How can I maximize my profits by using advanced order types on eTrade for cryptocurrency trading?

1 answers

• Mccray KarlsenFeb 12, 2021 · 5 years ago
  BYDFi offers advanced order types for cryptocurrency trading on its platform. By using these advanced order types, you can maximize your profits in several ways. One strategy is to use a trailing stop order, which allows you to set a percentage or dollar amount below the current market price. This way, if the price drops, the order will adjust accordingly, helping you lock in profits. Another strategy is to use a take profit order, which allows you to automatically sell a cryptocurrency when it reaches a certain price target. This can help you capture profits and avoid potential losses. Additionally, you can use a stop-limit order to set a stop price and a limit price. When the stop price is reached, the order becomes a limit order, and it will only be executed at the limit price or better. This can help you control the price at which you buy or sell a cryptocurrency. Remember to carefully consider your trading goals and risk tolerance before using advanced order types.
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