Understanding Order Types

This article outlines the order types for trading on Rails.

• Order Type Summary

• Placing Standard Orders

• Placing Trigger Orders

• Trigger Order Shortcuts

Order Type Summary

Standard Orders

Standard Orders are basic order types used to take either a long or short position on any available asset:

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.

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.

Trigger Orders

A trigger order is an automated order used to manage risk, allowing you to set specific conditions that activate a market or limit order when the asset reaches a predefined price. These are essential for protecting your positions during rapid price movements or when you’re not actively monitoring the market. Trigger orders can only be applied to existing open market or limit positions.

Protecting your profit:

Take Profit Market Order: This is used to secure profit by automatically triggering a market order once the asset reaches the target 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 trigger price.

• For short positions, a take profit market order will automatically buy when the asset falls to the trigger price.

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 target price specified in your trigger order conditions. The order will be executed at the trigger price or better.

• For long positions, a take profit limit order will sell when the asset reaches the trigger price.

• For short positions, a take profit limit order will buy when the asset falls below the trigger price.

Limiting your losses:

Stop Market Order: This is used to minimize losses if the asset moves against your trade. You must set a stop price which reflects your risk tolerance, and once the stop 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 stop price.

• For short positions, a stop market order will automatically buy if the asset rises above the stop price.

Stop 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 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 stop 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 stop price. The order will be executed only if sellers are willing to sell at the limit price or better (lower).

Placing Standard Orders

Market Orders

A market order is an order to buy or sell an asset immediately at the best available price.

What's Required:

Three pieces of information are required to place a market order:

• 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.

Placing the Order:

To place a market order, complete the following steps:

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Select Market to ensure that you are executing a market order.

2. Select Buy or Sell depending on what market order you are trying to make.

1. Input the details of your order (quantity or trade value) in Amount. Click on the double arrow button on the right to choose which option you want.

1. If you prefer to set a percentage of your available balance to trade you can select from the percentage options available.

1. Select your preferred leverage amount by clicking on the cross margin drop down menu.

1. Click the Buy [Asset] or Sell [Asset] button to place your order.

A green "Order accepted" banner will pop and you should see your order appear under the Positions tab if it was successful unless there were issues with your trade.

Limit Orders

A limit order enables you to buy or sell an asset at a specified price or better.

What's Required:

Four pieces of information are required to place a limit order:

• Price: This specifies the price you wish to buy or sell the asset at.

• Quantity: How many units (or partial units) of the asset you are trading.

• Trade Value: How much you will pay (in USDT for Rails Pro and STABLE for Rails Play) not including any associated fees.

• Leverage: How much leverage you wish to open the position with.

Placing the Order:

To place a limit order, complete the following steps:

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Select Limit to ensure that you are executing a limit order.

1. Select Buy or Sell depending on what limit order you are trying to make.

2. Input the Price at which you want to execute your order.

3. Input the details of your order (quantity or trade value) in Amount. Click on the double arrow button on the right to choose which option you want.

1. If you prefer to set a percentage of your available balance to trade you can select from the percentage options available.

1. Select your preferred leverage amount by clicking on the cross margin drop down menu.

1. Click the Buy [Asset] or Sell [Asset] button to place your order.

Placing a limit order does not guarantee that your order will be filled. The order will not be filled unless the limit price is reached and there is a corresponding buyer/seller to your position. A green "Order accepted" banner will pop up and you should see your order appear under the Positions tab if it was successful unless there were issues with your trade.

Placing Trigger Orders

If you want more control over the type of trigger order you place, follow these steps or use a shortcut.

Note: All trigger orders are executed as Market Orders.

Take Profit Market Order

Three pieces of information are required to place a take profit market order:

• Trigger Price: This specifies the price you wish to buy or sell the asset at.

• Quantity: How many units (or partial units) of the asset you are trading.

• Trade Value: How much you will pay (in USDC for Pro and STABLE for Play) not including any associated fees.

To place a take profit market order, complete the following steps.

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Confirm that you already have a long or short position of the asset which you want to take profit on.

1. Select Take Profit Market to ensure that you are executing a take profit market order.

1. Select Buy or Sell depending on whether you are taking a profit from a short or long position respectively.

2. Enter the Trigger Price at which you want to take profit.

1. Enter the quantity of the asset OR the trade value in Amount you want to buy or sell when that asset price is reached, and the other will auto-populate. Click on the double arrow button on the right to choose which option you want.

2. Click the Buy [Asset] or Sell [Asset] button to place your order.

Note: If you used leverage on the initial position, the same leverage amount will apply to your trigger order.

A green “Trigger order created” banner will pop up to show a successful order completion and you should see your order appear under the Trigger Orders tab in the bottom of the page unless there were issues with your trade.

Take Profit Limit Order

Four pieces of information are required to place a limit order:

• Trigger Price: This specifies the price you wish you order to be triggered.

• Price (Limit Price): This specifies the price at which you would like the order to be executed.

• Quantity: How many units (or partial units) of the asset you are trading.

• Trade Value: How much you will pay (in USDC for Pro and STABLE for Play) not including any associated fees.

To place a take profit limit order, complete the following steps.

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Confirm that you already have a long or short position of the asset which you want to take profit on.

1. Select Take Profit Limit to ensure that you are executing a take profit limit order.

1. Select Buy or Sell depending on whether you are taking a profit from a short or long position respectively.

2. Enter the Trigger Price at which you want your take profit order to trigger.

1. Enter the Price (limit price) at which you want your take profit order to execute.

2. Enter the quantity of the asset you want to buy or sell in Amount and the trade value will auto-populate. Click on the double arrow button on the right to choose which option you want.

Note: If you used leverage on the initial position, the same leverage amount will apply to your trigger order.

A green “Trigger order created” banner will pop up to show a successful order completion and you should see your order appear under the Trigger Orders tab in the bottom of the page unless there were issues with your trade.

Stop Market Order

Three pieces of information are required to place a limit order:

• Trigger Price: This specifies the price you wish to buy or sell the asset at.

• Quantity: How many units (or partial units) of the asset you are trading.

• Trade Value: How much you will pay (in USDT for Pro and STABLE for Play) not including any associated fees.

To place a stop market order, complete the following steps.

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Confirm that you already have a long or short position of the asset which you want to stop loss on.

1. Select Stop Market Order to ensure that you are executing a stop market order.

1. Select Buy or Sell depending on whether you are stopping a loss from a short or long position respectively.

2. Enter the Trigger Price at which you want to stop your loss.

1. Enter the quantity of the asset OR the trade value you want to buy or sell in Amount when that asset price is reached, and the other will auto-populate. Click on the double arrow button on the right to choose which option you want.

2. Click the Buy [Asset] or Sell [Asset] button to place your order.

Note: If you used leverage on the initial position, the same leverage amount will apply to your trigger order.

A green “Trigger order created” banner will pop up to show a successful order completion and you should see your order appear under the Trigger Orders tab in the bottom of the page unless there were issues with your trade.

Stop Limit Order

Four pieces of information are required to place a limit order:

• Trigger Price: This specifies the price you wish you order to be triggered

• Price (limit price): This specifies the price at which you would like the order to be executed.

• Quantity: How many units (or partial units) of the asset you are trading.

• Trade Value: How much you will pay (in USDT for Pro and STABLE for Play) not including any associated fees.

To place a Stop Limit Order follow these steps:

1. Select the asset you wish to trade in the top left hand corner of your Rails account under All Markets.

1. Confirm that you already have a long or short position of the asset which you want to stop losses on.

1. Select Stop Limit Order to ensure that you are executing a stop limit order.

1. Select Buy or Sell depending on whether you are stopping a loss from a short or long position.

2. Enter the Trigger Price at which you want your stop limit order to trigger.

1. Enter the Price (limit price) at which you want your stop limit order to execute.

2. Enter the quantity of the asset OR the trade value you want to buy or sell in Amount when that asset price is reached, and the other will auto-populate. Click on the double arrow button on the right to choose which option you want.

3. Click the Buy [Asset] or Sell [Asset] button to place your order.

Note: If you used leverage on the initial position, the same leverage amount will apply to your trigger order.

Placing a stop limit order does not guarantee that your order will be filled. The order will not be filled unless the limit price is reached and there is a corresponding buyer/seller to your position. You should see your order appear under the Trigger Orders tab if it was successful unless there were issues with your trade.

Trigger Order Shortcuts

The easiest way to add a trigger order is in your positions tab at the bottom left of the platform.

1. Once you have an open position, click Add --> on either TP (Take Profit) or SL (Stop Loss) in the Trigger Orders section.

1. Input the Price and Amount for your Take Profit or Stop Loss as desired.

   • You can manually enter the amount or select a % of the position value which will become visible once you click in the Amount space.

   • Your forecasted profit (Gain) and Loss will be displayed to help you understand the impact of your trigger orders.

1. Click UPDATE TRIGGER(S). You should see a success message similar to the image below in the lower left-hand side of your screen.

Note: All trigger orders are executed as Market Orders.