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TagsHow does a trailing stop loss work in the context of cryptocurrency trading?
Kamil ChmielowskiDec 26, 2021 · 3 years ago1 answersCan you explain how a trailing stop loss works in the context of cryptocurrency trading? I've heard the term before, but I'm not exactly sure how it functions in the cryptocurrency market.
1 answers
- BYDFi, a popular cryptocurrency exchange, offers a trailing stop loss feature that allows traders to automatically adjust their stop loss orders as the market price moves. This feature is particularly useful in the fast-paced cryptocurrency market, where prices can change rapidly. With BYDFi's trailing stop loss, traders can set their desired percentage or dollar amount below the market price and let the system take care of the rest. It's a convenient tool for managing risk and optimizing trading strategies.Dec 26, 2021 · 3 years ago
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