Understanding the basics of the market goes a long way in avoiding the intermittent risk which is pertinent in the evolving dynamic cryptocurrency trades. Complete understanding of where to stop orders, when to market the order and when to limit is the key to gaining a lot of opportunist trades in cryptocurrency trading.
Types of order
Simply put the market orders is an effort to sell/buy currency, assets at the current prevailing price, which is more like the right now type of trade with set conditions to either market buy or sell with the fees to be paid for covering the trade in the current volatile situation.
During the limit order, there is a price which is waiting to be booked on the traders behalf on the price quoted, that could be possibly filled by someone else, once the price reached the order the trader booked, it will be an automatic buy/sell in the trading platform, the traders order is limited to the pricing point recommended, with the order placed by others in the market. The fees charged for this type of orders is limited and less compared to other instruments
The stop order or the stop loss, on the other hand, places the order with preset price conditions, once the market reaches the price set, the limit is set and the market sell /buy can happen but the stop sell order conditions set is executed. There is a time for placing the orders and often the stop order is like a preventive back up a measure to cover up the losses which could have been incurred in the fluctuating markets.
Making the best decision
It is more intuitive to place trade as, sometime the market may be conducive to buy/sell at current pricing, though the fees charge could be high, and there are chances of risk in the particular trade, but one would still go for it as the momentary decision could be in for a profitable strategy used at the moment and take home a good chunk of profit, even after paying the high fees for that particular market order. Choosing the platform to trade like the Bitcoin Code software is yet another winner as the ease of trading is important. Using the limit order is the best as it has a low percentage of fees to be paid, and is a conservative approach to how other traders are placing the trades effectively in other currency exchanges. Keeping in mind the cost of the fees and other charges which could eat away the profits it is best-suited option to reduce the risk and improve the profitability.