There are 3 main types of orders:
Limit Orders
When you choose this type, the order will be placed right into the exchange's order book. If this order is placed correctly then the execution of it will be fully completed at the specified price.
Market Orders
If you choose this type to open the trade, the order will be executed at the market price instantly, you are not able to change the price. But if the Market Order is chosen for Take Profit, then this order will be executed at the market price right after the specified price level is reached. Here you can enter the price where the Market Order will be executed. Also, you can choose which price type
Conditional Order
These are interesting types of orders, as you need to set the conditional price first, which will trigger the order to be placed or executed. So the order is not placed beforehand and is not triggered immediately after you create a SmartTrade. Thus, the funds are not locked in the orders and are free to use. This means that you will have to carefully and thoroughly track your balance!
For example, using Conditional orders to buy coins. You can place as many orders as you want and your funds will not be blocked there. You can trade in semi-automated mode, setting up Take Profit and Stop Losses to exit the trades.
You can also manually use QFL strategy in SmartTrades.
There are two types of this order:
1. Conditional Limit Order:
The main idea of this type is to place a limit order (described above) only if the price reaches a specified price level. Before this level is reached, the limit order is not placed
So there are two prices - Trigger price and Order price. You need to specify a trigger price when the order should be placed. Order price is where the Limit order will be placed when the condition is met.
WARNING!
It is not recommended to set the same Trigger price and the Order price or place them very close to each other. This may cause confusion and even loss because the placed limit order may not be executed.
Let's assume you want to BUY coins with Cond. Limit order and place the same Trigger and Order prices (240.7 on screenshot below). After the condition is met, the BUY order will be placed at the Trigger price, but the coin's price quickly reverted and went higher again. Thus, your BUY order will be placed at 240.7 and remain unfilled:
The same is with the SELL order (Stop Loss). The price can pass the Trigger level (240 on screenshot below) too fast - by the time the Limit Sell order is placed, the price can already be lower than this level, so the Sell Order is placed at 240 and is remains unfilled:
To prevent the limit order from being stuck:
Set the order price just a bit higher than the conditional price for buy orders.
Set the order price just a bit lower than the conditional price for sell orders.
2. Conditional Market Order
This works the same way as the Conditional Limit order, but with only one difference - it executes the order at the market rate as soon as the price reaches the condition (trigger) level.
Here you can choose the price type to consider - ASK, BID or LAST.