Hi,

I'm new to trading bitcoins, and trying to work out some kind of a strategy, similar to trading shares...

I would like to set up a few "buy" orders on different exchanges (mtgox, bitomat), which would not execute right away, but when there is a suitable sell offer.
So I would offer to pay a bit less than the best sell offer is asking for, counting on the price to fall.

I have a few questions regarding this:

1. If I set up an offer e.g. "I'll buy 2BTC for at most $9/BTC", and at some point an offer appears: "sell 1BTC for $9/BTC", will my "buy" offer be executed partially or not at all? What if a "sell 1BTC for $8.9/BTC" comes in?
2. How does the exchange decide, which buy offer to match with a given sell offer? Is it oldest first? E.g. say there are 10 offer "buy for $9/BTC", and one sell offer comes in. Which of the buy offers will be fulfilled?

If anybody can cast any light on the questions above, I'd be grateful.

Thanks,
Bitboy999