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Orders and exits

How the order book works, which order to use, what fees and slippage cost, and how to plan your exit.

Module 2 of 27 lessons

Module 27 lessons 1234567
Module 27 lessons 1234567
  1. The order bookThe order book lists the prices people wait to buy and sell at, and how much waits at each price.5 min
  2. Market and limit ordersA market order trades at once against the book. A limit order waits in the book at the price you set.5 min
  3. Maker and taker feesA maker order waits in the book and pays a lower fee. A taker order trades with the book at once and pays more.5 min
  4. SlippageSlippage is the gap between the price you saw and the average price you got, because a market order uses up the book one price at a time.6 min
  5. Stop ordersA stop order waits for a trigger price, then becomes a normal order that trades in the book.5 min
  6. Take-profit and stop-lossA take-profit and a stop-loss send market exits when the mark price reaches levels you choose.5 min
  7. Reduce-onlyA reduce-only order can only make your position smaller. It never opens or grows a position.4 min