Stop Limit Limits?!?! #Poloniex #StopLimit #BTC

I learned something very important today! I was completely unaware that you are unable to place Stop-Limits under certain amounts. I wanted to test one of my speculations today so I decided to do a small test on Bitcoin and purchase $100 worth. I am always setting Stop-Limits in order to stop myself from losing a whole lot if the market goes the other way and I adjust those limits as the market goes in my favor. If you are not using limits you HAVE TO!! I would not advise trading without them. That is what I have read over and over and seen 100 times and I am abiding by it. It has save me a lot as well.

You do have to be careful in setting them though as if you push to close to the active trade lane you can close out short if the market makes a small correction. However, it protects your profit or prevents further loss so you will have to play around with it in order to find your comfort zone.

Today when I made my purchase I immediately set my Stop-Limit only to be greeted with a message telling me I couldn't!!

At this time and price .01 BTC is roughly $197.35 so I don't believe that it is based on a specific dollar amount but rather the setting of .01 BTC. You can not however, enter just .01 as you will receive the same error. You will need to enter .01000001 or something of the sort. This is important as well because you don't want to get stuck at .00000009 after your trading fees are taken out so I would suggest looking at the current trade price and a lot for the extra cost.

I believe that this would also be affected by the change in price as well but because you bought in at what ever price you did you would own a certain amount of BTC so you should be fine once you purchase it. Therefore, it may be advantageous to purchase in increments of BTC at all times instead of USD(T) amounts. This way you can help to avoid an issue like this as well. Just make sure to add on enough margin to cover your trading fees like I mentioned previously.

Now I just have to wait until it hits where I want to sale it at. This however, is taking time that I could be using for other research or other trading. One thing about trading is that you want to spend your time on research in my opinion. It only takes a small amount of time to place the trades but you research and planning is what is really important and setting Stop-Limits allows you to set a trade and "forget about it" and continue on with your day (doing whatever you want or need to do) because you do not need to be glued to your computer all day long.

I am sure that there are other limits to what you can do based on trade value but I haven't seen any others except for those when lending as you have to lend above a certain amount and margin trading as you have to have enough margin (this isn't recommended for beginners) but I will leave that for another post if needed. I will need to do some research to see if these limits are listed anywhere. I might have missed it when I signed up but I believe that Poloniex and any other platform should make it very clear any limits they have like this before you can start trading because it is a MAJOR PAIN!

If any one knows where these limits are listed please feel free to leave them in the comments. I will post them when I find them as well.

Good Luck Speculating!