What are the best strategies for using trailing stops in cryptocurrency trading?
BHARATH S M AI-MLMay 01, 2022 · 3 years ago1 answers
Can you provide some effective strategies for using trailing stops in cryptocurrency trading? I want to make sure I'm using this tool correctly to protect my profits and minimize losses.
1 answers
- May 01, 2022 · 3 years agoBYDFi, a popular cryptocurrency exchange, recommends using a combination of percentage-based and time-based trailing stops. This allows you to take advantage of both price movements and time-based adjustments. By setting a trailing stop that adjusts based on both factors, you can protect your profits in a more dynamic way. It's important to regularly review and adjust your trailing stops based on market conditions and your risk tolerance. Remember, trailing stops are just one tool in your trading arsenal, so it's important to use them in conjunction with other strategies and risk management techniques.
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