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Limit Order Tutorial
How to place buy/sell limit orders on Extract.
One of Extract's unique features is the ability to place limit orders on NFT collections.
If you already understand limit orders, then keep reading and we will show you how to set them using Extract.
On each individual collection page there will be a "limit order" option in blue.
Clicking on this button will take you to the following pages: Buy limit order or sell limit order.
Let's go through them below.
Above we have a "Buy limit order" Placing this kind of order will allow you to set a price you'd like to buy at, and wait till the pool price drops to that price. If the pool price drops to your desired price the trade will be executed instantly.
This is especially handy for traders that predict a collection is going to drop in price back to a previous support. Traders can then set buy orders at these lower prices and step away from the computer.
When setting a buy order on Extract you'll be presented with some collection statistics and 2 variables that need to be filled in - Order buy price and number of NFTs.
Setting a order buy price at 50ADA and the number of NFTs at 10 would mean your total cost comes to 500ADA. This will be presented to you down the bottom.
To continue, press buy and sign with your wallet. Your order is now in place.
Above we have a "Sell limit order" Placing sell orders is a great way to essentially list NFTs on Extract. Set your sell price and wait for the pool price to reach it, your order will be executed.
The sell order UI will show you the NFTs you own that are from the collection you want to sell into. It draws this information from your inventory and filters out all policy IDs that do not match the collection you are selling into. You can then choose exactly which NFTs you'd like to sell, or use the slider. Then fill in the price variable and you'll be ready to set your sell order.
To continue, press sell and sign with your wallet. Your order is now in place.