Explained: The Footstock Order Book
The easiest way to understand the Footstock Order Book system is to imagine two queues of people.
The queue on the left are the people who wish to buy the player and the queue on the right are the people who wish to sell the player. Each queue is ordered by the price those people are willing to pay/be paid. If you look at any specific player and look at the people who are in the buyers queue, the person at the front of the queue is the person who is willing to pay the best possible price and the person at the back is the person who is willing to pay the worst possible price.
So let’s try this with a real example. If you have a Salah that you wish to sell, you look at the buyers queue and see the person at the front with their proposed price. You now have three choices:-
1) Take the deal on offer right now from the person at the front of the buyers queue on the left.
2) Put forward a price you wish to sell for and join the seller’s queue on the right.
3) Decide not to sell at all and walk away from both queues.
1) Take the Deal
If you take the offer from the person at the front of the queue then you make the trade and that person leaves the queue, the next person in the queue is now the best possible price.
2) Set a price you are happy to sell at.
If the best possible price you can get from a buyer (i.e the person at the front of the buyers queue on the left) is £10 and you want more, you will have to propose a price you want to sell your player for. In other words, you are now going to join the sell queue on the right.
If the person at the front of the sell queue has proposed a price of £12 then you have to decide if you want to sell for less than that or not. If you put forward a price of £11.99 you will now go to the front of the sellers queue. That means the next person who comes to buy a Salah at the best possible price will buy from you.
If you decide you want more money, i.e £12.50, you can still propose that price. You will join the sellers queue on the right but be placed in order, i.e. not at the front. You will not know how close you are to the front and will only reach the front once enough buyers have purchased from the sellers in front of you.
The whole process does take some time to get your head round. If you’re in any doubt join Footstock Chat and we’ll be happy to discuss it further.