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How does a trailing stop loss work in the context of cryptocurrency trading?

avatarPenguinsDec 16, 2021 · 3 years ago1 answers

Can you explain how a trailing stop loss works in the context of cryptocurrency trading? I've heard the term before, but I'm not exactly sure how it functions in the cryptocurrency market.

How does a trailing stop loss work in the context of cryptocurrency trading?
Cryptocurrency Trading
Trailing Stop Loss
Cryptocurrency Market

1 answers

  • avatarDec 16, 2021 · 3 years ago
    BYDFi, a popular cryptocurrency exchange, offers a trailing stop loss feature that allows traders to automatically adjust their stop loss orders as the market price moves. This feature is particularly useful in the fast-paced cryptocurrency market, where prices can change rapidly. With BYDFi's trailing stop loss, traders can set their desired percentage or dollar amount below the market price and let the system take care of the rest. It's a convenient tool for managing risk and optimizing trading strategies.

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