Why don't we just set low limits on buy orders?

Why isn't everyone here recommending setting low buy limits? I don't even get why people recommending buying this shit at stupid fixed prices on Coinass.
I'm just glad I didn't go all-in yet, only fluttered a little shitty amount. But still I would have rather known about this. Why the fuck do you faggots just keep posting brappers instead of giving out useful info like this and then have the fucking gall to whine DYOR.
Then what about the $9475 order?

>$9475
Sorry, misread the other post. Probably, it's at $9450 right now on Binance, so yeah.

Everyone who isn't a brainlet does this, I guess you're harping that we didn't tell you?

People don't pick a specific order to fill.
People who buy off the order books get matched to the cheapest orders first,
until the order is completely filled.
People who sell/dump onto the order book get their sell matched to the highest bids first,
until the order is completely filled.

The spot price has to go down to your order before market orders start hitting your bid.

It was around $9730 when I replied to your first post iirc, so that illustrates a bit the volatility.

uuuh yes they're exchanges, you can make an offer for any price you want, of course? Do you think some magical entity from the sky tells people how much they have to offer for a coin?

If you go unreasomably low no one will buy the oder though until the price fluctuates to that point (if ever)

Okay user, but I was using those figures as an example, maybe should have used very hypothetical figures. If the daily price is at $20000, and I set a buy at $19500 or if I really want to be the-balls-on-that-fucker, $19000, would it get filled and how long would it take roughly?
I'm guessing this is the shit that experienced Veeky Forumsraelis want noobs like me to go and DTOR.

Sort of, I just didn't realise it was *possible*, had I known I might have been making decent amounts. Its cool, only been doing this in my spare time for about the last month, glad I found out now rather than later. Time to lambo.

It depends. If you bid 10% under the market price and the coin goes down at least 10% your order gets filled. If the coin goes down 9.9% before going back up again, your order doesn't get filled.

Look at the movement, and whatever the lowest point was for the past day or the past week, and decide what would be a good price according to you. Right now, Bitcoin fluctuates about $400 a day. If you place an order $800 under, it might get filled after a day or two. Or if the trend reverse, it might not.

>Daily price
Spot price is just the last price that there was a successful trade.

Let's say the buy side of the order book is
(from the highest bid first):

- buying 1 btc at 19500
- buying 2 btc at 19499
- buying 3 btc at 19498
- buying 2 btc at 19497

Then someone market sells 5 btc.
This is how the "order matching" will work:
1 btc will be sold to the first buyer, for 19500.
2 btc will be sold to the second buyer, for 19499.
2 btc will be sold to the third buyer, for 19498.

The third buyer will NOT get his order fully filled (only 2 out of 3 btc was sold to him),
and he will have the following buy order left of the books:
- buying 1 btc at 19498

The LAST PRICE (the price shown on the exchange) will be 19498.

And if no one sells afterwards, and people start buying off the books, the buyer at 19497 will be waiting until the price crashes again.
If the price suddenly rallies up to 30k... that buyer will never have his order filled
(unless the market eventually crashes).

"its never going to drop below 10k again"

You're fucking retards.

Exchanges have order-matching algorithms

Let's say someone sets a buy order for $6k/BTC. You (faggot who thinks he's clever) set a buy order for $600/BTC. Fat-fingered retard wants to sell 1 BTC at $6k but mistypes and puts the order in at $600.

The order-matching algorithm starts at the highest buy order ($6k) and works its way down the order book until 1 BTC has been sold. In this case the guy who put in the $6k buy gets it. Until literally every single order above yours has been filled, you sit there with your dick in your hand.

Clear enough?

happened last year in june...got 500 ether @0.12 $

Okay so IOW, it is still tied to the market price and if it doesn't hit that point then it won't sell unless... some faggot buys manually??
But I get the point, the market rate is still very much what controls when it sells, we just need to try and game the market price to hit the sweet spot.
Which leads me to wonder how easy it must be to make some serious money based off how much BTC fluctuates.

fucking kek. how long did you have to wait?

YOU managed to get an order down there?
Why? Were you just trolling around by placing a ridiculously low buy order?
Or was this a calculated move (based on how many margins would be liquidated)?

I put it there in march. there is always a chance for a flash crash. therefore I always have those orders.

lost 250 eth at an ico scam in july lol

Don't show your retardism user

Pretty cool, user. I think I'm going to use your trick. Does it matter which exchange we use? I'm guessing it doesn't. I'm really just concerned about security and not getting MTGOXed.

It's still very unlikely to ever go that low, especially after it happened once and more people started doing this. (Unless it crashes for good.)

>retardism
lol
this is the best thread on /biz rn and you know it

The key thing here is (to my knowledge) there isn't a time limit on how long we can keep these buys open for.
So literally fucking nothing is stopping us from putting a couple of shitty and unreasonable buy orders (not to mention sell orders at ridiculously high amounts just in case) and then waiting around and getting on with other trades.
This shit is so easy to game for a programmer that I'm laughing at why I was too stupid to get into it much earlier in life.

You need the funds stuck in that trade to keep a trade open.
e.g. if you wanna put in a BTC buy order, you need to leave your USD tied up in that order.

If you're aiming for flash crashes in other markets (e.g. on the ETH/BTC market) you need the BTC tied up in that lowball order.
I mean, if you have all the spare money lying around to leave tied up in such orders, good for you.

Yeah I realise that, I wouldn't tie up huge amounts, just meme amounts for laughs, like that other user in the thread.

>an unironic thread where people go in-depth to explain how to buy/sell

God damn, how far Veeky Forums has fallen.

>If it doesn't get filled, can I just cancel it and set a slightly higher limit until someone buys etc?
You got it Stevey boy. Basically if you buy a stupidly low buy order in, it will sit there on the books forever, or until the price takes a dump and you'll basically buy on the way down automatically.

When I'm serious about buying, I'll set the buy-in to a reasonably low buy-in point to try and gobble up a low point fluctuation. When you do this, you kindof have to consider hard psychological resistance points like nice round numbers: 6000, 6500, 6550, etc. So like, if you bet within the tens of dollars the fluctuation doesn't have to be as significant to fill your order, but it might be foolish to try to buy at say 6499 because if it breaks the 6500 it might dip a lot lower than 6499 just because 6500 was a harder resistance point. This is of course completely speculative.

Oh noes, a thread discussing something ontopic. How far Veeky Forums has fallen.
Oh how terrible.
How I wish we had more sniff posters and link threads and more shitty pink/green wojaks and retards discussing forgiving their parents. How
Nah, fuck you faggot.

Go nuts, thousands of other people do it too. but your odds of getting these 1 cent per BTC orders filled are as high as winning the equivalent amount in the lottery.

We're that desperate for new money.

>Why the fuck do you faggots just keep posting brappers instead of giving out useful info like this and then have the fucking gall to whine DYOR.
Don't be a fag Steve. DYOR is short for DO YOUR OWN RESEARCH. The people spoonfeeding ITT are being nice and are under no obligation to fill your baby birb beak with knowledge vomit. Everything you've asked so far you could learn on your own if you weren't a lazy faggot.

If you had just spent 5 seconds looking at the order book like everybody else, you wouldn't have had to make this thread, you absolute brainlet.

I just don't understand. Are you 60 years old? Is your IQ below 80? Are you a nigger?

>Are you 60 years old? Is your IQ below 80? Are you a nigger?
All 3 actually. And I'm also female. And a jewess. And Muslim. And a feminist.

well you're sure to enjoy some thots then.

The things you're asking aren't even part of the basics. It's something that should be clear as day to anyone who's had a 5 second look at the order book and doesn't have a room temperature IQ.

I have no problem with newfags wanting to learn the ropes, but this thread isn't it. No matter how much people explain this very simple concept to you, it won't help you grow a brain.

>The key thing here is (to my knowledge) there isn't a time limit on how long we can keep these buys open for.
Certain exchanges there are time limits, like when you set a buy/sell order on ether/forkdelta for instance. Of course if it doesn't get filled and just times out it's not like it hurts you.

>who's had a 5 second look at the order book and
I've only been doing this part-time about a month, which adds up to like 10 hours you dumb faggot.
I have barely had the time to work out how to buy alts, which I have managed to do, since Veeky Forums kept insisting thats where things are moving.

I don't know if you're just an elaborate troll now. You've been dealing with crypto for 10 hours and you don't understand how an order book works? You're even dumber than I thought.

But whatever, stay in crypto, Steve. I'll happily take your money.

>you don't understand how an order book works?
Not exactly, faggot. I haven't even bothered to look at it in real depth, as I've been saying almost since the start of the thread.
I spent most of those 10 hours learning how to actually move money from my bank account into the exchange and then spent time learning about alts and also learning the terminology.
Your condescending cunt attitude is really unwarranted, I bet you took years to learn all of this yet you now sit on your high horse laughing at the noobs who are getting ahead way quicker than you did, and feeling jelly and mad that you're so fucking dumb. You remind me of when I used to play CoD and other shooters and would beat the literal fuck out of people ranked way higher than me and they would get mad and gang up to bully me. Fucking kys. fool.

Alts are more volatile because of how the fiat pairings work with relation to marketcap. Check out this thread for a good explanation on how marketcap works differently in the crypto market as apposed to the stock market:
But back to your basic-bitch questions:
You may think it's easy to understand, and that's because it is. It's not easy to execute perfectly. You are attempting to GUESS where the price is going to go with limited knowledge of how the price fluctuates in the first place. If you do this stupidly, this guy and the rest of us are going to take your money and wipe our asses with it. This is why people get into such ridiculous amounts of detail when trying to get information to understand how the price is moving. If you want to see this in action look into TA. But for an average person like yourself, keeping up on news specific to the coin you're pricing is a good start, and also paying attention to the daily/weekly/monthly lows and highs (CMC keeps track of how low/high a coin traded for on the daily since the beginning of its history).

Steve you greedy normie retard, your buy order of 1 BTC at $10 will never be filled with today’s volume, especially on GDAX.

Thanks user. It's exactly that guessing that I'm trying to focus to learning now.
Thanks for the pointers. I've already got a shit-ton of reading/viewing materials, but any additional info is always welcome. There are probably other noobs lurking with similar questions, so I guess it also helps them.

Seriously Steve, grow thicker skin. Everyone has to learn at some point, but you likely should have known how orders worked before you put money in. Trading without understanding some of these very basic things isn't the most responsible thing to do.

>hasnt bothered to look
>gets mad when people tell him to DHOR
at least show that you have made some effort before you come in here all indignant that people dont want to spoonfeed you

I guess this is how it works when you're learning a new area of knowledge. You don't always know what aspects are more important than others so you focus on what you *think* is important and *shudder* you make mistakes and miss things. Oh how terrible. Learning is really fucking problematic.
I wasn't indignant that people don't want to spoonfeed me though. I have been doing okay learning things at my pace in my free moments from my wageslaving. I'm more pissed off that people actually get so wrapped up in shitty and pointless threads instead of just stating some obvious shit. I accept that I should have realised this (i.e. buy/sell limits and how to better manipulate them manually) earlier on but I guess that's why I'm referring to myself as a noob. Noobs do noob shit, what a shocker.

Another thing you have to understand is that everyone can see your orders, and whales (rich people with large holdings) have so much money they can effect the price of things simply by putting large orders on the books. Buy/Sell walls are a good example of this kind of market manipulation.

Remember, if you buy at X price and someone sells at X price, the market says: Asset=X price. If you set a low buy order, and all the buys in front of you get eaten up, that means there's a down trend in motion and you have no idea if it's going to stop at your arbitrarily set price or keep going. If there are more sells on the books than buys, and/or the spread between ask/bid is wide, this could be an indication that the price is going to go down. And the opposite would indicate the reverse. This does NOT mean that is what will happen, but it can help you gauge the market a bit.

What you are doing when you set a buy at a low price is saying to the market:
>I don't think [Asset] is worth the current price, I think it is worth less.
This is fundamentally different than what you are suggesting with your posts, what you THINK you're doing is:
>I think I can game the system by buying at a low price, and then it'll go back up again.
The difference is that you BELIEVE that it IS worth the current price or even higher, but your action does not reflect this belief. If the whole market acts like you, you're going to have a bad time if you think like this.

>instead of just stating some obvious shit

Steve, that's because there are very few people dumb enough not to grasp this obvious shit. What you're asking doesn't require knowledge or learning. It simply requires common sense and an above room temperature IQ.

thanks man, this is a good post
Do you actually expect people to learn everything important in the first 10 minutes?

Mentality in the marketplace is infinitely more important than how "good" of a trade you are, imo.

Frankly, being new, you're better off picking some solid blue chips and just holding them. Or if you want to fuck around, take a % of your initial investment that you don't care about at all and use that to trade alts while the rest you have wrapped up in a safe bet. This market is still very young, and as such has a LOT of room for growth... which means if you just ride the waves, you'll probably come out on top even if you're just a brainlet. That means having iron hands though... If you're not smart or confident, you should probably avoid day trading. Long term holding is a good strategy if you take the time to investigate your holdings before you buy and are confident they will win out over a long period of time (think months to years).

I'm still bouncing around a bit myself, but once I have the holdings I want, I'm probably going into hibernation until next year, paying only loose attention to the market in case something really stupid happens.

BitGrail didn't have order matching

lol

>PEAK SOY
>these are the people that lurk on Veeky Forums now.

>Long term holding is a good strategy if you take the time to investigate your holdings before you buy and are confident they will win out over a long period of time (think months to years).
To elaborate on this point just a bit, since I think it's important for new "investors" to understand...

Know the difference between:
>Speculation vs. Investment.
Speculation is what you're doing. Speculation is GAMBLING. Plain and simple.
However, some people make the mistake that because speculation exists, that all money in the market is gambling. Not so.
Investing, is when you find a company, or project, or something else and you say:
>hot damn that's a good idea! this shit is going to be huge, and I really believe in the potential of this company, and I really want to support their cause.
This is with good research on the company/coin you're considering investment in until you're extremely confident that you're right. You're still "gambling" in a sense that you could still be wrong. But you're making an educated guess, and you're committing to hold your investment for long term without being scared off by market fluctuations.

+1 for staying on point and trying to educate not just shillin DYOR. The more the normies understand, the larger our community grows... fekin selfish anons forget what it was like 2-3yrs ago when they were ignotards asking Sim question. Stop trolling the normies and educate. Who knows you might learn something from them.

#plebsoapbox

because the fee is so little, unless you invest a shitton its barely any difference

Investing vs Speculation can also change your perspective on price fluctuation quite a bit.
If you're speculating you're only concerned with the price going up (or down if you're shorting - I'm not going to bother explaining shorts to you, that's your homework).
If you're investing, and the price goes down, you might be just as happy as if the price goes up, because a lower price will allow you to accumulate more holdings in something you truly believe in.

People love the example of Amazon stocks and the dot com bubble. Consider the difference in mentality as follows:
During the dot com bubble, Amazon stocks went up to something like $30 a share. After the pop, Amazon stock went down to something like $6 dollars a share (I can't remember the exact numbers).
If you were speculating on Amazon and bought in at $30 a share, you probably sold before it hit $6.
If you were Investing in Amazon at $30 a share, you either bought more when the price dipped, or you held onto it, and you're now a very wealthy man.

That's the difference.

can someone explain to me this:
if you have fat fingers and put a low sell order wouldn't it be sold to the best buy for you? or would it match the closest? i would think the first would happen.