How does the trailing stop feature work on popular cryptocurrency exchanges?

3 answers

• Dec 28, 2021 · 3 years ago
  Sure! The trailing stop feature on popular cryptocurrency exchanges allows traders to set a stop-loss order that automatically adjusts as the price of a cryptocurrency moves in their favor. For example, if a trader sets a trailing stop order with a 5% trail value, and the price of the cryptocurrency increases by 5%, the stop price will also increase by 5%. This feature helps traders protect their profits and limit potential losses by automatically adjusting the stop price based on the price movement.
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• Dec 28, 2021 · 3 years ago
  The trailing stop feature is a great tool for traders who want to maximize their profits while minimizing their risk. It allows them to lock in their gains as the price of a cryptocurrency rises, while still giving the trade room to grow. This feature is especially useful in volatile markets, where prices can fluctuate rapidly. By setting a trailing stop order, traders can take advantage of upward price movements without constantly monitoring the market.
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• Dec 28, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a trailing stop feature that works similarly to other exchanges. Traders can set a trailing stop order by specifying the trail value and the percentage at which they want the stop price to trail the current price. This feature is available for a wide range of cryptocurrencies on the BYDFi platform, making it convenient for traders who want to use this strategy to manage their positions.
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