FTX TYPES OF ORDERS
The FTX spot and futures markets use limit, market, and some stop orders. We have prepared a detailed instruction of the orders which are implemented for FTX via CScalp, and examples of its usage.
Limit Order
Limit order – the most frequently used order for scalpers.
A limit order is an order for the purchase or sale in a certain amount of exchange ticker at a specified price.
FTX limit order will be executed immediately at a suitable price. Otherwise, it will be in the general order queue (order book). The set limits are anonymous, but its price and volume are visible to all market participants. In order for the limit order will be executed, the order book must receive a counter bid. The price of the counter bid must not be less than the specified price in the limit order. You can take off a limit order at any time before it is executed.
Advantages: it will be executed not lower than the specified price.
Disadvantages: execution is not guaranteed. Limit order is a passive order. Therefore, if there are more favorable offers on the market, it may be partially fulfilled or not fulfilled at all.
Approximately 95% of the orders placed by professional traders are limit orders. Many scalpers trade limit orders. We recommend beginners to use stop orders in addition to limit orders to avoid huge losses.
Advantages: it will be executed not lower than the specified price.
Disadvantages: execution is not guaranteed. Limit order is a passive order. Therefore, if there are more favorable offers on the market, it may be partially fulfilled or not fulfilled at all.
Approximately 95% of the orders placed by professional traders are limit orders. Many scalpers trade limit orders. We recommend beginners to use stop orders in addition to limit orders to avoid huge losses.
Attention! CScalp sends limit orders to FTX: they are hosted on the exchange's servers. If the connection is broken or the terminal is closed, the placed orders remain active and can be executed.
Limit orders in the FTX orders book
For example, there are two limit orders for BTCUSDT with a volume of 0.001. The limit for sale is placed at the top of the order book in the sellers ' zone (red zone). For a purchase in the buyers ' zone (green zone).
You can place a limit order by clicking on the specified price using the left mouse button (buy) or right mouse button (sell).
A limit order placed in the sellers ' zone will be executed immediately at the best market price. This is due to the fact that the price which has been set in the limit is already offered by the market.
You can place a limit order by clicking on the specified price using the left mouse button (buy) or right mouse button (sell).
A limit order placed in the sellers ' zone will be executed immediately at the best market price. This is due to the fact that the price which has been set in the limit is already offered by the market.
Market order
A market order is the simplest and at the same time the most dangerous type of order for beginners.
Market order – an order to buy/sell a certain number of lots of the instrument at the best price.
If there is a high level of supply and demand in the order queue, the market order will be instantly executed. This is convenient if you need to open or close a position urgently.
A market bid guarantees a trade. But a trader can’t predict the price of the trade. The market bid is executed at the best price, but the price could be changed in a second.
Advantages: it will occur immediately (if there are orders in the order book).
Disadvantages: the main disadvantage is slippage.
A market bid guarantees a trade. But a trader can’t predict the price of the trade. The market bid is executed at the best price, but the price could be changed in a second.
Advantages: it will occur immediately (if there are orders in the order book).
Disadvantages: the main disadvantage is slippage.
Slippage is a situation when a trade is executed at a less favorable price relative to the best price in the order book at the time of placing the order.
Slippage occurs when trader uses a large volume: a market order is executed at several prices, "eating" the best orders in the order book. A more rare and dangerous slip can be in a volatile market, when voids form in the glass from the transactions of large participants.
You can use keyboard shortcuts for FTX market orders:
● Close by market
● Buy/sell by market T – buy by market, Y– sell by market);
● Overturn position by market
You can use keyboard shortcuts for FTX market orders:
● Close by market
● Buy/sell by market T – buy by market, Y– sell by market);
● Overturn position by market
Note: CScalp’s market order for FTX is "artificially" created from a limit order. When a trader places a market order, that means CScalp places a limit order of the same direction at the edge of the order book (it can be changed in the settings). Visually, the trader does not notice the difference and of course the trade occurs instantly.
Stop-Order
Stop orders (conditional orders) – orders that can be executed under a certain condition. This condition is the completion of a trade or the shift of the order queue to a specified price.
CScalp’s Stop orders for FTX can be divided into two categories: those that close a position and those that are unrelated to an open position.
Stop orders that close a position are the usual orders for traders. There is no volume parameter in the related orders, because they are placed in the volume of the open position. This is convenient because there is no need to spend time setting the volume for a trader. If 17 lots are opened, Stop-Loss or Take-Profit will close 17 lots at the moment of triggering and reset the position.
Unrelated stop orders are stop-limit orders, so called "deferred"orders. There are 4 types of deferred stop orders on FTX: buy-stop, sell-stop, buy-limit and sell-limit. In these orders, the trader sets the volume independently, they do not depend on the open position.
Stop orders are not visible in the order book to market participants until they are triggered: other traders do not know where your stops are placed. Let's look at these types of orders.
Stop orders that close a position are the usual orders for traders. There is no volume parameter in the related orders, because they are placed in the volume of the open position. This is convenient because there is no need to spend time setting the volume for a trader. If 17 lots are opened, Stop-Loss or Take-Profit will close 17 lots at the moment of triggering and reset the position.
Unrelated stop orders are stop-limit orders, so called "deferred"orders. There are 4 types of deferred stop orders on FTX: buy-stop, sell-stop, buy-limit and sell-limit. In these orders, the trader sets the volume independently, they do not depend on the open position.
Stop orders are not visible in the order book to market participants until they are triggered: other traders do not know where your stops are placed. Let's look at these types of orders.
Stop-loss
Stop-Loss-an order for closing a position. The main purpose of this order is to limit losses on an open position.
Stop-Loss can be set if the position is currently opened. If a user trades on FTX via CScalp, Stop-Loss is set only on the terminal side. When the order is triggered, CScalp closes the position using the limit order and sends it to the edge of the order book. This usually leads to an instant closing of the position.
To set the Stop-Loss, hover the cursor over the order book and hold down the hotkey C (default). The message "Stop-Loss/Take-Profit" will be shown at the bottom of the order book (you should enable the SL/TP setup mode). Do the left click on the price at which the closing order will be triggered.
To set the Stop-Loss, hover the cursor over the order book and hold down the hotkey C (default). The message "Stop-Loss/Take-Profit" will be shown at the bottom of the order book (you should enable the SL/TP setup mode). Do the left click on the price at which the closing order will be triggered.
Position opened at 207.55, but secured (Stop-loss) at 207.39
Important: Stop-Loss which is located on the terminal side will be removed when the connection is broken or the CScalp is closed.
Important: Stop-Loss cannot exist without an open position. If the position is closed, the Stop-Loss will be removed automatically.
Take-profit
Take-Profit is the order for fixing profit on the opened position. The main goal of Take-Profit is to close positions with a profit when the specified price is reached.
Take-Profit can be set only when the position is opened. If the user trades on FTX via CScalp, then Take-Profit will be set only on the terminal side. When a Take-Profit is triggered, CScalp automatically closes by the limit order position and sends it to the edge of the order book. This usually leads to an instant closing position.
In order to set the Take-Profit, hover the cursor over the order book and hold down the hotkey C (by default). The message "Stop-Loss/Take-Profit" will be shown at the bottom of the order book (if you turn on the SL/TP setup mode). Do the left-click on the price at which the order will be triggered to close the position.
In order to set the Take-Profit, hover the cursor over the order book and hold down the hotkey C (by default). The message "Stop-Loss/Take-Profit" will be shown at the bottom of the order book (if you turn on the SL/TP setup mode). Do the left-click on the price at which the order will be triggered to close the position.
The position is opened at 207.39 with secured take profit at 207.55
Important: The Take-Profit placed on the terminal side will be removed when the connection is broken or CScalp is closed.
Important: a Take-Profit order cannot exist without an opened position. If the position is closed, Take-Profit will be taken off automatically.
Limit stop-orders
There are 4 types of stop orders (deferred) that are not related to the position on
FTX:
● buy-stop - buying order placed in the seller's zone (making a buy if the price is going up in specified level);
● sell-stop - selling order placed in the buyer's zone (making a sell if the price is falling in specified level);
● buy-limit - buying order placed in the buyer's zone (making a buy if the price is falling in specified level);
● sell-limit - selling order placed in the seller's zone (making a sell if the price is going up in specified level).
FTX:
● buy-stop - buying order placed in the seller's zone (making a buy if the price is going up in specified level);
● sell-stop - selling order placed in the buyer's zone (making a sell if the price is falling in specified level);
● buy-limit - buying order placed in the buyer's zone (making a buy if the price is falling in specified level);
● sell-limit - selling order placed in the seller's zone (making a sell if the price is going up in specified level).
Limit stop-orders are outlined on the market exchange servers and can be fulfilled if occurs under the condition of the specified price. If the orders on the orders book reach the limit stop-order level, but there is not any trade, therefore the limit stop-orders will not be executed.
In order to place a stop order, hover the mouse over the order book and hold down the hotkey V (default). The message "Stop order" will be shown at the bottom of the order book (if you turn on the stop order setting mode). Click on the price using the left or right mouse button, at which the deferred order should be triggered.
When it has been triggered, the deferred orders turn into limit orders. Such limit orders are placed at the price of the stop-limit plus the Limit orders slipping. Limit orders slipping could be adjusted in settings. Limit orders slipping is set by 0 (by default). This means that the stop-limit will turn into a limit order at the price of the edge of the order book and will actually open a market position (at the best price in the order book).
In order to place a stop order, hover the mouse over the order book and hold down the hotkey V (default). The message "Stop order" will be shown at the bottom of the order book (if you turn on the stop order setting mode). Click on the price using the left or right mouse button, at which the deferred order should be triggered.
When it has been triggered, the deferred orders turn into limit orders. Such limit orders are placed at the price of the stop-limit plus the Limit orders slipping. Limit orders slipping could be adjusted in settings. Limit orders slipping is set by 0 (by default). This means that the stop-limit will turn into a limit order at the price of the edge of the order book and will actually open a market position (at the best price in the order book).
Setting up the slipping stop orders in CScalp
The limit orders slipping is specified in the price step of the ticker. The price step is the minimum price’s change of a particular ticker. For example, the BTC price step is 1 cent. If the price step is equal to 1 cent, a limit order will be placed at the stop-limit price + 1 cent. Scaling does not affect the price of the placed limit order.
Important: if the connection is disconnected or CScalp is closed, the stop-limit orders remain active because they are hosted on the exchange server.
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Don't forget to subscribe our official CScalp news channel, trader signals and get to know our bot.
If something is not clear, just contact support via Telegram @CScalp_support_bot, you will get an answer in couple of seconds.
You can also visit our Discord channel or subscribe to the CScalp TV YouTube channel.
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