What are the best practices for setting the parameters of a trailing stop order in the digital currency market?

1 answers

• Dec 27, 2021 · 3 years ago
  At BYDFi, we recommend setting the parameters of a trailing stop order in the digital currency market based on your risk tolerance and trading strategy. It's important to consider factors such as the volatility of the digital currency, your investment goals, and the current market conditions. One best practice is to set a trailing stop percentage that allows for some price fluctuations, but also protects your profits. Additionally, regularly reviewing and adjusting your trailing stop parameters can help you optimize your trading strategy. Remember, setting the parameters of a trailing stop order is a personal decision, and what works for one trader may not work for another. It's important to find a strategy that aligns with your individual goals and risk tolerance.
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