How to gradually complete the entrustment order in OYi Contract?

Understanding different order types in OYi Contract, setting order parameters, and comprehending the order execution process are essential for completing entrustment orders effectively.

Feb 02, 2025 at 07:30 am

Key Points:

• OYi Contract provides several order types to cater to different trading strategies.
• Completing an entrustment order involves understanding the order type, order parameters, and execution process.
• Each OYi Contract order type has unique characteristics and functionalities.
• Traders should carefully consider their trading objectives and risk tolerance before placing an order.
• Technical considerations, such as market conditions and order execution, are crucial for successful trading.

How to Complete an Entrustment Order in OYi Contract:

1. Select an Order Type:

• Limit Order: Places an order at a predetermined price or better, providing control over execution price.

  • Sets a maximum price to buy or a minimum price to sell.
  • Protects against unfavorable price movements during execution.

• Market Order: Executes an immediate trade at the best available market price, offering quick execution.

  • Provides less control over execution price but ensures immediate order fulfillment.

• Conditional Order: Triggers an order to execute when a specific market condition is met, allowing traders to react to market fluctuations.

  • Types include Stop Order, Take Profit Order, and Stop Loss Order.

2. Set Order Parameters:

• Price: For Limit Orders, specify the desired execution price.
• Amount: Enter the amount of cryptocurrency to buy or sell.
• Trigger Price (Conditional Orders): Set the price at which the order becomes active.
• Validity: Determine the duration for which the order remains open, typically Good-Till-Cancelled (GTC) or Immediate-Or-Cancel (IOC).

3. Understand Order Execution:

• Matching Engine: OYi Contract uses a matching engine to match buy and sell orders, ensuring fair and efficient execution.
• Price Priority: Orders with better prices have priority in execution, followed by orders with the same price and earliest timestamp.
• Order Book: Displays current orders and their associated prices and amounts, providing market depth and liquidity information.

4. Review and Submit Order:

• Carefully review all order parameters before submission.
• Check the total order value, fees, and potential impact on the trading position.
• Submit the order by clicking the "Place Order" button, initiating the execution process.

5. Monitor Order Status:

• The order status can be tracked in the "Orders" tab of the OYi Contract trading interface.
• Track the order's lifecycle, from creation to execution or cancellation.
• Manage open orders, such as modifying or canceling them, as needed.

FAQs:

What is an OYi Contract entrustment order?

An entrustment order in OYi Contract is an instruction to buy or sell cryptocurrency at a specific price or condition.

How do I place a limit order in OYi Contract?

Select "Limit Order" in the order type selection, specify the desired execution price, and enter the order amount.

What is the difference between a GTC and an IOC order?

A GTC order remains open until executed or canceled, while an IOC order executes immediately upon placing and cancels any unfilled portion.

How do I modify an open order in OYi Contract?

Navigate to the "Orders" tab, select the open order, and click "Modify." Adjust the order parameters and resubmit.

Can I cancel an open order in OYi Contract?

Yes, open orders can be canceled by selecting them in the "Orders" tab and clicking "Cancel."