Can you explain the concept of a trailing stop order in the crypto space?

1 answers

• Ahmed AbdoJun 20, 2024 · a year ago
  Ah, the concept of a trailing stop order in the crypto space. It's like having a virtual assistant that follows the market price for you. You set a stop price, and if the market price goes up, the stop price goes up too. But if the market price goes down, the stop price stays put. It's a handy tool for crypto traders who want to protect their profits and limit their losses. With a trailing stop order, you can automatically adjust your stop price as the market moves in your favor. It's like having a safety net that moves with you. So, if the market keeps going up, you can keep riding the wave. But if it starts to go down, your stop price will be triggered, and you can exit the trade with your profits intact. It's a win-win situation, really.
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