Q: What is a Trigger Order?
A: A trigger order (or conditional market order) is an instruction placed by the user to execute a trade only if specific conditions are met. These conditions can be based on price levels, market movements, or other predefined criteria.
Q: Does Flipster support Conditional Limit Orders?
A: Flipster only supports Conditional Market Orders at the moment. However, we will be evaluating the addition of conditional limit orders in the future.
Q: Why is there a need for Trigger Order?
A: Trigger Order is generally used when a user only wants to execute an order at a specific price or condition. Usually being used in a “breakout strategy” where the price that the user wants to open or close a position is more disadvantageous than the currently traded price. Market orders will not be applicable here as the order will be executed at the current traded price in the market and will not fit into the strategy above.
Q: How do I place a Trigger Order?
A: In the order screen uncheck “Use Market Price”, the user will be required to input a Trigger price in order to complete your order.
Q: What is the reference point for the Trigger price?
A: The reference point is based on the Mid Price of the perpetual contract. The Mid Price is calculated as [Current Bid Price + Current Ask Price]/2]
Q: Will margin be taken out from the wallet balance when I placed a Trigger Order?
A: Yes, please note that margin will be locked as “Funds Reserved” in your account. This is done to ensure that your pending orders will be executed without any error when the Trigger price has been reached.
Q: Where can I check the Trigger Orders that I have placed?
A: You may check the pending Trigger Orders under the Assets page → Your Positions → Pending.
Q: Can I modify or cancel a Trigger Order once it is placed?
A: Yes, you can cancel the pending Trigger Order by tapping the desired order and clicking on “Cancel order” at the bottom of the screen. However, you will not be able to modify the Trigger Order directly. You will have to cancel the order and re-input another Trigger Order instead.