Order Types
Read below to understand the various order types available on the Rails Platform. For instructions on how to place each order type, visit our Placing Orders article.
Note: All shortcut trigger orders are executed as Market Orders.
Market Order
A market order is an order to buy or sell an asset immediately at the best available price. This makes it the fastest and easiest order type to execute because they prioritize speed over price.
What's Required:
Three pieces of information are required to place a market order:
Order Side: Specify a Long (Buy) or Short (Sell) order.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
Leverage: How much leverage you wish to open the position with.
Limit Order
A limit order enables you to buy or sell an asset at a specified price or better. When placing a limit order to buy, it will only be executed at the limit price or lower, enabling you to control how much you pay. Conversely, a limit order to sell will only be executed at the limit price or higher. Limit orders may not be filled if you don't set an appropriate price.
What's Required:
Five pieces of information are required to place a limit order:
Order Side: Specify a Long (Buy) or Short (Sell) order.
Price: This specifies the limit price you wish to set for your order.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
Leverage: How much leverage you wish to open the position with.
Check Post only if desired.
Stop Loss Market Order
This is used to minimize losses if the asset moves against an open position. You must set a stop loss (SL) price which reflects your risk tolerance, and once the SL price is reached or exceeded, a market order is executed immediately. The final price may be lower or higher than expected due to slippage.
For long positions, a stop market order will automatically sell if the asset falls below the SL price.
For short positions, a stop market order will automatically buy if the asset rises above the SL price.
Whats Required:
Two pieces of information are required to place a limit order:
Trigger/SL Price: This specifies the price you wish your order to be triggered at.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
Trigger order shortcuts only allow users to specify the amount in terms of quantity.
Stop Loss Limit Order
Similar to a stop market order, this is used to minimize losses if the asset moves against your trade but is executed differently. You must set a stop loss (SL) price (the price at which you want to trigger the limit order) and a limit price (the price at which you want the order to execute). There's a risk your trigger order does not execute if the market moves too fast causing slippage.
For long positions, a stop limit order will be placed when the price drops to the SL price. The order will be executed only if buyers are willing to buy at the limit price or better (higher).
For short positions, a stop limit order will be placed when the asset price rises to the SL price. The order will be executed only if sellers are willing to sell at the limit price or better (lower).
Whats Required:
Three pieces of information are required to place a trigger limit order:
Trigger/SL Price: This specifies the price you wish your order to be triggered at.
(Limit) Price: This specifies the limit price at which you would like the order to be executed.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
Take Profit Market Order
This is used to secure profit by automatically triggering a market order against an open position once the asset reaches the take profit (TP) price specified in your trigger order conditions. The order will be executed at the best available market price. There is no guarantee of an exact execution price due to slippage, especially in volatile markets.
For long positions, a take profit market order will automatically sell when the asset reaches the TP price.
For short positions, a take profit market order will automatically buy when the asset falls to the TP price.
Whats Required:
Two pieces of information are required to place a take profit market order:
Trigger/TP Price: This specifies the price you wish your order to be triggered at.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
Trigger order shortcuts only allow users to specify the amount in terms of quantity.
Take Profit Limit Order
Similar to a take profit market order, this is used to secure profit by automatically triggering a limit order to be placed once the asset reaches the take profit (TP) price specified in your trigger order conditions. The order will be executed at the TP price or better.
For long positions, a take profit limit order will sell when the asset reaches the TP price.
For short positions, a take profit limit order will buy when the asset falls below the TP price.
Whats Required:
Four pieces of information are required to place a limit order:
Trigger/TP Price: This specifies the price you wish your order to be triggered at.
(Limit) Price: This specifies the limit price at which you would like the order to be executed.
Amount: You can specify the amount by quantity or trade value.
Quantity (#): How many units (or partial units) of the asset you are trading.
Trade Value ($): How much you will pay (in USDT on Rails Pro or STABLE in Rails Play) not including any associated fees.
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