What is an example of using trailing stop loss in the world of cryptocurrency?

1 answers

• bloodstarJun 04, 2022 · 3 years ago
  Using a trailing stop loss order can be a great way to protect your profits in cryptocurrency trading. For example, let's say you're trading Ethereum and you bought it at $500. You set a trailing stop loss order at 10%. If the price of Ethereum increases to $550, your stop loss order will be triggered at $495 (10% below the peak price). If the price continues to rise, the stop loss order will trail the price by 10%. However, if the price starts to decline, the stop loss order will remain at $495, protecting your profits. This way, you can secure your gains and minimize potential losses in a volatile market.
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