How can I determine the ideal placement for a stop loss order when trading cryptocurrencies?

1 answers

• Dec 25, 2021 · 3 years ago
  At BYDFi, we recommend using a trailing stop loss order when trading cryptocurrencies. This type of stop loss order automatically adjusts as the price of the cryptocurrency moves in your favor. It allows you to lock in profits while still giving the trade room to grow. By using a trailing stop loss order, you can protect your downside risk and potentially maximize your gains. However, it's important to note that trailing stop loss orders are not available on all exchanges, so make sure to check if your chosen exchange supports this feature before implementing it in your trading strategy.
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