Hi Steemians, For those of you into trading crypto currencies, I thought I would share something that some of you might not know and it could be useful.
I have been exporing Bitfinex lately and one feature I've been very impressed with is the order type 'Scaled Orders'. This lets execute up to 50 trades on a single order and gives you control on how the prices and amounts vary.
You access it as with any other order type on Bitfinex:
From there you are presented with the following dialog box. I am trying to release some capital from my OMG holding for an ICO, but I'm in no rush so I used the following setup to drip Bitcoin into my BTC wallet:
In the above screen grab I had set this to very close to the current bid price. I submitted it, and the resulting set of child orders was created:
Just after I took that grab, a notification on my mobile phone commanded my attention and it was the first child order executing.
The great thing about this type of order with the time frame I specified is that it will execute pretty slowly. So I had plenty of time to think "you know what? I don't want to sell this low". You cancel the entire scaled order by clicking the 'X' at the top of the far right column in the orders blotter.
I decided to aim higher, and start generating my capital at a higher price of OMG. So I have changed my scaled order to start at 0.00275, which is a considerably more profitable level than the level I was original going for. And hey, I'm patient and happy to wait for OMG to bounce back to yesterdays levels. And actually I don't need to generate as much capital for the ICO as my first scaled order was set to. But I would like to sell if it breaks into new all time highs, so I decided to change the distribution setting, and have a custom weighting envelope which looks to sell more at higher prices. So I set this accordingly, and adjusted my previous order amount by 10, to ensure that at realistic levels between 0.0075 and 0.0085, I am generating the BTC that I need:
And just in case you are interested to see how that distribution setting manifested itself in the rates in the orders that have been created, here they are:
When (and I don't expect to have to wait too long!) my first child order of 0.00275 hits, it's going to be music to my ears, and each alert that goes off on my phone is going to be better and better news!
If you like this post, please upvote and follow me. And if you found this useful then please let me know and feed back as I might do a few more tutorials on Bitfinex as I find my way around