Did you get used to buying/selling using market value?
It’s simpler but maybe that’s boring and maybe lacking the excitement of trading coins.
Why do I want to set my own price?
The reason is to maximize your profit and minimize your loss.
You can keep trading with the market value and still make profit but you are letting Binance decide the price.
How to set your own price
First, make sure Limit is selected.
As you see in the image, you have to set the price of coin that you are willing to pay.
In this example, the price of TRX is set to 0.00000417 BTC.
Also, you see the amount you want to buy is set to 1485.
So you are willing to pay:
0.00000417 BTC x 1485 = 0.00619245 BTC
Pressing the “Buy TRX” button will send the order.
You will see your order at the Open Orders section below.
Sending an order does NOT mean you bought the coin
As you see in the previous image, it’s in the Open Order.
It means your order is sent and now Binance is looking for a seller.
When they find a seller then the trade will be completed.
Because you set your own price, sometimes it’s hard to find seller for the price and your order can stay there for a long time.
Once they find the seller, then your order will be complete and you will get your coins!
There is no clear notification when the transaction happens
You have to make sure your order is gone and it’s listed in the My 24h Order History section.
This is an example of how it looks like. It says Filled and it means your order has gone through and now you have the coin.
What if nobody takes your order?
Sometimes your sits there for days.
The reason is the price you set is too low.
People want you to pay more.
Then you have to click the “Cancel” in your order and resend the order with a new price.
Time to buy more coins!
I hope it wasn’t too complicated.
The more you practice, the easier it will get.
Let’s buy some coins!