Hello guys how are you doing today I will be talking about how to buy and sell from the orders books on poloniex and some other exchanges. But first of all let me briefly explain what the order books is all about.
In simple terms the order books is just like a market where different products are been displayed just like how if you go to the market you get different prices for a particular product and those you who is ghetto buyer will have a price in mind also.
Those who cashing out you see their own product on the 'Sell Orders' as ASK the amount they are willing to sell and it's usually arranged from the lowest to the highest. So if you want to buy the directly from the order books you seek out the cheapest to buy and the sellers normally sells to the highest bidder. In same manner those who are buying you see their prices on 'Buy Orders' as BID.
So in general on the order books you see traders their price and the buyers also display the amount they are willing to buy the coin.
On the order books you see alot of movement taking places people buying and selling. So let get started I will try and explain this to the ground level for you to understand let's proceed.
How to Buy via the Order Books
In order to buy directly from the order books, you go to the 'Sell Orders' section that is basically the ask price so as buyer you look out for the best Ask Price and remember in the order books the price are arranged in arrays starting from the lowest to the highest price so the one that appears on the top is the always the cheapest price.
All you have to do is click on it and the price will be displayed on the Buy box on the extreme left above the order books. On the buy box the price, the amount that is the quantity you are purchasing and the total amount which include the transaction fee, please take note the overall amount you are is spending to buy a particular coin and that is the base currency you are using ( The one you initially deposited on your exchange account) most times it's bitcoin.
If you are buying below the amount displayed in the total area you can reduce the quantity of the altcoin on the box before it unroll it's is the amount you are willing to spend you have to be fast doing this. After editing it to suit the amount you want to buy click on the Buy button and a dialog box will pop up notifying to have buy that quantity of currency for the specified price you can see the transaction details on you trade history below the order book.
How to Sell via the Order Books
So also in same manner of you want to sell via the orders books probably you don't want to place an order.
All you need to do is go to the Buy area on the order book look at the buy orders there and choose the one with the highest BID the price is arranged from the highest bidder to the lowest bidder unlike the 'Sell Order' books that is arrange in the opposite way. It more or less like a competition every one want his or her price to be on top because that gives you a better chance of getting filled faster the best bid price always appear on the top click on it do your normal editing and click the sell button.
So that's is it. The whole idea of trading is buying low & selling high make sure their is a buy oppurtunity before buying such that in few hours time, day time, week or month the price will go higher for you to sell. Thanks.
Hope this helps.
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