Cryptsy Tools & Features


#1

Not enough people take advantage of these.

First is the Portfolio Buy:

It is located under ‘Tools’. When buying on a regular basis & getting multiple coins. It saves time & will spread your BTC evenly among all the coins you select. When buying in blocks this is most time effective & your order will be placed as a regular buy in the marketplace. You just put in the maximum you want to spend & select as many coins as you want to buy. People get confused by micro orders but sometimes what you are actually seeing is traders using this feature to spread their BTC out into multiple coins. This tool is for Buying only, just as the name implies. Only use this is you are willing to pay the current market price per each selected coin.

Second is the Currency Converter:

Also located under ‘tools’ tab. Why use this…there is no fee. You pay the same price as the current market, but without the fees! This is for live trading, the quotes are good for 15minutes. You select the coin you have to ‘send’ & choose the coin you want to convert to in the ‘receive’. It is automatically set on ‘send’ but you can change it to ‘receive’ to buy a coin. Then select how much you want…and done! The only thing i dont like about this feature is lack of choice…for instance XPY is not available there. Despite my suggesting a lobbing effort to have it added.

Last is a Trigger:

You have this as a feature when you go to a specific coins exchange page.Using this does not put any of your assets on ‘hold’, so you can use them for active trading. It also does not go over the amount state, but can not place your buy if funds are not available at the time the trigger is met.

This is to set low buy price & higher sell price. Both do not have to be met…this will get you the price you want to buy & sell at individually, without having to watch the market. This feature is quirky & i suggest touching every box, even if it is preset to what you want. I even change the clock time on it just to generate the trigger.

You also have the ability to cancel a trigger by going to the ‘Trigger’ tab & selecting cancel just as you do any other order.


General Bitcoin Discussion
#2

Could you explain the trigger in some more detail? Screenshots and examples?


#3
  1. Choose buy or sell. For the EG it will be ‘Sell’
  2. Select a price higher (>) then the current Sell price, you may have to adjust it a little. For this EG i used .00000069 as Doge is pretty steady between .00000065 & .00000067BTC .
  3. Select the amount at which you want your order placed. If you were a motivated seller you could set this to .00000068 & that would make you the first .00000069 sell available on the exchange.
  4. Simply how much you want to exchange on your order. EG the maximum you are willing to Sell as the trigger will fill as a normal order & sell as buy orders are placed for it.
  5. Date & time, it automatically generates to expire in one day.
  6. It will automatically generate the ETV. Then create a ‘Trigger’ button. If it does not go back to 5. the time/date & change it slightly, then each box in turn till the green ‘Save Trigger’ button is generated. Your Trigger then will appear as a red number on the Trigger tab at the top of the page.


#4

Thanks for the full explanation.


#5

2&3 are what you have to pay most attention to with the Trigger. IMO they have them reversed & the Order price should be first, then the choice of what price to Buy or Sell at. Most know what they want to sell at, but it is the actual current Buying Price that will generate the actual order being sent. If i made this Trigger for the Doge Price of .00000068 generate the order at that point.This is more important if you are Buying, as your order will be generated before the Buying price is actually where you want it but you are more likely to get a larger amount at the low price you want as your order will be already generated.For volatile markets that does give you an advantage.


#6

& now my trigger went of at .00000069 :slight_smile: worked like a charm.


11hr.57min.&48sec to spare LOL…but still a good day to Doge.


#7

Question: Do Triggers show up in the normal orderbook / depth chart?


#8

Not till the order is made (#2^), your BTC is not reserved for it, & it only initiates the trigger if you have enough BTC to pay for it.


#9

are you sure about that last part @Bitminertopia ?

I believe on Cryptsy they will still execute if you do not have enough BTC but only up until you run out ?


#10

pay for it at that price. (?) Not sure how else to word it.
Usually what happens is a a buy order & i dont get enough sellers at the low price i want…so there is a remainder left behind. To either cancel or let stand.


#11

yeah that’s what i meant. I was refering to “it only initiates the trigger if you have enough BTC to pay for it” which is a misnomer kind of


#12

Not understanding misnomer… there is another word for that?


They call it a ‘trigger’ at Cryptsy… it is an automatic trade order.


#13

didn’t mean to be cryptic got pulled away

the misnomer i was referring to was the “it only initiates the trigger if you have enough BTC to pay for it” statement.

It will still execute for smaller amounts if you do not have the full trigger amount available.

edit: whats up on Cryptsy now?


#14

Now.i just am finishing getting some XRP direct for my ‘left over’ Doge.


#15

Raises hand

What is the difference between using a trigger and just placing a sell for the sell order price? I feel like such a virgin LOL. I have went from .52 BTC to .54 BTC in the past three days from buying at the buy order price and selling at the sell order price.

I am not getting the distinction of the trigger. (I have been known to be a little thick at times) :wink:

I guess, basically, what is the “specialness” of a trigger? What’s the advantage?

Will the trigger sell at .00000069 and then it keeps selling if the price goes higher than .00000069?


#16

The trigger is for speculation basicaly… if you are buying at the lowest price, then you basicly decide what price to sell at to make it worth your wild to spend your time daytrading.
The main feature of the Trigger is that it does not place an actual order, so no one can see your sell price & build a wall around it. WHen you place a regular Buy order then Cryptsy reserves that amount & it is then unusable for microbids & opportunity buys that are caused by crypto news, good & bad.
If you are making increases simply by buying & selling at Cryptsy prices…then imagine how much more you could make by adjusting that just a few notches & getting the lowest prices even when you are not around. :slight_smile:
You also have to keep in mind that BTC prices are on the rise & so some of your increase might also be attributed to the increased value, as Cryptsy does not leave much between the automatic buy & sell prices that appear…sometimes not even enough to cover their fees.That is why some people look for the nearest wall & place their bid right under it…then the micro bidding commences tills the Buy & sell prices meet (theoretically). :stuck_out_tongue_winking_eye:

Edit: Almost missed that last Q. If you are selling at .00000069, then that is the price you get. The buy price automaticaly adjusts to the lowest when you are buying…it gets confusing sometimes as there is lag on most devices & your Sell may be processed before you ever see the Buy that meets it.


#17

NINJA TRADING!!! LOL

Ok I get it. This basically is a placeholder without reserving the funds and someone viewing live can’t defeat your activity by adjusting their strategy because they can see your activity.

I thought originally that the >= you used for the trigger meant that you could sell at the 69 price and then continue to sell as the value increased. Thanks for clearing that up for me. I will get the hang of this. Maybe my skull piece isn’t as thick as I originally thought. It sunk in rather cozy

S’gi


#18

This is essentially what a “ping-pong” strategy is and works well in sideways or upward trending markets :wink:

For me the cool thing is you can set triggers without decreasing your current trading balance, whereas a buy order takes the BTC or whatever and reserves it for the buy. It allows you to set up some nice speculative trades


#19

Thanks @pbj !! I snatched that little ‘ping-pong’ strategy with a quick read. I have so much more to learn and I am very grateful I met you lot. I am also reading the http://www.babypips.com site. I think the crypto market is basically like the Forex or any other stock type exchange and I can take those techniques and apply them to my advantage.

I kind of love the trigger now LOL. I am going to play with it and see what I can do


#20

Since we were talking about ping-pong trade strategy thought I would share a pic that may help clarify the how-to of it.

The purpose of this strategy is to play the spread between the Ask and Buy price exactly as you were doing. Here is a bot i use sometimes that does it automatically.

I tried to highlight the important parts to show whats going on. Basically we are trying to get a Buy at the second position on the order book and Sell at the second position on the Ask side.

A lot of bots i see running are incorrectly configured as they always try to capture the top spot on each side of the book. Well the only thing this does is cause each bot to fight each other for the top position, constantly bidding against each other reducing the spread (the very thing we want!). It’s not needed, the top transactions are usually small and the bigger buys and sells will hit your orders in position 2 just fine. In addition, buy choosing to try to get the second spot on each side of the book, we are artificially increasing the spread for our benefit.

For instance in this screen:
Top Bid = 0.0101999
Top Ask = 0.0102000
Spread = 0.00000010

Second Bid = 0.01015001
Second Ask = 0.01025120
Spread = 0.00010119

Anyway, hope it helps ya some!


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