questions on limit buy

[LanceBrian]

i have a few questions on limit buying and the exchange rate i set mine at 6,000 and i have noticed a lot of them have been going for around 240-265 but i been having a real life issues and was wondering if anyone thinks that it will ever fill cause it said 12hrs and it hasn't filled yet if anyone has an advice for me it would be greatly appreciated just trying to make sure don't lose my second life land and house or if anyone on here would be willing to sell some L for cheaper than what the exchange rate is on payments if so you can always message me in world of leave me a notecard

 

[Rolig Loon]

Unless you have experience with RL currency exchanges or feel confident that you understand how they work, it's probably best to use the Market Buy option.  Or at least try Limit Buy with a small amount, sometime when you don't need the L$ right away.

When you buy or sell L$, you are trading with other SL residents, not with LL.  In order to have a successful trade, you need to make an offer that is attractive enough to make some other resident agree.  As a rule, then, the idea is to make an offer that is no more than one or two steps away from the price at which the largest volume of current orders are placed.  If you open the LindeX page  to BUY L$ now, you will see that the greatest number of orders currently are for

L$255 / US$1.00

L$110,688,981

So, you want to make your own offer just slightly more attractive than average.  Instead of offering to buy L$255 for a dollar, offer to buy L$254 or L$253.  You order will be executed before all of those who are waiting for an offer at L$255/$1 to be accepted.  If you get greedy and go the other direction --- offering a price that is higher than L$255/$1 -- you will have to wait a LOT longer.  Perhaps forever.

 

Edited October 2, 2019 by Rolig Loon

[Alwin Alcott]

13 minutes ago, LanceBrian said:

i set mine at 6,000

it will fill never

for the rest, read Rolig's answer 

 

[LanceBrian]

1 hour ago, Rolig Loon said:

Unless you have experience with RL currency exchanges or feel confident that you understand how they work, it's probably best to use the Market Buy option.  Or at least try Limit Buy with a small amount, sometime when you don't need the L$ right away.

When you buy or sell L$, you are trading with other SL residents, not with LL.  In order to have a successful trade, you need to make an offer that is attractive enough to make some other resident agree.  As a rule, then, the idea is to make an offer that is no more than one or two steps away from the price at which the largest volume of current orders are placed.  If you open the LindeX page  to BUY L$ now, you will see that the greatest number of orders currently are for

L$255 / US$1.00

L$110,688,981

So, you want to make your own offer just slightly more attractive than average.  Instead of offering to buy L$255 for a dollar, offer to buy L$254 or L$253.  You order will be executed before all of those who are waiting for an offer at L$255/$1 to be accepted.  If you get greedy and go the other direction --- offering a price that is higher than L$255/$1 -- you will have to wait a LOT longer.  Perhaps forever.

 

Yes but you also have to relize how much 60,000L is at the price some of us aren't millionaires 

[Lindal Kidd]

Lance, at an offered exchange rate of $L6,000 per $L1 USD, you will never be a millionaire.  Because when you make an offer, the money is taken from your payment method and placed "in escrow" until the order is filled.  Since it will never be filled, because no one is willing to sell you any $L at anything near that rate, the money will simply sit there.  It's as if you had just given it to LL.

However, you can go to the LindeX section of your Dashboard page and click Manage.  Then click LindeX Order History and cancel your open order.  The money will then appear in your $USD Balance.  You can use it to place another order at a more reasonable exchange rate, as Rolig suggested, or simply buy at the current market price with the Instant Buy option.

Are you saying you need $L60,000?  There's not much to buy in SL that costs that much, except land.  If you are getting land for the first time, please consider buying a smaller, much less expensive parcel to start with.  The simplest way to get into land ownership is to sign up for a Premium membership and get a free Linden Home.

Digression from your last comment:  You're right...in fact, MOST of us aren't millionaires.  But SL is like real life in this way: it has an economy and a currency.  The Linden Dollar isn't "play money".  If it were, we could assign any value we liked to it, anyone could buy any amount of $L at any price.  But, like real world money, $L have a value established by the free market (and, in this case, regulated somewhat by LL).  Also, as in real life, we can't always afford what we would like.  On the other hand, things in SL are a lot more attainable, in real dollar terms, than they are in real life.  I can't afford a private island in real life, but in SL, I CAN!  As well as a nice collection of boats and airplanes.  Not to mention the shoes, designer clothes, and fancy jewelry.

Edited October 3, 2019 by Lindal Kidd