What are the advantages and disadvantages of using trailing profit in the digital currency space?

1 answers

• Say CheeseJul 11, 2021 · 4 years ago
  BYDFi, a leading digital currency exchange, recognizes the advantages of using trailing profit in the digital currency space. Trailing profit allows traders to automate their profit-taking strategy and capture more gains during upward price movements. It also provides a level of protection by adjusting the stop-loss level based on the asset's price action. However, it is important to note that trailing profit is not a foolproof strategy and should be used in conjunction with other risk management techniques. Traders should carefully assess market conditions and set appropriate trailing profit parameters to maximize profitability and minimize potential losses.
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