You will be introduced to the different order types on WOO X in this article.
The information in this article will be more basic. If you are interested in one of the order types, you can click the link below to learn more about it.
Ordinary orders are the easiest order types to learn. These orders can provide you with great control over your assets when you are keeping your eyes on the market.
Market orders are orders to immediately buy or sell at the best available price.
When to use: When you are trading with a highly liquid token
Learn more: ▶ What is a Market Order?
Limit orders are orders with a specific buy or sell price.
When to use: When you are not in a hurry to buy or sell
Learn more: ▶ What is a Limit Order?
Post-Only orders will be canceled automatically if the orders could be matched on the opposite side orders. It’s a useful tool if you only want to pay maker fees instead of taker fees.
Immediate or cancel (IOC) orders specify that any part of the order that is not immediately filled must be canceled.
Fill or kill (FOK) orders are either fully filled immediately, or they are killed (canceled).
Algo orders are algorithmic orders. They are a set of pre-set conditions, prices, and quantities of tokens.
All logic of algo order is explained in detail in the link below, please make sure you understand the logic before making an order.
Algo order allows traders to trade according to their pre-set when they are not keeping their eyes on the market.
Algo order will not be filled if it does not meet all the conditions, the margin ratio is too low, or there are no sufficient funds.
Stop Limit and Stop Market Orders
This is a more advanced order type that allows you to set a trigger price to trigger a market order or a limit order.
When to use: The traded asset has risen and you want to attempt to protect your gains in case it reverses or the opposite scenario
Learn more: ▶ What are Stop Limit and Stop Market Orders?
Trailing Stop Order
Trailing Stop orders is an order that moves with the price to achieve a better gain or lower loss.
When to use: Trailing stop orders are usually used when you have an open position, and you’d like to set at a certain percentage or amount above or below the current market price that is constantly revised as the market moves up/down.
Learn more: ▶ What is a Trailing Stop Order
Positional Take Profit and Stop Loss
Take Profit and Stop Loss are additional selling or buying conditionals that you can add to your open positions.
When to use: When there are big movements in the market and you want to control your profit or loss in case the price goes out of control before you can take action.
Learn more: ▶ What are Positional Take Profit and Stop Loss?
※ Note: Users should be aware of the associated risks in the fluctuating market. WOO X is not responsible for any direct or indirect losses.