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BlueVioletVixen Lorefield

Please Explain Lindex Buying To Me

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Hi,

So I want to save money on purchases of L$... so I have been buying them using the "Best Rate Buy (Limit Buy)" ... I don't mind waiting the 4 days or so, as long as I can save a few pennies.  I have been successful using this method more times than not.  However, sometimes, this takes a long time to fill (like 2 weeks or more), and sometimes never happens (I had an order from a year ago I finally had to cancel, as it never got filled).  I called LL to get more information as to why this happens, and the guy was very helpful, but I got the impression that this is a business secret money making thing for them, and that's why they cannot divulge too much (I'd rather think that, than that they don't understand it enough to explain it to me).

Basically, he explained that the system has to wait for the exchange rate to match what I ordered, in order for it to be fulfilled.  I tried to see if there was a better way to keep track of this (as it does fluctuate, depending on what ppl sell L$ at), and he could not point me in any other direction than checking the Buy L$ page.  Is there a "L$ stock exchange like page" other than the Buy L$ page I should be monitoring to keep track of this and better predict as to whether or not my orders will get filled within a few days or not?  Do the frequent users of the Best Buy Rate (Limit Buy) purchases buy what they need at a few different Exchange Rates to ensure an order gets filled, and then maybe once it gets filled, cancel the other orders?  How do you guys ensure an order gets filled in a timely manner?  I noticed as soon as I purchased using this method, the Exchange Rate went down, meaning it could take even longer to get the order filled at that rate... Buying and selling probably affects the Exchange Rate... so I'm having trouble predicting whether or not an order might be filled in a timely manner.  What are some tricks or tips I could pick up on from you guys?  I don't want to give up and just buy L$ outright using the Instant Buy method.

I suggested that there be an Exchange Rate that you could manually type in "from 'X#' to 'X#'" as that might work better for those of us who do not mind it fluctuating a bit, as long as some order gets filled... 

What do you guys think?

Please explain to me how to achieve my goals better!

Thanks!

Edited by BlueVioletVixen Lorefield

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5 minutes ago, BlueVioletVixen Lorefield said:

What do you guys think?

i think you don't know how the Lindex works.
However it's quite well explained at the knowledgebase, if you know where to dig  :)

 

Market buy =  instant buy at the best rate available this moment. This is not the most profitable rate!.

Limit buy = you OFFER to buy L$ at a certain exchange rate. If somebody else puts in a SELL order at the same rate, you'll be matched and so fill your buy order.
As these matching rates not always match the amount of L$ it can take longer to fill.
If you put in a exchange rate that isn't close to the current market you will not see your order fill soon, or perhaps never, because nobody will sell his L$ for a bad price. This causes the orders you say from a year ago.

There is no better system for this, the Market Buy  functions the same as a real life Money Exchange. Ups and Downs... and some days it will be better than others.

13 minutes ago, BlueVioletVixen Lorefield said:

I suggested that there be an Exchange Rate that you could manually type in "from 'X#' to 'X#'"

...ehm that is in the Limit Buy... not sure why you suggest it.

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24 minutes ago, BlueVioletVixen Lorefield said:

There's a place where you can put 2 numbers (for example from 255 - 265) in the Exchange Rate for the Limit Buy?

the "260" you can change in any number you want ... and of course the "2500"  depending how many L$ you want.

But.... ( see under the image)

rates.png.484d89d82ece84a434c3b93aa89cdbf1.png

 

under these windows ( if you enabled the advanced page) you see the open rates/orders... do not set your exchange rate too far from that, or you might never get your L$, and the Lindex will keep your order (=prepaid) in escrow.

A exchange rate +2 to the best rate will most likely have a finish within a few days, but the more new orders there are with lower exchange rate.... the further yours will be pushed back.

exchange.png.0813f4190165d8a9aff0206ea3ca0c6b.png

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3 minutes ago, BlueVioletVixen Lorefield said:

That Advanced Setting is very helpfull

one little addition

the estimated time to fill  is based at the current status of the Lindex.
This changes with every order that is placed.
If it says you now it will take around 5 days, it cán fill even tomorrow, or really in 5 days ... but also possible it won't fill in the next 3 months... see it as indication, not as real timepath.

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Violet, see my blog post, "Trade $L Like a Pro".  In the snapshot below (see LindEx, Manage, Market Data), you can see the $L has varied pretty consistently between 250-260 $L per $USD, with a few dips to 249.  The blue line shows the daily average, about 252.

Capture.thumb.PNG.42235c5a8cd9949f9cca4917145c186e.PNG

We can also see, under Open Buy and Sell orders (LindEx, Manage, Buy $L, then scroll down):

Capture.thumb.PNG.1a4f0b495ee3bc85eaf98ca5dd5e8489.PNG

The top two Open Buy slots are at 259 and 260.  However, there is a large quantity of open orders at 260, so if you choose that rate, you will have to wait until everyone ahead of you has had their order filled.  For a reasonable response time, I would go with 259.

One other thing you can do is a trial order.  Enter an amount in the "instant buy" window, but don't click to confirm the buy.  Just look at the estimated proceeds.  Then enter a limit buy for the same amount of $L, and at a possible exchange rate.  Compare the estimated proceeds.  This will give you an idea of the market price at that particular moment, and whether it will be worth it to make a Limit Buy and wait.

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Thank you for explaining everything in detail, Lindal!  Your blog is excellent!  ...I can't believe I didn't look there before! *facepalms*

Okay, so a fun little game with money here.

I'm experimenting with a couple of different rates and am curious to see which one actually fills first.  I haven't canceled my order from the other day that followed Alwin's advice... and I just put in another order with your advice.  I am definitely learning here!

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