What are the best stop orders to use in cryptocurrency trading?

1 answers

• May 11, 2022 · 3 years ago
  At BYDFi, we recommend using a combination of stop-loss orders and trailing stop orders in cryptocurrency trading. Stop-loss orders help protect your downside by automatically selling your cryptocurrency if its price drops to a certain level. Trailing stop orders, on the other hand, allow you to lock in profits as the price moves in your favor. This combination of stop orders can help you manage risk and maximize potential gains. However, it's important to note that stop orders are not a guarantee against losses and should be used in conjunction with other risk management strategies. Always do your own research and consult with professionals before making any trading decisions.
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