What are the best stop loss order strategies for cryptocurrency trading on Scottrade?

3 answers

• Dec 24, 2021 · 3 years ago
  One of the best stop loss order strategies for cryptocurrency trading on Scottrade is to set a trailing stop loss order. This type of order allows you to set a specific percentage or dollar amount below the current market price at which your stop loss order will be triggered. As the price of the cryptocurrency increases, the trailing stop loss order will automatically adjust to a higher percentage or dollar amount, allowing you to capture more profits while still protecting yourself from significant losses. It's a great way to lock in gains and limit downside risk.
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• Dec 24, 2021 · 3 years ago
  When it comes to stop loss order strategies for cryptocurrency trading on Scottrade, it's important to consider your risk tolerance and investment goals. One strategy is to set a fixed percentage stop loss order, where you determine a specific percentage below the current market price at which your stop loss order will be triggered. This strategy allows you to protect a certain percentage of your investment while still giving the cryptocurrency room to fluctuate. Another strategy is to use a combination of fixed percentage and trailing stop loss orders to provide additional protection and flexibility.
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• Dec 24, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, offers a variety of stop loss order strategies for traders on its platform. One strategy is to use a stop limit order, which allows you to set both a stop price and a limit price. When the stop price is reached, the order is triggered and becomes a limit order. This strategy can help you avoid selling at a lower price than you intended. Another strategy is to use a stop market order, which triggers a market order when the stop price is reached. This strategy ensures that your order will be executed, but it may result in a slightly different price than expected due to market fluctuations.
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