What are the risks associated with using day only vs good until cancelled in cryptocurrency exchanges?

3 answers

• Harish RaviJun 28, 2021 · 5 years ago
  When using day only orders on cryptocurrency exchanges, there is a risk of missing out on potential opportunities if the price moves in your favor after the order expires. However, this type of order can help limit losses by automatically canceling the order at the end of the trading day. On the other hand, using good until cancelled orders allows you to keep the order active until it is filled or manually canceled. This can be advantageous if you want to take advantage of long-term price movements, but it also carries the risk of the order remaining open indefinitely and potentially being executed at unfavorable prices.
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• Nithin NavdeepSep 19, 2022 · 4 years ago
  Day only orders are like a one-night stand in the cryptocurrency world. They're quick, convenient, and can help you limit your losses. But if the price moves in your favor after the order expires, you'll be left wondering what could have been. Good until cancelled orders, on the other hand, are like a committed relationship. They give you the flexibility to keep the order active until it's filled or manually canceled. This can be great for long-term price movements, but be careful not to forget about your open orders and risk executing them at unfavorable prices.
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• Sandeep ReddyMay 15, 2022 · 4 years ago
  Using day only orders on cryptocurrency exchanges can help you manage your risk by automatically canceling the order at the end of the trading day. This can be useful if you want to limit your exposure to overnight price movements. However, it also means that you may miss out on potential opportunities if the price moves in your favor after the order expires. On the other hand, using good until cancelled orders allows you to keep the order active until it is filled or manually canceled. This can be advantageous if you want to take advantage of long-term price movements, but it also carries the risk of the order remaining open indefinitely and potentially being executed at unfavorable prices. It's important to carefully consider your trading strategy and risk tolerance when choosing between these order types.
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