Disclaimer: Any information in this article is general information, and should not be used or misconstrued as advice when making trades on Amplify Exchange or any other service.
When placing trade orders on Amplify Exchange, you have two additional options beyond just trading at the current market value: limit orders and stop orders.
Limit orders enable you to tell our exchange a price at which you want to execute a trade. This can be done when placing both buy orders and sell orders. As an example, if you want to take advantage of a decreased price in a coin, you can set a buy limit to execute your order when the price drops below a certain value. For example, the value of BTC/USD might be $11,000 per BTC. You can set a buy limit to buy BTC if the price drops below a certain threshold. To continue the example, if you set a buy limit order of $10,000 per BTC, then if the price drops to or below $10,000 the order will be executed. The same works for selling, too, just in the opposite direction. If you placed a sell limit, then the limit order will be executed when the value exceeds the threshold value set in your limit. Using the above prices as an example, you could place a sell limit if the value of BTC/USD exceeded $13,000.
Therefore, what limit orders allow you to do is maximize your time and your money. Since Amplify will execute the limit order once the thresholds are met, you don't need to manually monitor the markets to take advantage of buying when a price is low or selling when a price is high.
Stop orders work similarly to limit orders, in that they enable you to set a price where an order will be executed. Unlike limit orders, though, stop orders are used more to control your risk rather than take advantage of a high or low in the market. A sell stop order executes when a price drops below a certain threshold and is set up to reduce your risk in case the price of a trade falls. As an example, if you set sell stop order at $9,000 BTC/USD when the price is currently $11,000, you are indicating you want to sell your BTC if the price drops to or below $9000. You might set this kind of limit if you bought your BTC at a price close to the $9000 limit you set, in order to prevent a loss. A buy stop order, on the other hand, executes if the price rises to a certain threshold. In the example, you might set a buy stop order at the price of $12,000 BTC/USD. This stop order is generally used to buy in case a price might rise, so as to not lose an opportunity of a rising currency.
So similar to limit orders, stop orders let you maximize your time and minimize your risk. They also allow you to tell Amplify when to execute your orders so you don't have to constantly check the markets in case of a rise or fall in the markets and can offer peace of mind when trading.
How Do I Cancel a Limit or Stop Order?
Once you are logged in, you can cancel a limit or stop order you have previously placed. On the Portfolio page, there is a section below the portfolio overview and above your list of wallets where you can see your working orders. There is a Cancel button located on the right side of the screen.