Are there any specific settings or parameters I should consider when setting up a trailing stop on Ameritrade for my cryptocurrency trades?
Jack BeanstockDec 25, 2021 · 3 years ago1 answers
I am planning to set up a trailing stop on Ameritrade for my cryptocurrency trades. Are there any specific settings or parameters that I should consider? What are the best practices for setting up a trailing stop on Ameritrade for cryptocurrency trades?
1 answers
- Dec 25, 2021 · 3 years agoAs 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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