Kraken Pro Tutorial - Advanced Order Types

[@DevCryptofy]

Bro! Such God level ,chill , swift freaking knowledge you have of the kraken pro man! Damn🤯

[@carpenoctom]

thx Dev!

[@cryptogcrypto]

Nice video. Most tutorials I've seen cover limit and market orders only and omit the advanced orders. This is the first video I found that showed how to set SL and TP and explained why quantity available to sell was unavailable because I had already set an open order. So very useful. Cheers.

[@carpenoctom]

yw cgc

[@kyle777]

The biggest downfall is that you can’t enter BOTH a stoploss and take profit in the same order. This greatly hinders the execution of trade strategies. I wish Kraken would implement this functionality, I can’t imagine it being that difficult.

[@carpenoctom]

sounds like a great suggestion, will pass along

[@karthikeyanp7561]

This is much required one, else for one single order we have to do multiple clicks to achieve this. Just wondering how this basic feature is missing 🧐!

[@sunshine3187]

What exchange gives this option?

[@squarecircle1473]

honestly its ridiculous that its not an option.

[@markkuykendall5475]

When I was in demo on Trading View, I got really fond of Buy and Sell Stop orders as well as limit orders. I'm super hopeful that Kraken will implement them ASAP. :)

[@carpenoctom]

these orders should be available on the krakenpro interface using the dropdown in the order ticket. Limit Market Stop Loss Stop Loss Limit Take Profit Take Profit Limit should all be available for selection in the order ticket.

[@markkuykendall5475]

@@carpenoctom Tks for your quick response, Josh! :) Of the seven order types you listed, the first two are entries, the last five are exits. A limit order that's an entry, triggers when price action moves DOWN and hits it if it's a buy or up when it's a sell. Trading View's "Buy Stop"s and "Sell Stops" are flipped upside down from that. A Buy Stop would be placed above price action and trigger when price moved up and touched it at which point it would become a market order. A Sell Stop would go below blah blah, and price would hit it and it would become market sell order. So, basically, what I'm hoping Kraken will do is give me the opportunity to place buy or sell Market orders with conditional price action triggers. This is basic bread and butter stuff on TV and I'm pretty sure ForEx peeps take them for granted as well. :)

[@WhiteBubblySoup]

This is triggering my PTSD from being burned by kraken scam wicks. worst one was I got stopped out of what would have been a good trade inmay 2020 on a complete garbage wick that was only on kraken. I'm still salty about it. Ofc less of an issue now bc they took away margin

[@carpenoctom]

ya those wicks were brutal back in the day

[@JB08645]

Question, can you set multiple take profit limit (sell) orders? Say you have 1M of a coin and want to structure it so that once your trigger price is hit, you can allocate how much you want to sell off (percentage or number) and at what limit for each? Hope this makes sense.

[@carpenoctom]

yes, you can set multiple TP orders so long as asset amounts arent re-used. you cannot set multiple orders for the same asset(s). ie 250k sell @ 1.11 250k sell @ 1.12 250k sell @ 1.13 250k sell @ 1.14

[@iamaquastonethrone77]

Bro when u say large fill does that mean when your trying to a get a big bag or a big trade done? This is In regards to what u say at 1:07. Please let me know and thank u for this video.

[@carpenoctom]

large trade

[@unclnis]

Thanks Josh, great tutorial!

[@carpenoctom]

yw unc

[@Magor108]

Tks for the Video. Maybe someone here managed to find a way for Trailing Take Profit or Trailing Stop Loss. Eg if in profit, the selling price moves up with the market price and stop loss set if price drops say 15% of the value or by a fixed price difference say $5. "Trailing Take Profit is used where you'd prefer to gain more profit when the market price keeps going in the right way, instead of the initial Take Profit target, which would have closed at a certain price level. The TP will be executed when the trend reverses or pulls back, and the price will pass the adjusted trailing distance. "

[@carpenoctom]

kraken has now added trailing SLs!

[@ashleyfluture5621]

Question, if you have a million Shib and set your sell limit order for $1 (crazy increase) would you click the “post only” option?

[@carpenoctom]

yes i would use post only unless you want a quick market sell. saves from fat finger mistakes as well.

[@Mangust2]

I am practicing with kraken interface. I have trouble to automate it. Bough some amount of btc with stop loss order. Now I am not able to place take profit order. Means if I go to sleep then I can miss profit, and maybe see stop loss created expected loss for me. Does it mean I need to babysit any open position? I wonder what is a strategy to trade without stop loss / take profit pair. I can’t see how to stay profitable without functioning orders.

[@carpenoctom]

you cant place the same assets in two different orders simultaneously ie you cant place a SL and TP for the same order

[@MarioSmeets]

Great vid! Is it possible to combine a stop loss and a take profit in one order? For example: you buy 1 Solana at 95$. Stop loss is set at 90$, take profit at 100$. If one of two numbers is reached, the order is filled. Or should I place an order at 95$ with a conditional take profit order, selling at 100$ and afterwards place a similar sell order with a stop loss of 90$?

[@carpenoctom]

no i dont believe u can combine the order types unfort

[@Radazure]

Is it possible to set a limit order but only when the price of a coin is above the current price? Limit orders get instantly executed whenever i try to set a price that is higher.

[@carpenoctom]

limit sell should let you do this

[@brandonsmith-qr8rq]

Quick question when I set my take profit order I select 100% to sell all when I reach my profit I want to but but when I go to set my stop loss is doesn’t let me select any because it says it’s all in use in my take profit? Why is that?

[@carpenoctom]

you cant set two different orders for the same assets

[@unclnis]

Hey Josh, much appreciated! Have question as well. Is it possible to set 2 buy orders at once for the same balance? For example the price of BTC is 37k. I'm hoping to catch a bid at 35k and have set a limit buy there. But I also don't want to miss the price running away higher, so I'd like to also add an order for stop-loss buy at 38.5k. In this way whichever price is hit first - will use the balance available. Would that be possible? Whenever I try to set this type of orders - Kraken just won't execute the second order I try to input, but no error message is shown 🙏

[@carpenoctom]

no i dont think u can set two orders with the same balance

[@spidracer]

Grazie! How about Stop orders to enter a trade (ie Buy Stop Limit to long on a breakout)? Is there some trick in the UI to do this? Or is that order type simply not available? When I try to use the Stop Loss / Take Profit to enter, the UI yells at me. Will formal Stop and Stop Limit orders be added at some point? Ideally also adding some sort of "Hide Order" or "Server Only Until Trigger" (Like Interactive Brokers) for whatever is worth knowing this may be meaningless if Kraken is trading against its customers also (hopefully not).

[@carpenoctom]

some of those more advanced order types arent available yet but should be coming down the pipe soon if you're having issues placing the order though i would try buy vs sell stop limit/TP limit hope that helps

[@spidracer]

@@carpenoctom Tried that. KPro yells at me claiming I don't know what I am doing! 😂

[@jesusmylife6565]

Can i place a limit order a 100% or more increase or decrease of the present price?

[@carpenoctom]

yes just calculate the price and make the limit order

[@ericverster4069]

I need to know how to settle a position. The old UI had a way to do it apparently and I cannot fucking find it now. I think I accidentally borrowed on leverage. Predatory ass feature of kraken.

[@carpenoctom]

Sorry to hear about your frustration. Spoke to the kraken team and they asked if you can reach out to support to look into what happened and further speak about improvements: support.kraken.com/hc/forms

[@h1burner856]

So is limit sell when the price of the coin rises to a target value and stop loss sell when the price falls to a target value?

[@carpenoctom]

yes and yes

[@markkuykendall5475]

I decided I was going to set up a buy limit order for Cardano. That order is now in my open orders list BUT, because price hasn't come down to the entry point for the limit order, the order has not been filled. So, I'm WAITING to buy Cardano but haven't done so yet. My ADA balance is zero. Because ADA balance is zero, Kraken won't let me set up a TP order for that limit order yet. When I try to set up my TP order, Kraken is telling me I have an insufficient balance of ADA (I have zero) and thus, if I'm understanding correctly, I can't sell of and take profit what don't yet have, even though my tp order is hypothetical. Am I understanding this correctly? When I was using Trading View in demo, I could, upon setting up a limit order, drag my Stop Loss and TPs immediately and they were associated with the limit order. It doesn't work this way in Kraken Pro? Am I totally confused or only just a little bit confused? Or do I understand things correctly?

[@carpenoctom]

correct - you cannot set TP orders for the ADA position b/c your ledger contains 0 ADA currently. TV may have allowed you to do this in a paper trading environment.

[@utubesysinfo6870]

Thanks Josh 🙏🏼😊

[@carpenoctom]

yw Sys

[@cryptogcrypto]

The problem is you cannot simultaneously place a TP for 100% quantity and a SL also for 100% quantity.

[@carpenoctom]

yes you cannot place the same $ or coin value in two orders at the same time

[@papermule1918]

Hey hey really appriciate your content. For me as i just got into margn trading I have some troubles understanding the advances order types. Would be nice to have a competent explaintion of these.

[@Kilogram24]

One cancels other orders still not available? Platform calls itself Pro? That's pathetic...

[@carpenoctom]

you should be able to X out the orders in the list view

[@Kilogram24]

@@carpenoctom What? How does that help me? I need to be able to set an order where I can have a stop-loss and a take-profit target. What does X-ing out the orders do?

[@fedeoetinful]

😉

[@carpenoctom]

:)