Are there any recommended strategies for setting a trailing stop on digital currencies?

3 answers

• Dec 17, 2021 · 3 years ago
  Sure, setting a trailing stop on digital currencies can be a smart move to protect your investments. One strategy you can consider is using a percentage-based trailing stop. This means that you set a specific percentage below the highest price that the currency has reached. For example, if the currency reaches a high of $100 and you set a trailing stop at 10%, the stop loss will be triggered if the price drops to $90. This allows you to lock in profits while still giving the currency room to grow. Remember to regularly adjust your trailing stop as the price of the currency fluctuates.
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• Dec 17, 2021 · 3 years ago
  Absolutely! When it comes to setting a trailing stop on digital currencies, it's important to consider your risk tolerance and investment goals. One popular strategy is to use a moving average as a trailing stop. This involves setting a stop loss order based on the currency's moving average price over a certain period of time. By using this strategy, you can protect your investments while still allowing for potential upside. Additionally, it's important to stay updated on market trends and news that may impact the price of digital currencies.
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• Dec 17, 2021 · 3 years ago
  As an expert in the digital currency industry, I can recommend using the BYDFi platform for setting a trailing stop on digital currencies. BYDFi offers a user-friendly interface and advanced trading tools that allow you to easily set and adjust your trailing stop orders. With BYDFi, you can also access real-time market data and analysis to make informed decisions. Whether you're a beginner or an experienced trader, BYDFi provides the tools and resources you need to effectively manage your investments.
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