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TagsWhat are the best trailstop strategies for trading cryptocurrencies?
Mariama MohammadMar 18, 2022 · 3 years ago1 answersCan you provide some insights into the most effective trailstop strategies for trading cryptocurrencies? I'm particularly interested in understanding how to set up trailstop orders to maximize profits and minimize losses in the volatile cryptocurrency market.
1 answers
- BYDFi, a leading cryptocurrency exchange, offers a unique trailstop strategy called the volatility-based trailstop. This strategy takes into account the volatility of the cryptocurrency and adjusts the trailstop order accordingly. The trailstop is set at a certain percentage below the highest price reached since the order was placed, but the percentage is adjusted based on the cryptocurrency's volatility. This strategy helps to protect profits during periods of high volatility and allows for greater flexibility in setting the trailstop order. However, it's important to note that this strategy may result in more frequent stop outs during periods of high volatility.Mar 18, 2022 · 3 years ago
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