You might want to take action yourself on setting a price, which you want a new position to be opened, instead of acting upon the market price; The Limit order comes in.
With a Limit order, you can instruct the exchange to open a short or long position at a self-determined price for a cryptocurrency once the market reaches the price. This instruction will not be executed if the market never attains the specified price level. Due to the time length, it might take to complete an order, Geco.one provides a more extended timeframe selection that would accommodate this lag in opening a Limit order.
It entails opening a long position at a lower price than the current market price and a short position at a higher price,
For example, Limit Orders are divided into two categories:
If you believe the market is likely to rise, you might pick a lower price than the current market price. The order will be executed and valid when the set price is triggered.
On the other hand, if you believe the market will fall, you can set a greater trigger price for shorting the asset.
See other order types: