Are there any specific settings or parameters I should consider when setting up a trailing stop on Ameritrade for my cryptocurrency trades?

1 answers

• Bomp ScoutApr 27, 2024 · a year ago
  As an expert in cryptocurrency trading, I recommend considering the following settings and parameters when setting up a trailing stop on Ameritrade for your cryptocurrency trades. Firstly, determine the percentage or dollar amount at which you want the trailing stop to activate. This will depend on your risk tolerance and the specific cryptocurrency you are trading. Secondly, choose a trailing stop duration that aligns with your trading strategy. Shorter durations may be more suitable for day trading, while longer durations may be better for swing trading. Lastly, regularly review and adjust your trailing stop settings based on market conditions and the performance of your trades. Remember, setting up a trailing stop is just one part of a comprehensive risk management strategy.
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