Can you explain how time in force works in the context of cryptocurrency trading?

1 answers

• PRADEEP BHATDec 05, 2023 · 2 years ago
  Time in force is a crucial aspect of cryptocurrency trading. It determines how long an order will stay active in the market before being automatically canceled. The most common time in force options are 'Good 'Til Canceled' (GTC), 'Immediate or Cancel' (IOC), and 'Fill or Kill' (FOK). GTC orders remain active until manually canceled, while IOC orders are executed immediately or canceled if not filled. FOK orders must be filled entirely or canceled. Traders choose the appropriate time in force based on their trading strategies and market conditions. For example, a trader who wants to hold a position for a longer period may use GTC orders, while a trader who wants to execute trades quickly may prefer IOC or FOK orders. It's important to understand the implications of each time in force option and choose the one that aligns with your trading goals.
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