Jump to content
  • 0
Sign in to follow this  

Bitcoin Trading Over the Weekend

Question

Hi everyone

I opened a sell position on BTC last night, just before 10pm at 3707.  I didn't realise the markets closed at 10pm on a Friday and re-opened on Sunday 8am (my fault totally, should have checked that, I presumed it was 24 hour trading on crypto).

What would happen if I open my sell order at 3707 and the price is frozen at 10pm, and during Friday - Sunday morning the price moves a few hundred points against me to 2890, but before 8am the price moves in my favour back down to 3600 or so?

Do I get the price from 8am onwards or does IG take into account the price movements over the weekend?

Share this post


Link to post

5 answers to this question

Recommended Posts

  • 0

You get the price on Sunday 8:00 am. IG does not take into account the movements over the weekend. Also if you have a stop loss then it is based on the price going forwards from Sunday 8:00 am onwards.

Share this post


Link to post
  • 0
Guest Greg

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

Share this post


Link to post
  • 0
12 hours ago, Guest Greg said:

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

Hi, don't Deribit have a lot of hidden fees? $10 commission per trade plus maker and taker fees plus withdrawal fees.

Share this post


Link to post
  • 0
On 02/11/2019 at 00:46, Guest Greg said:

This is enough of an inconvenience and un-necessary risk for me to leave this exchange and trade crypto on a proper platform which can handle 24/7 markets.

I too was unaware (my fault for not checking, when everyone else trades 24/7, you tend to assume they all do).

Too much risk when there are so many other superior options today. Deribit is solid. When they make a mistake they admit it and compensate customers.

IG's spreads are kind of an unavoidable rip-off too, on many BTC Futures platforms you can actually get a rebate and make money using Limit orders (the Market Order pays a higher fee, part of that is where the rebate comes from).

Too bad because IG have some really nice features. But this is unacceptable for me, I have no reason to take this risk, plus the extra prep pre-weekend and lack of opportunity caused by the weekly shut-downs. As long as they are shutting down on weekends, I'll be trading elsewhere.

We're sorry you feel this way, we use six bitcoin price providers and take the best bid and offer then wrap our spread around it. 

I will speak with our trading desk however we do need downtime to test our systems and our desk find it most appropriate at the weekend when most markets are closed. 

Share this post


Link to post
  • 0

You need a stable system before you have a 24/7 one :)

 

Share this post


Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
You are posting as a guest. If you have an account, please sign in.
Answer this question...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
      7,868
    • Total Posts
      41,598
    • Total Members
      51,893
    Newest Member
    dfdfdf
    Joined 12/12/19 10:21
  • Posts

    • Hey @dmedin, our analysts did a piece on this yesterday you might be interested in.  https://www.ig.com/uk/news-and-trade-ideas/what-will-happen-to-the-premier-oil-share-price-after-the-electi-191210
    • They are expecting a good Christmas and will be opening a new robotic 🤖 warehouse in 2021.  So it looks good for a wee long.  🐮
    • When looking at these markets and the trading behaviour of the average retail trader it seems to me that many don't really understand the market they are trading, there are also psychological factors that influence decision making to the detriment of trading success. If you are not confident in your understanding of the market then you are solely dependent on technical analysis but TA is not a given, it can only play out if assisted by fundamental and macro factors, those factors currently point to bull continuation. So the US major indices are routinely hitting new all time highs, the retail trader thinks they need to sell the high in order to buy back lower (buy low sell high right) so the retail trader (the crowd) are constantly trying to pick the tops (and patting themselves on the back thinking they are being contrarian). The positioning data of IG clients tell us this is exactly what's happening. Every time price goes higher the sell position ratio increases, when price is falling in a down trend the buy position ratios go higher. So clearly this is all wrong, when price is continually rising you need to buy high and sell higher. You buy breakouts or pullbacks, you should not be looking to sell a bull trending market at all. So why do they do it? The market is too high (no it's not), it must be the bears turn (wait and see first), but I need to sell the highs, the saying says so (no, you're not an investor), the chart is looking 'toppy' (just no), the TA is pointing down (doesn't matter without fundy and macro assist). An understand of a market comes with experience, until it does stick with the basics and look for longs in an uptrend, don't try to second guess the market and end up constantly fighting against it.
×
×