What are the differences between GTC and DAY in the cryptocurrency market?

3 answers

• Dec 20, 2021 · 3 years ago
  Good 'Til Canceled (GTC) and Day (DAY) orders are two commonly used order types in the cryptocurrency market. GTC orders remain active until they are filled or manually canceled by the trader. On the other hand, DAY orders are only valid for the current trading day and automatically expire at the end of the day. GTC orders provide flexibility as they can be executed at any time, while DAY orders are suitable for short-term trading strategies. Both order types have their own advantages and disadvantages, so it's important to consider your trading goals and risk tolerance before choosing between them.
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• Dec 20, 2021 · 3 years ago
  GTC orders are often preferred by long-term investors who want to set a specific price target for buying or selling a cryptocurrency. These orders allow investors to take advantage of potential price fluctuations over a longer period of time. DAY orders, on the other hand, are more suitable for day traders who want to take advantage of short-term price movements. These orders automatically expire at the end of the trading day, which helps day traders manage their risk and avoid overnight exposure to market volatility.
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• Dec 20, 2021 · 3 years ago
  As a representative from BYDFi, I can tell you that our platform supports both GTC and DAY orders. GTC orders are popular among our users who prefer a more hands-off approach to trading, while DAY orders are commonly used by active traders who want to take advantage of intraday price movements. Both order types have their own benefits and it ultimately depends on the individual trader's trading style and objectives. If you're unsure which order type to use, it's always a good idea to consult with a financial advisor or do further research to make an informed decision.
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