allow for maximum profits.

Sell orders are a nice way to automate the sell of your coins when they hit a sell zone. Set up orders and walk away.

Sell orders are very similar to buy orders.

How to Setpp Sell Orders on Bittrex

In this example, we are selling 10 ETH for 1.43171205 BTC.

Units – This is the number of units you will be selling. Bittrex will do some math calculations for you, so, you can sell an arbitrary amount of the desired unit or you can sell the maximum amount available in your wallet.

Bid – This is the price per unit. For example, in this scenario, we will be selling each ETH coin for 0.14353003 BTC.

Type – This is covered more extensiely in the STOP LOSS section. There are two options here, “Good ‘Til Cancelled” and “Immediate or Cancel.” “Good Til Cancelled” will allow small portions of your order to be executed until it is complete. “Immediate or Cancel” requires the full order to be filled immediately, anything else is cancelled.

Total – This is the total amount of coin you will be receiving. For example, we will be receiving 1.43171205 for 10 ETH.

Setting STOP LOSS ORDER

Stop Loss is a price set by a trader as a type of safety net. Stop losses are set in place to minimize damage caused by a falling coin.

How to Setup STOP Orders on Bittrex

In this example, we are setting a stop loss for 5 ETH IF the price falls to LESS THAN OR EQUAL TO 0.1 BTC per ETH

Units – This is the number of units you will be selling. Bittrex will do some math calculations for you, so, you can sell an arbitrary amount of the desired unit or you can sell the maximum amount available in your wallet.

Bid – This is the price per unit you want to sell the coin for. For example, in this scenario, we will be selling each ETH coin for 0.1BTC.

Type – In a stop loss, you want to change the type to Conditional. When you switch to conditional, you are required to fill a “Sell When” field. For example, we will sell our 5ETH when the price is less than or equal to (<=) 0.1BTC.
Protip: You can also use conditional types for sell zones as well by utilizing the greater than or equal to condition.

Total – This is the total amount of coin you will receive if the stop loss is triggered. For example, we will receive 0.49875BTC if the stop loss is executed.

Author: TheBitClub.com

2018 will be the best year yet for cryptocurrencies and I'm going to help you position yourself now to profit. Hi, My name is Mathieu Louis, I started one of the first bitcoin blogs in 2010 and started investing in the virtual currency when only a few technology savy people knew about it and even knew what it was. I'm one of the individuals responsible for making bitcoin mainstream today. I mad a LOT of money on bitcoin, but I missed a few opportunities was well. I'm not beating myself up though because 2018 is going to be an epic year. Academically, I obtained a Master's Degree in Information Science from Florida State University in 2004. I also have a background in business. I worked for one of the fortune 500 corporations in Washington D.C. for about 4 years, then decided to start my own business. Since 2009 I've been a one-man wrecking crew. I have traveled the world (recently returned from an 18-country backpack excursion. I own many online businesses and I'm a thrill seeker.

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