Day trading is a strategy that involves entering and exiting positions within the same business day. The term comes from legacy markets, referencing the fact that they’re only open for set periods during the day. Day traders are not expected to keep any of their positions open outside of those periods.
Cryptocurrency markets, as you are probably aware, are not subject to opening or closing times. You can trade around the clock, all day, every day of the year. Still, day trading in the context of cryptocurrency tends to refer to a trading style where the trader enters and exits positions within 24 hours.
In day trading, you’ll often rely on technical analysis to determine which assets to trade. Because profits in such a short period can be minimal, you may opt to trade across a wide range of assets to try and maximise your returns. That said, some might exclusively trade the same pair for years.
This style is obviously a very active trading strategy. It can be very profitable, but because of that it also comes with a significant amount of risk. Because of that, day trading is generally better suited to more experienced traders.
The bid price is the highest price that a particular buyer is willing to pay for a specific product or service. In the context of financial/crypto markets, it is the value buyers offer for an asset, such as a commodity, security or cryptocurrency.
The asking price is the minimum price that an individual would be willing to sell their asset, or the minimum amount that they want to receive in return for the unit(s) they are parting with.
Here you can see all of your open orders. To cancel an open order, just click the ‘X’ symbol next to it.
Limit order gives you the power to set a specific price at which you would like to buy or sell the desired amount of cryptocurrency.
A market order is an order type that enables you to buy or sell at the best available market price.
A Stop Loss Limit order is designed to limit your loss on a cryptocurrency position. A Stop Loss Limit order can be placed to buy or sell a specific cryptocurrency at your entered price (a limit order) once that cryptocurrency reaches a certain price.
A take profit limit order is an order put in place by traders to maximize their profits and protect their profits on positions. A take profit limit order allows you (a trader) to set your custom made Buy or Sell order. You have to set two prices - the Trigger Price and the buy/sell Price.
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