Hey, Digitex community! It’s been a busy week so far and we’re continuing to listen to your feedback and make additional improvements to the exchange. Today, we’re pleased to let you know that we have upgraded our stop loss order. As some of you have been requesting this for a while now, we think you’re going to love it. Read on to find out what’s changed and for other updates at Digitex this week as well.
As any seasoned trader knows, stop loss orders are essential for trading to minimize your losses and effectively manage your risk. With that in mind, we’ve made the Digitex stop loss order much more effective and easy to use in three simple steps:
- Press the Buy or Sell select button
- Type in the trigger price that will trigger the stop (always keep in mind that this number is based on the spot price, not the futures price)
- Type in the quantity
- Press the button “Set buy stop” or “Set sell stop”
What Is a Stop Loss Order and What Is it For?
For those of you who are new to trading, fear not, there are no stupid questions. A stop loss order is an order that you place to buy or sell automatically once the asset in question reaches a certain price. Effectively, this means that you can take a break from trading with the peace of mind that, in the event of high volatility or the market going against you, you are protected from suffering major losses.
So, say, for example, that you decide you don’t want to hold your long position if Bitcoin (BTC) falls by more than $100. You simply set your stop loss order at $100 below the price you bought at. If BTC falls to this price, you will automatically sell, and curtail your losses rather than potentially suffering far greater losses.
Since it costs nothing to set up your stop loss, it allows you to trade more efficiently knowing that you’ll never be further out of pocket than your risk appetite can tolerate. It also means that you can keep your emotions out of trading. Especially when you’re new to the market, it’s easy to ride the hype and let emotions cloud your judgement. This almost always leads to delays triggering a sale, higher losses, or even liquidation.
We hope you like the improvements to the stop loss order on Digitex. If you have more requests for UX/UI upgrades and additions, please share them on any of our socials or contact our support, and we’ll review them with the internal team.
What Else Is New at Digitex?
If you’ve been trading on our platform, you’ve probably already noticed that the spreads have gotten a lot tighter, even during really volatile markets as the price of BTC and ETH have plummeted this week. This (the tight spreads, not the price tanks!) is thanks to our new Liquidity Mining program. We’re really pleased to see that its purpose is taking full effect because it means that your orders are more likely to get filled. Traded volumes on the exchange are much higher this week due to this — $128 million 24-hour traded volume on the BTC futures market, and $31 million on ETH futures market.
Another really great piece of news is that the number of active traders on the exchange has doubled this week alone–and continues to rise daily. Since this is only week one of releasing the first of many upgrades to come on Digitex, we’re taking this as a good sign of what’s to come and happy to be back on track.
Last but not least, we understand that a lot of you have questions about the internal team and workings of Digitex. We made some very important organizational and workflow changes at the start of this year that have allowed us to kick things off again at a much faster, smoother, and more efficient pace–and with a far higher standard of quality.
This is our primary goal for the rest of the year ahead. As we approach the second quarter of 2021 already, we plan to bring you many more pleasant surprises and upgrades, so be sure to stay tuned.