Being a crypto trader means that you have very little room to make wrong decisions. Every decision that you make while trading will either result in profit or loss. We know how it feels, so we’ve introduced a strategy that helps traders minimize the risk of loss – a conditional market order.
This article will talk about this trading strategy, the basics around it, and an example of a service that provides automated market orders.
Let’s take a closer look!
Defining Conditional Orders
This is an advanced crypto trading strategy where a trader presets a trigger price as an activation. This order is only triggered after the market has met the set price or conditions. For instance, the trade will go through if a trader presets an order at a particular price and it will be reached.
There are different factors that should be used as the basis for a conditional order, depending on each trader. Some of these include the mark price, index price, and last traded price.
A conditional order is usually inactive so it doesn’t require imposing a margin. It’s activated once the preset market conditions are reached and the margin is requested immediately. If you don’t have a sufficiently available margin, it will be rejected.
Features of Conditional Orders
There are different types of conditional orders; the limit order is the most common. This type of trading is carried out only at your predetermined fixed price. However, other conditions may also exist, independent of the price, for example, the time-in-force (the time for enforcing the order).
Why You Should Trade with a Conditional Order
To deal with a conditional order, you need to look at what advantages it can provide:
- Confident Trading: The primary benefit of a conditional order is that traders can plan their trades ahead of time. With a good trading plan comes the confidence to trade well and make a profit.
- Market Monitoring: This ensures that you don’t have to stay up all night to monitor market movements.
- Minimal Loss: At some point, every trade would have to hold on to a losing position hoping that it changes at the last minute. Traders will be hoping that their decision pays off well at some point. The reality in trading is that you may lose some money, but conditional orders ensure that you can minimize these losses by executing a trade at the right moment.
- More Self-Control: Using the conditional order allows traders to study both winning and losing positions objectively before making trading decisions. This allows you to be more analytical than emotional while trading. So traders learn to trade while keeping their emotions in check.
Now that you know the specifics of the conditional order and its advantages, let’s take a look at a platform on which you can find this tool.
Introduction to Obolon9
Obolon9 is a professional automated trading software that provides users with automated scenarios. This tool improves the manual trading experience and helps traders make more profit.
Obolon9 has an automated trading desk that gives traders a wide range of script-based trading tools. This tool runs different scenarios and strategies to minimize risks. It’s a reliable tool that ensures that traders are able to use the merits of both manual and automated trading. Manual trading offers some flexibility while the use of tools, such as Obolon9, adds diligence and accuracy to the trading experience to maximize the trader’s profit.
However, it is essential to remember that the tool does not take away your human presence. It doesn’t replace your work as a trader. It combines automated trading vs. manual trading to help you make better decisions, maximize profit and minimize loss.
The service is free for the first month, thereafter it costs GBP 9.99 per month or GBP 99.9 per year.
How Obolon9 Works: Conditional Market Orders
When you use this trading strategy on Obolon9, there are three price levels: the cancel, activation, and order price. Once it starts, the software waits for prices to go over the activation level. If the price crosses the order price level first, then it’ll carry out the market order for volume before finishing.
However, if the price crosses the cancel price first, the strategy will finish and not take any action.
Also, there wouldn’t be any more need for tracking the range prices because the price is delivered to you. You will get a notification from the app on your mobile device and in your inbox.
Discover Obolon9 Conditional Market Order
You can create an ideal conditional market order scenario for yourself using this trading automation software. Here’s how to go about it:
- Create a name for the scenario.
- Decide on the trading strategy (conditional market order).
- Choose the trading platform and decide on a pair to trade.
- Set the parameters for the script that’s been selected to use.
- State the work time interval precisely. Make sure to use minutes.
- Select the price of interest. This can either be a cancel, order, or activation price.
- Determine the order volume to sell or buy.
- Click on the Save and Start button.
This whole process is simple and straightforward. You will receive a notification that your scenario is up and running.
The Bottom Line
The ability to minimize trading losses is a primary benefit of the conditional market order which makes this strategy very appealing to crypto traders. With a tool like Obolon9, you can effectively take advantage of the conditional market order.
Obolon9 is the one tool you can use for all your automated market orders. To start trading you need to create a scenario with the parameters. Once you register, you’ll get a pro tool that will always notify you and help you trade cryptocurrency better.