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Offline Riverhead

Limit Cover Order
« on: August 29, 2014, 12:18:47 PM »

I'm probably showing my extreme lack of market savvy here but I can't seem to find the option in the market:


I shorted about 3000 BTSX for $100USD. To make a 10% return on this I need to cover when USD/BTSX is at about $0.38/BTSX. How do I put that in now? Just go long at 0.38 or is there a limit cover order or do I just need to keep an eye on it?

Offline nikauforest

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Re: Limit Cover Order
« Reply #1 on: August 29, 2014, 01:42:13 PM »
I'm probably showing my extreme lack of market savvy here but I can't seem to find the option in the market:


I shorted about 3000 BTSX for $100USD. To make a 10% return on this I need to cover when USD/BTSX is at about $0.38/BTSX. How do I put that in now? Just go long at 0.38 or is there a limit cover order or do I just need to keep an eye on it?

Yes, I am confused about this too.

When you click cover you get "cover" but no price to cover at.
I was expecting something like "buy to cover" at "anyNumberBTSX"

Buying an equal long position does not cancel the short (this is a good thing which neutralizes the position) However there seems to be no way to set what price you want to cover at? Am I missing something?
Thanks

Offline GaltReport

Re: Limit Cover Order
« Reply #2 on: August 29, 2014, 01:47:12 PM »
In my understanding, the COVER button will use the BitUSD you have in your account.  You will have to place a regular order to BUY at the price you want to COVER and THEN use the COVER button once it's bought.

Offline nikauforest

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Re: Limit Cover Order
« Reply #3 on: August 29, 2014, 01:49:52 PM »
In my understanding, the COVER button will use the BitUSD you have in your account.  You will have to place a regular order to BUY at the price you want to COVER and THEN use the COVER button once it's bought.

Ah ok. That makes sense. Thanks

Offline Riverhead

Re: Limit Cover Order
« Reply #4 on: August 29, 2014, 02:10:52 PM »
In my understanding, the COVER button will use the BitUSD you have in your account.  You will have to place a regular order to BUY at the price you want to COVER and THEN use the COVER button once it's bought.

Ah ok. That makes sense. Thanks


Yup, thanks GaltReport. I've got my orders in...now I just wait for people to come to their senses :D . I'm really enjoying this client. Just need more volume. So if I understand this correctly when my Ask sells for $110.16 I pay back the $100 I borrowed from someone else and pocket the $10.16?


« Last Edit: August 29, 2014, 02:13:29 PM by Riverhead »

 

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