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If you cancel the trade you get a 7 day ban, not sure what you mean 'what happens', that's it.
If price changes while you're waiting on a trade then you're out of luck, cancelling will cause a trade lock so don't do it.
everything else - trade on hold.
why the question for the exact items? you are on Steam and not a shady trading website who takes full ownership over the items you send to them. the same items are exchanged that were agreed to trade. the trade is done and the items get exchanged, the only difference is that this item exchange is not done before 3 days have passed and can be cancled in the meantime,
the cancelation of a trade will only cause a 7 day restriction if the trade was done but is still on hold. if you cancel it for any reason, you get warned about the 7 day restriction before you can actually cancel it. you cannot accidentally cancel a trade, if you have learned how to read.
This is semi true. My friend and I have had our accounts secured via mobile since it came out, and we are stuck in the 3 day hold period. I'm not sure of it's just a bug or not. Just watch out on trades for now anyway.
Do both of you have email confirmations enabled for trade? (Inventory -> More -> Privacy settings)
Yup
Or take it slow.
Or 24 hours only if you are trading with a friend you have been friends with for over 1 year.
And to all the traders?
Read it all.
If they wanted to piss you off for reals they would remove trading and only use market. Way easier for them but they know you want to trade so they did this.
Is there no way I can say "hey listen i wont get hacked just let me trade like i used to insta trade no problems... i trust this person thats why i accepted his trade offer and thats why he accepted my trade offer"
Everyone would say that and they would get maybe 76 000 hacked accounts instead.
Lets say i would say to you "i will never get hacked".
How much money would you bet on that i never get hacked based on this?