cryptocurrency-trading-on-tanx-a-beginner-s-guide-to-stop-limit-orders

Cryptocurrency Trading on tanX: A Beginner's Guide to Stop Limit Orders

Cryptocurrency Trading on tanX: A Beginner's Guide to Stop Limit Orders

Sharad Jaiswal

Product

3

min read

Feb 12, 2024

tanX is a revolutionary decentralized exchange (DEX) that empowers traders with a seamless, secure, and gasless trading experience. Unlike traditional exchanges, tanX eliminates the middleman, giving you complete control over your crypto assets. This blog will guide you through placing stop-limit orders on tanX, a powerful tool for savvy traders to execute precise and strategic trades.


What are Stop-Limit Orders?


A stop-limit order is an advanced type of order that combines two functionalities: a stop price and a limit price. The stop price triggers the order when the market price reaches a specific point, while the limit price dictates the maximum (for buy orders) or minimum (for sell orders) price you're willing to accept for the trade.


Why Use Stop-Limit Orders on tanX?


tanX's stop-limit orders offer several advantages for traders:


  • Enhanced Control: Stop-limit orders allow you to automate your trading strategy and capitalise on market movements without constant monitoring.


  • Reduced Risk: Stop-loss orders can help mitigate potential losses by automatically exiting a position when the price reaches a predefined threshold.


  • Precision: Limit orders to ensure your trade executes at a favourable price, preventing unwanted slippage.


  • Flexibility: tanX's stop-limit orders cater to both buying and selling scenarios, making them a versatile tool for various trading strategies.


How to Place Stop-Limit Orders on tanX


Placing stop-limit orders on tanX is a straightforward process:


  • Log in to trade.tanx.fi and go to the Trade section from the left side menu.

  • Select the desired trading pair from the trading pair list.

  • Choose buy/sell and select the ‘ Stop Limit Order’ from the Orders list. The default option is Market order trade.

  • Enter the ‘Stop Limit amount’ you would like to trade and click ‘Buy ETH’

  • Congratulations! Your ‘Stop limit order’ has been placed successfully. Note: Stop limit order will only execute if market price reaches to the stop price which has been set for this stop limit order. To track your orders, visit the ‘Orders’ section in History from the left side menu.


Additional Tips for Using Stop-Limit Orders on tanX


  • Conduct thorough market research to determine appropriate stop and limit prices for your trading strategy.


  • Start with smaller order sizes to test the waters and gain confidence and experience before placing larger trades.


  • Stay informed about market movements and adjust your stop-limit orders accordingly.


Start Your First Stop Limit Order Trade with TanX


Stop-limit orders are very useful for traders who want to gain control over their cryptocurrency trades on tanX. By understanding how to use them effectively, you can enhance your trading strategies, manage risk, and potentially improve your returns. Remember, practice and sound trading practices are essential for success. So, head over to tanX, explore the stop-limit order functionality, and start making strategic trades today!


Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Please conduct your own research before making any investment decisions.

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Frequently Asked Questions

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Frequently Asked Questions

What are the different types of withdrawals available on the platform and what are the fees charged?

What is the estimated time for withdrawal to complete?

Why do normal withdrawals require more time to be processed than I expected?

Are tanX smart contracts audited?

Does tanX charge deposit fee?

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tanX helps you trade trustless without having to compromise on fees, swiftness, experience & liquidity.

© 2023 tanX.fi All rights reserved.

tanX helps you trade trustless without having to compromise on fees, swiftness, experience & liquidity.

© 2023 tanX.fi All rights reserved.

tanX helps you trade trustless without having to compromise on fees, swiftness, experience & liquidity.

© 2023 tanX.fi All rights reserved.

tanX helps you trade trustless without having to compromise on fees, swiftness, experience & liquidity.

© 2023 tanX.fi All rights reserved.