What are some examples of trailing stop limit orders for buying cryptocurrencies?

3 answers

• Dec 26, 2021 · 3 years ago
  Sure! Let me give you an example. Let's say you want to buy Bitcoin at a price of $50,000. You can set a trailing stop limit order with a trailing percentage of 5%. This means that if the price of Bitcoin increases by 5% from its highest point after you place the order, the order will be triggered and a limit order to buy Bitcoin at $50,000 will be placed. If the price then drops by 5% from its highest point, the order will be canceled. This type of order allows you to automatically buy Bitcoin at a favorable price while protecting yourself from significant price drops.
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• Dec 26, 2021 · 3 years ago
  Here's another example for you. Let's say you're trading Ethereum and you want to buy it at a price of $3,000. You can set a trailing stop limit order with a trailing percentage of 3%. If the price of Ethereum increases by 3% from its highest point after you place the order, the order will be triggered and a limit order to buy Ethereum at $3,000 will be placed. If the price then drops by 3% from its highest point, the order will be canceled. This type of order allows you to take advantage of price movements while minimizing your risk.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers trailing stop limit orders for buying cryptocurrencies. With BYDFi, you can set up trailing stop limit orders with various parameters to suit your trading strategy. It's a convenient way to automate your trading and take advantage of market opportunities. Just make sure to do your own research and understand the risks involved before using this feature.
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