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Be honest. How many times a day do you check crypto prices? Five. Ten. Maybe more? Many of us do it. You check to make sure that you’re not missing out on a good buying opportunity. Or, to see if it’s a good time to sell and bank some sweet profits. You might even feel the need to keep an eye on things to see if you should be cutting any of your losses. Whichever way you look at it, it’s called FOMO - the fear of missing out - and it can affect your behaviour and better judgement.
As many of you are likely aware, we added limit orders to Sovryn in our most recent release. This is something that the whole community had been looking forward to, and the response has been extremely positive.
Limit orders allow you to set an order to buy or sell an asset when it hits a predetermined price in the future, unlike market orders, which allow you to buy or sell an asset at the market’s current, best available price. When you set a limit order, it will only get filled if the asset price reaches the price you set, or better.
As you might have already assumed, limit orders do not guarantee execution. The price of the asset you’re buying or selling might not actually reach your price target. At least, not within a reasonable timeframe. Of course, this all depends on your outlook and time horizon. Some people prefer to think in terms of months and years while others like to be in and out of a trade within a much, much shorter time frame.
When you set a limit order, you're basically saying no to FOMO and reclaiming some of your time back. Which, after all, is really your most precious resource. Price fatigue can be a thing of the past!
The main thing you need to do is determine what price you would like to buy or sell the asset at, and then set your limit order on Sovryn. Think about it. Why should you need to sit in front of the computer screen late into the night, in the hope that price action might move in your favour, when it rarely does?
It’s actually a lot easier than you think to start automating your financial self-sovereignty.