Question - Should I just set a limit sell order for the price I want, even if it is much higher than the current price?


#1

Say I have some coin I want to sell on the exchange but I want to sell it when the price reaches the price I want.

Is there a penalty, or some reason, I do not want to do that?

Just set it high and wait until someone will pay that?

So basic, but could someone shed some light on this for me?

Thanks!


#2

You can do what you like, there is no penalty for setting it higher than market price, although set it at a reasonably higher price (I recommend) not too high. unless you believe in it so “bigly” that you are sure MOON.


#3

Yes that’s exactly what will happen, and in fact if you look at all the trades in the window of bids and asks, that’s exactly what they all are, they are predefined orders to buy and orders to sell. But, if you want out the market quick or in the market quick you have to either chase the bid and ask with your limit price, or sell or buy at market price, or buy at sell rate (price is higher) or sell at bid rate (price is lower) So yes, setting an order because you don’t want to go lower or pay more will most times proceed, unless obviously you put in a bid and the price is rising all the time you will get left behind. and visa versa, put in an ask price to sell and the price is dropping you will get left behind. I hope that makes sense.


#4

Thanks for the clarification team, just some coins I have mined that I am sure will be back up within a week, but I dont want to miss the next spike.

So I figure I can just place my sell order where I want and wait, no hurry.