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Author Topic: Limit orders cancelled  (Read 309 times)

Offline StarterUser

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Limit orders cancelled
« on: December 06, 2020, 01:51:39 AM »
Hello, I noticed two cancelled limit orders on the exchange at the time the bot tried to enter a long.

The bot wanted to enter a trade using BBTA and although the price went under the lower Bollinger band and crossed back up again with the log file saying "BOUGHT" - after looking on the exchange, there were two limit orders at that time that were both canceled - the trade didn't happen.

Was this because the bot was placing a limit order at a slightly lower amount than the ask price reached?

Can I prevent this by switching the bot to "Market buy" in the Misc settings?

Are there any disadvantages to using market buy?

I guess with long periods between cycling pairs it might be better using limit buy, but my bot is cycling just one pair every 4 seconds, so I know the ask price can't change by much in that time, therefore running it by using market orders would be safe in that regard.

Cheers folks.




Offline Aitor

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Re: Limit orders cancelled
« Reply #1 on: December 09, 2020, 12:11:50 PM »
Can I prevent this by switching the bot to "Market buy" in the Misc settings?

Are there any disadvantages to using market buy?

Hi, yes, Market orders assure you complete the order. The disadvantages are that they usually have a bit higher fees and that you don't control the exact price like it happens with limit orders.