Simple Iceberg Selling Through Timed Small Orders

Summary

This introductory execution example sells a target quantity by repeatedly submitting smaller limit orders near the current bid. It records the starting account balance and asset holdings, then checks holdings after each order to estimate how much has sold. If the remaining target exceeds the configured order size, it places another small order, waits for the specified interval, and cancels any unfilled remainder. When the target is nearly reached, it logs an average sale price calculated from the account changes.

The example is framed as a learning strategy for Bitcoin trading and aims to reduce the market impact of selling the full amount at once. Its parameters control the total quantity, each order's size, and the time an order remains open. It provides no market data, execution comparison, or measured impact reduction. The method is deliberately minimal: it does not describe price adaptation, partial-fill edge cases, fee-aware quantity checks, or robust handling of account changes unrelated to these orders. Those limitations matter when moving beyond a demonstration.

Key ideas

• The seller divides a target quantity into smaller limit orders to reduce the size displayed at once.
• The example places orders at the current bid and cancels unfilled orders after a configured wait.
• Account holdings are used to estimate progress toward the target quantity.
• The logged average sale price is derived from changes in account balance and holdings.
• The document gives no evidence quantifying execution quality or market impact.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.