How to use stoploss and trailing stoploss at Bittrex
By default , the api is lacking order types normally associated with financial markets such as stop orders, conditional limit orders, and any advanced order type. The order type is limited to the following
Market Order – Basically a buy or sell button ( without slippage parameters)
Limit Orders – select your price ( no slippage parameter or how to handle unfilled order)
If you want to add a stoploss, the only option is to use a market order to exit your position. You would have to be at the web terminal or mobile app to do so and that is not the purpose of a stoploss. A stoploss is normally put in place as you make your entry. Adding a stoploss is also the first step necessary to determine your ENTRY SIZE to ensure you are only risking a certain amount per trade setup. The other option are using the conditional Type to sell at lower price as a stoploss and set a sell Limit at higher price for a takeprofit or visa versa for a Sell Market type.
With the use of automation or semi- automated features through bittrex api , we can do the following.
- Enter a market order to exit our position at a given price. This would be the closest resemblance of a stoploss
Ready for automated trading with trailing stops?