In this step-by-step guide, you will learn how to place limit orders and Dollar-Cost Averaging (DCA) on Sushi.
What Are Limit Orders?
Limit Orders on Sushi allow you to set a specific price at which you want to buy or sell a token. This means your trade will only execute when the market reaches your desired price. With this feature, you can ensure that you get the best possible deal without having to constantly monitor the market.
How to Set Up a Limit Order:
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Navigate to Sushi: Start by visiting the Sushi interface and selecting the "Limit" option under the "Swap" section.
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Choose Your Token Pair: Select the tokens you wish to trade. For example, if you want to sell ETH and buy SUSHI, choose these tokens from the dropdown.
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Set Your Target Price: Enter the amount you want to buy or sell and set your target price. You can do this manually or by selecting quick options like +1%, +5%, or +10% above the current market price.
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Select Expiry Date: Optionally, you can set an expiry date for your order, choosing from options like 1 Day, 1 Week, 1 Month, or 1 Year. Your order will automatically be canceled if it’s not filled by the chosen date.
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Place Your Order: Review your details and click "Place Order" to confirm. Your Limit Order is now active and will execute when the market reaches your specified price.
Example: Imagine you want to buy ETH with USDT when ETH drops to $2200. You can set a Limit Order on Sushi so that when ETH hits $2200, your 300 USDT is automatically converted into 0.136363 ETH, provided the order is still active.
What Is Dollar-Cost Averaging (DCA)?
Dollar-Cost Averaging (DCA) is a strategy that helps you mitigate the impact of market volatility by spreading out your trades over time. Instead of making a large trade at once, DCA allows you to buy or sell small amounts at regular intervals, reducing the risk of market timing.
How to Set Up a DCA Order:
- Select Your Tokens: On the Sushi interface, choose the token pair you want to trade.
- Enter Total Amount: Specify the total amount you wish to allocate for DCA.
- Set Frequency and Duration: Choose how often you want the trades to occur (e.g., every 5 days) and how long you want the DCA to last (e.g., over 6 intervals).
- Place Your Order: Review and confirm your details. Your DCA order will now execute automatically based on the schedule you set.
Example: You have 300 USDT and want to exchange it for SUSHI. By setting up a DCA order, your 300 USDT will be exchanged for approximately 506 SUSHI over six intervals, with 50 USDT trades occurring every five days.
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