What are some recommended trailing stop loss settings for different types of cryptocurrencies?

1 answers

• Jan 14, 2022 · 3 years ago
  At BYDFi, we recommend considering the specific characteristics of each cryptocurrency when setting trailing stop loss orders. Different cryptocurrencies have varying levels of volatility and liquidity, which can impact the optimal stop loss settings. For highly volatile cryptocurrencies, it may be advisable to set a wider stop loss percentage to account for price fluctuations. On the other hand, more stable cryptocurrencies may require a tighter stop loss percentage to protect against sudden drops. Additionally, it's important to regularly monitor and adjust your trailing stop loss settings as market conditions change. Remember, the goal is to protect your investments while still allowing for potential gains, so finding the right balance is key.
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