Here, we will explain the setting options for limit orders: "Post-Only GTX" and "Reduce Only."
1. Post-Only GTX
Sometimes, when placing a limit order, there is a possibility that the price suddenly decreases or increases more than expected, resulting in the order being executed as a market order instead of a limit order.
By setting "Post-Only GTX" when placing a limit order, you can avoid such situations. This means that if the limit order is executed as a market order, the order itself will be canceled.
By using "Post-Only GTX," you can avoid paying higher taker fees than maker fees and prevent the order from being executed at an undesired price.
2. Reduce Only
"Reduce Only" is a feature designed to prevent unintended positions due to misclicks.
By checking "Reduce Only," you ensure that only the closing of existing positions is allowed. This means that if you have a long position, you can only close it (sell), and if you have a short position, you can only close it (buy).
This feature helps prevent accidental opening of new positions, thereby reducing the risk of errors during trading.
By utilizing the "Post-Only GTX" and "Reduce Only" options, traders can enhance their risk management and ensure more precise execution of their trading strategies.