Bittrex Exchange Guide: How To Place Strategic Buy & Sell Orders In The Order Book


Hello again my friend, Caleb Wright here from
Bitcoin Lifestyles Club and in this next video
of your Bittrex cryptocurrency Exchange Beginner’s
Guide, I’m going to show you how to place
strategic buy and sell orders on the Bittrex
cryptocurrency exchange.
You may wonder exactly what I mean when I
say, strategic buy and sell orders.
In the last video, I showed you how to buy
or sell the market of any cryptocurrency coin
on Bittrex at current market prices.
Sometimes there are special situations that
require this.
But usually the best way to enter a trade
is to use your own technical analysis to determine
a low point that the currency may drop to
before rising again and then place your bid
somewhere within that pre-determined price
range in anticipation of the profitable price
movement.
And of course you can apply the same approach
to selling afterwards.
Using technical analysis you can determine
a price range where a currency may rise to,
and place your sell order within that area
in advance of it actually reaching that price.
This is how you can be more strategic about
your trading, which will result in higher
profits.
Of course it takes more time and patience,
but if you stick with a sounds gameplan and
implement, it will be worth it when you pull
in the profits.
I am currently on the exchange page for Stellar
Lumens, also known as XLM on the Bittrex cryptocurrency
exchange.
From here we’ll just scroll down a little
bit to the ‘Buy Lumens’ order form.
Notice that I have about 0.493 BTC in my available
bitcoin balance, that we can use to place
a buy order.
When you are ready to place your buy order,
you will have already done your technical
analysis to determine generally where you
want to place your bid order.
So next you will just want to review the price
range in the order books on the left here,
and then place your bid order accordingly.
Notice that you can use the navigational buttons
at the bottom of the order book to dig deeper
into the orders to find the perfect price
area for your buy order.
Now just for example, I will place my bid
at 2901 satoshis, right above these more significant
orders, potentially a level of support in
the order book here, on the buy side.
That we will just pretend was within the ideal
price range that I determined through my technical
analysis.
All we have to do is ‘left click’ the satoshi
price here, 2900, and it will automatically
populate the price in the ‘buy lumens’ order
form in the middle of the screen for you,
right here you see ‘Bid Price’ 2900.
Now I’ll just left click into it, and we’ll
just change it to 2901 satoshis.
Then since I’m intending to use the full amount
of bitcoin on this buy order, I can just click
the ‘max buy’ button here at the bottom of
the order form, and it will apply 100% of
my BTC balance to the order.
You see now that I’ve clicked it, under the
‘total’ field here for bitcoin, you can see
it shows .04932249 has been applied to the
order.
Which is the same amount that I have under
my available balance of bitcoin.
Now that everything is set, we can simply
click the ‘buy lumens’ button here in order
to place the order on the buy side of the
order book.
When we click it, it will bring up this pop
up window, with the information of our order
that we can verify, and once we’ve done that
we can click ‘confirm’ to go ahead and finish
placing our buy order in the bid side of the
order book.
As we can see right here it says, XLM buy
placed, on the lower right hand side of the
screen.
And notice now that once we’ve successfully
placed the order, that a little grey marker
shows up on the same row of the satoshi price
that we placed our order at, right here at
2901 satoshis.
There’s the little grey marker.
You can also scroll down a little bit to see
all of the buy and sell orders you currently
have open on Bittrex, which will now include
the order we just placed.
Just click the little plus button next to
where it says ‘My Open Orders’ to expand that
area and it will show the information for
your sell order that we just placed.
All that you have to do is click the little
red ‘x’ to remove your bid or sell order from
the order book.
Which is something you can do anytime prior
to your order being filled by price movement.
See I just successfully cancelled the order,
and it’s no longer showing under ‘My Open
Orders’.
Selling crypto on your Bittrex account is
just as easy.
And uses the same principles, just in the
other direction.
We anticipate the price range that the currency
will rise to after we have made our entry,
and place our sell orders accordingly within
that target price range, in order to close
your trade in a nice profit.
Now I do already have some XLM in my XLM wallet
here on Bittrex, so we can go ahead and setup
a sell order.
But before we do that, we’re just going to
open up the selling form, by clicking the
greyed out ‘sell’ button here in the middle
of the screen.
Once we’ve clicked it, it highlights and becomes
red, and this form now correlates with selling.
Now just like we did for buying, we can use
the order book on the right here to figure
out where to place the sell order.
Notice that you can use the navigational buttons
at the bottom to dig deeper into the order
books to find the perfect price area to place
your sell order.
Now I’m just going to arbitrarily choose what
might be a level of resistance in this order
book, and again we’ll just pretend this was
an area that was ideal through my technical
analysis, for us to make the best profit.
And so I’m eyeing this big sell order here
at 3160 satoshis.
So I’m just going to left click that, so that
it populates the ‘ask price’ field in the
selling form in the middle of the page.
And as you see, it says 3160 satoshis.
Now I’d like to place my sell order right
in front of that order, so I’m actually going
to sell it for a little bit cheaper than his
order by one satoshi.
So I’m going to change this to 3159 satoshis.
Then I’m going to click into the quantity
field here, and I’m going to type in 100 XLM.
So I’m going to setup the sell order to sell
100 XLM when the price reaches 3159 satoshis.
Then we can simply click the red ‘sell lumens’
button at the bottom of the ‘sell order’ form
in order to place our sell order in the order
book.
It will bring up the information of our order
in a pop up window, we can verify it and then
click confirm in order to finish placing our
order.
And there it is we have the message in the
bottom of the screen, ‘XLM sell placed’.
And that’s how you know it’s been done successfully.
And notice that just like when we placed the
buy order.
A little grey marker will go next to the satoshi
price in the sell side of the order book this
time.
As you can see right here, as it fluctuates
up and down a little bit, and that your order
will also appear in your ‘My Open Orders’
area when you scroll down the page a little
bit.
And I’m just going to cancel my order real
quick, since I have no actual intention of
selling XLM at this price right now.
So I’ll click the little red ‘x’ on the right
side of my open order here.
And there it is, the XLM sell has been cancelled
and the information disappeared from the ‘My
Open Orders’ area.
So in a nutshell, that is how you place strategic
buy and sell orders in advance of price movements
on the Bittrex cryptocurrency exchange.
It’s really pretty easy.
I hope you enjoyed this video training showing
you how to place a strategic buy or sell
order into the Bittrex order book in advance of beneficial price movements so that you can maximise your trading profits
this video training to be helpful, I would
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You can also share this video or even just
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Creating buy and sell orders is the easy part
of it all.
The challenging part for most people is doing
good technical analysis to figure out the
most profitable and safest times to buy and
sell for profit.
And where the most profitable areas to place
your bid and sell orders in advance will be
in order to maximise your profits.
If you are ready to dive head first into the
world of cryptocurrency trading, investing
and mining, and get the best results possible.
You should take a serious look at my cryptocurrency
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You can get more info about all of this at
m website www.BitcoinLifestyles.club.
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Feel free to contact me if you have any questions.
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I will also put a link to this in the video
description below.
I hope you enjoyed this FREE Bittrex Exchange
Beginner’s Guide that I put together just
for you.
Because I wanted to make sure that you could
figure this stuff out well enough so that
you could at least tread water.
Keep at it, invest in your financial education
and you will be swimming with the whales and
having financial success before long.
Caleb Wright here from Bitcoin Lifestyles
Club, and I wish you nothing but success with
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Stay prosperous and I’ll catch you soon on
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