What are some tips for effectively using trailing stop loss on Robinhood to protect my cryptocurrency investments?

3 answers

• Dec 26, 2021 · 3 years ago
  Sure, using trailing stop loss on Robinhood can be a great way to protect your cryptocurrency investments. This feature allows you to automatically sell your assets if their price drops below a certain percentage. To effectively use trailing stop loss, you should first determine the percentage at which you want to trigger the sell order. This will depend on your risk tolerance and investment strategy. Once you've set the percentage, make sure to monitor the market closely and adjust the stop loss level accordingly. Remember, trailing stop loss is not foolproof and there is always a chance of slippage, so it's important to stay vigilant.
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• Dec 26, 2021 · 3 years ago
  Trailing stop loss on Robinhood is a useful tool for protecting your cryptocurrency investments. It works by automatically adjusting the sell order price as the asset's price increases. This allows you to lock in profits while still giving the asset room to grow. To use trailing stop loss effectively, you should set a reasonable percentage for the stop loss level. Too tight of a percentage may result in premature selling, while too loose of a percentage may not provide enough protection. It's also important to keep in mind that trailing stop loss is not available for all cryptocurrencies on Robinhood, so make sure to check if the feature is supported for the specific asset you're trading.
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• Dec 26, 2021 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, offers a comprehensive trailing stop loss feature that can help protect your investments. With BYDFi's trailing stop loss, you can set a percentage at which you want to trigger the sell order and the system will automatically adjust the price as the asset's price increases. This feature is easy to use and can be a valuable tool in managing your cryptocurrency investments. Just make sure to set a reasonable percentage and monitor the market closely to make adjustments as needed. Remember, no stop loss strategy is foolproof, so it's important to stay informed and make informed decisions based on market conditions.
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