https://phemex.com/help-center/type-of-orders-on-phemex
Phemex provides you with a variety of order types to accommodate all your needs. Below is a list of every order type with a quick description.
Market orders
Market orders are performed immediately at current market prices. A user may prefer this option for urgent orders. We recommend paying attention to the order book when opting for type of action. It is possible that a large market order may incur market-impact costs.
Limit orders
Limit orders specify the maximum or minimum price that you are willing to buy or sell at. This order type helps minimize trading costs. However, limit orders do not guarantee execution. There is a chance your order may not be executed if it is placed far out of the market.
Conditional order
Conditional orders are automatically submitted once a specified criteria is met. To activate orders, you must specify a trigger price (TP) based on either the Last Traded Price or the Mark Price. This option is generally used with advanced strategies by experienced traders.
Stop loss orders
A Stop loss order allows you to specify a minimum price at which your orders will execute and close. This helps you minimize the maximum amount of loss you are willing to experience. We recommend this type of order for two main strategies:
• As a risk-management tool to limit losses on existing positions.
• As an automatic tool to enter the market at the desired entry point without manually waiting for the market to place the order.
Take profit orders
A Take profit order is similar to a Stop loss order. However, instead of executing when the price moves against the position, the order executes when the price moves in a favorable direction. We recommend using Take profit orders as opposed to Limit orders to increase the chances of closing out a position. You can do this by specifying a Market or Limit order instruction to be executed only when the market reaches the predefined Trigger Price.
Advanced order functions
Besides the existing orders presented above, this section will introduce additional ordering features that can be used in conjunction with some of the previous options.
Post only order
Post only orders are Limit orders that are only accepted if they do not immediately execute. The purpose is for these Post only orders to never take liquidity. This order type can be accessed from the Limit Order, Stop Loss Order, or Take Profit Order section by checking the “Post-Only” box.
Close on trigger orders
Close on trigger is an additional order type that can be used with most of the Stop and Take profit orders. It can be enabled by checking the “Close On Trigger” box. These are considered “high-priority” orders. If enough margin is not present to execute, it will attempt to cancel other open orders for the same trading pair. This order may only be used to reduce a position and will automatically cancel if it would cause an increase. Traders use this type of order in the case of market reversals.
Common Questions
Is the price of a Market Order guaranteed?
No, even though the order will execute instantly at the best available price from the Order Book, the prices can shift very quickly.
How can I guarantee a price then?
If the order’s price is your main concern we recommend using Limit orders. These will take longer to execute, but the price is guaranteed.
Where can I check all my active orders?
The “Active Orders” tab will display all your current active orders.
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