What are the recommended trailing stop settings for different types of cryptocurrencies?

3 answers

• Jan 14, 2022 · 3 years ago
  When it comes to trailing stop settings for cryptocurrencies, there is no one-size-fits-all approach. It depends on your risk tolerance, trading style, and the specific cryptocurrency you are trading. However, a common recommendation is to set the trailing stop percentage between 5% and 10%. This allows for some price fluctuations while still protecting your profits. Additionally, you can consider adjusting the trailing stop distance based on the volatility of the cryptocurrency. For highly volatile cryptocurrencies, you may want to set a wider trailing stop distance to avoid getting stopped out too early.
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• Jan 14, 2022 · 3 years ago
  Finding the right trailing stop settings for cryptocurrencies can be a bit of trial and error. It's important to consider the volatility of the cryptocurrency and set the trailing stop distance accordingly. For example, if you're trading a highly volatile cryptocurrency like Bitcoin, you may want to set a wider trailing stop distance to account for its price fluctuations. On the other hand, if you're trading a less volatile cryptocurrency, a narrower trailing stop distance may be more appropriate. Remember to regularly review and adjust your trailing stop settings based on market conditions.
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• Jan 14, 2022 · 3 years ago
  As an expert in the cryptocurrency industry, I can tell you that there is no definitive answer to the recommended trailing stop settings for different types of cryptocurrencies. Each trader has their own preferences and risk tolerance. However, at BYDFi, we recommend setting the trailing stop percentage between 5% and 10% for most cryptocurrencies. This allows for some flexibility while still protecting your profits. Keep in mind that these settings may need to be adjusted based on the specific cryptocurrency and market conditions. Always stay informed and adapt your strategy accordingly.
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