How does trailing stop on quote work in the context of cryptocurrency?

3 answers

• May 02, 2022 · 3 years ago
  Sure! The trailing stop on quote is a feature that allows traders to automatically adjust their stop loss order as the price of a cryptocurrency moves in their favor. It works by setting a percentage or a fixed amount below the current market price. If the price increases, the stop loss order will also adjust accordingly, always maintaining the specified distance. This feature is beneficial because it helps traders protect their profits by automatically adjusting the stop loss level as the price increases.
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• May 02, 2022 · 3 years ago
  The trailing stop on quote feature is a great tool for cryptocurrency traders. It allows them to set a dynamic stop loss order that follows the price movement. For example, if a trader sets a trailing stop of 5%, and the price of the cryptocurrency increases by 5%, the stop loss order will move up by 5%. This way, traders can lock in their profits while still allowing for potential further gains. It's a smart way to manage risk and maximize profits in a volatile market.
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• May 02, 2022 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers the trailing stop on quote feature to its users. With this feature, traders can set a trailing stop order that automatically adjusts as the price of the cryptocurrency moves. It's a convenient tool that helps traders protect their profits and minimize losses. BYDFi's trailing stop on quote feature is easy to use and can be customized to fit individual trading strategies. Give it a try and see how it can enhance your trading experience!
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