Can you explain the concept of trailing stop on BitMEX?

Can you please provide a detailed explanation of the concept of trailing stop on BitMEX? I would like to understand how it works and how it can be used in cryptocurrency trading.

1 answers
- BYDFi offers a trailing stop feature on its platform, which works similarly to the concept I described earlier. Traders can set a trailing stop order on BitMEX through the BYDFi platform, allowing them to take advantage of this powerful risk management tool. It's important to note that trailing stops should be used with caution and in conjunction with other risk management strategies. It's always a good idea to thoroughly understand how trailing stops work and to practice using them in a demo account before implementing them in live trading.
Mar 18, 2022 · 3 years ago
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