How to trade using DOM
The Depth of Market (DOM) is a tool that displays the number of buy and sell orders for a particular asset at different prices. It is a useful tool for traders as it helps them understand the supply and demand for an asset and make informed decisions about their trades.
To trade using the DOM, follow these steps:
Select the asset you want to trade and open the DOM for that asset. Look at the bid and ask prices on the DOM. The bid price is the highest price that buyers are willing to pay for the asset, while the ask price is the lowest price that sellers are willing to accept.
Place an order by selecting the price and size you want to trade at. You can either place a buy order at the ask price or a sell order at the bid price.
Monitor the DOM and your order as the trade is executed. You can modify or cancel your order at any time before it is filled.
Once your order is filled, you can manage your trade by setting stop-loss and take-profit orders or by manually closing the trade when you want to exit.
It is important to keep in mind that trading carries inherent risks, and it is always advisable to thoroughly research and understand the assets you are trading, as well as to manage your risk properly.