Before following this guide, make sure you select the SPOT market!
From Main Menu, go to your Trading Dashboard. Or, use this link: https://trade.quoinex.com
To place orders, locate the Order Entry panel (top left of dashboard by default).
The trailing stop order is a bit more complicated to put in context. Let's say we've bought 1 BTC at $5000. Now let's say we want to sell it back for profits. We can always set a limit price higher than $5000, for example $5100, but what if price rises higher than that? A solution here is to set a limit that trails after market bid. If price rises to $5200, your limit trails after it, and you don't miss out the profit. If price falls and hits the limit, order gets executed, and whatever profits you may have from the rise before is kept.
If you are buying with trailing stop, the limit will trail "before" market ask. See Stop order.
Now, fill out all required fields:
- Price distance: trailing amount, i.e. how much you want the limit price to trail after market price.
- Distance type: you can choose between fiat or percent. For example, if market price is $5000, a $50 price distance means limit will either be $5050 or $4950, and a 5% distance means either $5250 or $4750.
- Quantity: how much you want to buy or sell.
Cost, average price, and fee are all collapsible in order to show more details.
Click Buy or Sell to place the order. System will ask you to confirm again. Check everything over once again, then click Submit Order to finalize.
The new order will be displayed on Orders panel (bottom right of dashboard by default).
You can cancel a stop order as long as it is not fully filled. Also, it can be executed many times since one execution is not guaranteed to cover the whole order. Executions will happen as the order is matched.
Note that in all orders, slippage can happen.
How does it work from now?
Let's say we just placed a sell stop order for 1 BTC with stop price $50 away from $5000, which is $4950. If market bid moves up to $5100, new stop price is $5050. If market bid moves further up to $5200, new stop price is $5150. At any point, you can cancel the order and then place a market order immediately after to sell at a good price.
On the other hand, if market bid moves down from $5000 to $4990, stop price stays at $4950. If market bid moves further down to $4951, stop price still stays at $4950. Once market bid hits $4950, the trailing stop order is executed. Note that the average price in the end can be different than stop price due to slippage.