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Introduction to Futures Trading Order Types

Hotcoin

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Contents

1. Market Order

2. Limit Order

3. Advanced Limit Order

4. Planned Order

5. Tracking Order

Hotcoin Futures currently support five order types. Each order type is designed for different trading strategies and execution preferences.

1. Market Order

A Market Order executes immediately at the best available price in the order book.

Because the order is filled at market price, the final execution price may differ from the expected price due to market volatility. This difference is known as slippage.

Market Orders prioritize speed of execution over price precision.

2. Limit Order

A Limit Order allows you to place an order at a specified price or a better price.

For buy orders, execution occurs when the market price reaches or falls below your limit price.

For sell orders, execution occurs when the market price reaches or rises above your limit price.

Limit Orders are not guaranteed to be filled if the market price does not reach the specified level.

3. Advanced Limit Order

An Advanced Limit Order is a specialized form of a Limit Order that includes additional execution conditions:

Maker Only (Post Only): The order will only be placed as a maker order. If it would immediately match, the order is canceled

Fill or Kill (FOK): The order must be fully executed immediately, or it will be canceled

Immediate or Cancel (IOC): Any portion of the order that is not immediately filled will be canceled

These options allow traders to better control execution behavior and fees.

4. Planned Order

A Planned Order allows traders to pre-set a trigger price.

Once the market price reaches the trigger price, the system automatically places a Market Order or Limit Order based on the trader’s settings.

Planned Orders are commonly used for stop-loss and take-profit strategies.

5. Tracking Order

A Tracking Order is a strategy-based order that follows market price movements and executes when predefined conditions are met.

After activation, the order tracks the highest or lowest market price within the callback range set by the trader. When the market price rebounds by the specified callback range, the system places a Market Order.

Tracking Orders help traders capture favorable price movements while managing entry timing automatically.

Notes:

Tracking Orders rely on activation price and callback range conditions
If no activation price is set, the system uses the latest market price by default
Execution depends on market conditions and liquidity