Once you set up your smart trade, the smart trade position will be created and the Mizar Smart Trading engine will start to monitor the current prices and get ready to take actions based on your settings.
Before looking at the different statuses, let's first define the difference between a position (or a smart trade) and an order.
A position is represented by its main settings. In this case: the side, the market, the quote asset, the pair, and the exchange key where it'll be executed. Read more here about the main settings of a smart trade position. A position is the sum of all its order.
An order represents one of the different entry points, take profit, and stop loss steps.
Orders can have different statuses:
- EXECUTED: when an order is executed, it means that the order has been closed on the exchange. For example, if you bought 0.02 BTC at a price of $20,000 on Binance, then you executed a buy order.
- PLACED: placed orders are orders that have been opened on your exchange. For example, if you want to buy 0.02 BTC at a price of $19,000, but the current price is actually $20,000, then you will open an order on your exchange and wait until the price gets to $19,000.
- PLANNED: planned orders are orders that Mizar is managing internally. Those are orders that are still not open on the exchange, but they will be opened once the price gets to the right price. For example, let's say you have bought 0.02BTC at a price of $20,000. In your smart trade settings, you set a stop loss at a price of $19,000. Mizar will take care of this, planning a sell order at the price of $19,000. As soon as the price reaches the price of $19,000, Mizar will place an order on the exchange and that price, which will be executed by the exchange.
- ERROR: if the order has an error status, that means something go wrong during the execution, placement or planning of the error.