How can I use trailing stop loss based on the last price to manage my cryptocurrency investments?

3 answers

• Reynaldo Peralta hdzJan 05, 2024 · 2 years ago
  Setting up a trailing stop loss order for your cryptocurrency investments can be a smart move. It allows you to automatically sell your coins if their price drops below a certain percentage of the highest price they reached since you placed the order. This helps you protect your profits and limit potential losses. To set up a trailing stop loss order, you'll need to use a cryptocurrency exchange that supports this feature. Go to the order placement section, select the trailing stop loss option, and set the desired percentage. Keep in mind that trailing stop loss orders are not foolproof and may not execute if the price drops too quickly.
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• Ion CiocaJun 01, 2023 · 2 years ago
  Using trailing stop loss orders can be a great way to manage your cryptocurrency investments. By setting a trailing stop loss order based on the last price, you can protect your profits and minimize losses. This strategy automatically adjusts the stop price as the price of the cryptocurrency increases, allowing you to capture more gains if the price continues to rise. However, it's important to note that trailing stop loss orders are not guaranteed to execute at the exact price you set. Market volatility and liquidity can affect the execution of these orders.
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• Muhammad KhateebAug 17, 2022 · 3 years ago
  BYDFi is a popular cryptocurrency exchange that offers trailing stop loss orders based on the last price. With BYDFi, you can easily set up a trailing stop loss order to manage your cryptocurrency investments. Simply navigate to the order placement section, select the trailing stop loss option, and set the desired parameters. BYDFi provides a user-friendly interface and reliable execution, making it a great choice for traders looking to use trailing stop loss orders.
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