How to place entrusted orders on OYi Contract?

Understanding entrusted orders allows traders to automate trades based on predefined market conditions, enabling them to take advantage of market fluctuations without constant monitoring.

Jan 31, 2025 at 10:42 pm

Key Points:

• Understanding Entrusted Orders
• Step-by-Step Guide to Placing Entrusted Orders on OYi Contract
• Managing and Modifying Entrusted Orders
• Monitoring and Tracking Order Status
• Best Practices for Entrusted Trading

Understanding Entrusted Orders

Entrusted orders in the cryptocurrency market refer to conditional orders placed on exchanges, allowing users to execute trades automatically when specific predetermined market conditions are met. These orders offer convenience, efficiency, and the ability to take advantage of market fluctuations without constant monitoring. OYi Contract provides a comprehensive entrusted order system tailored for traders' needs.

Step-by-Step Guide to Placing Entrusted Orders on OYi Contract

1. Open an OYi Contract Account: Register on OYi Contract and complete account verification to enable entrusted order trading.
2. Deposit Trading Funds: Transfer funds into your OYi Contract account to provide capital for your entrusted orders.
3. Choose the Contract to Trade: Select the desired perpetual contract from the list of tradable assets on OYi Contract.
4. Select the Entrusted Order Type: OYi Contract offers various entrusted order types, including limit orders, market orders, stop-limit orders, and stop-orders. Choose the appropriate type based on your trading strategy.
5. Set the Order Parameters: Specify the order price, quantity, and other parameters as per your desired trading conditions.
6. Confirm and Submit the Order: Review the order details carefully and click the "Place Order" button to execute the order.

Managing and Modifying Entrusted Orders

Once placed, entrusted orders can be managed and modified as needed:

• Check Order Status: Monitor the current status of your entrusted orders, such as pending, partially filled, or filled, through the "Orders" section.
• Cancel Orders: Remove any unwanted entrusted orders by clicking the "Cancel" button next to the specific order.
• Modify Orders: Adjust the parameters of existing entrusted orders, such as price, quantity, or trigger conditions, to align with changing market conditions.

Monitoring and Tracking Order Status

• Real-Time Order Updates: OYi Contract provides real-time updates on the status of entrusted orders, allowing traders to stay informed about their positions.
• Order History: Access a comprehensive order history that lists all executed, canceled, and modified entrusted orders for detailed tracking and performance analysis.

Best Practices for Entrusted Trading

• Define Clear Trading Plan: Establish a well-defined trading plan that outlines your risk tolerance, target profits, and stop-loss levels before placing any entrusted orders.
• Monitor Market Conditions: Stay updated on market news, announcements, and price movements to identify potential trading opportunities and adjust your entrusted orders accordingly.
• Manage Risk Effectively: Utilize stop-loss orders and position sizing strategies to limit risk and protect your trading capital.

FAQs

1. What are the advantages of using entrusted orders?
   Entrusted orders offer convenience, efficiency, and the ability to capitalize on market fluctuations without constant monitoring.
2. What is the difference between a limit order and a stop-limit order?
   A limit order places a trade at a specific price or better, while a stop-limit order requires the market to reach a trigger price before executing the trade at a specified limit price.
3. How do I cancel an entrusted order?
   To cancel an entrusted order, navigate to the "Orders" section and click the "Cancel" button next to the desired order.
4. Can I modify the parameters of an entrusted order after it has been placed?
   Yes, you can modify the order price, quantity, or other parameters as needed before the order is filled.
5. How can I track the performance of my entrusted orders?
   Access the "Orders" section in your OYi Contract account to view the status and history of your entrusted orders.