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What is the difference between a stop loss order and a stop limit order for buying and selling cryptocurrencies on Scottrade?

avatarGojo GreyratDec 26, 2021 · 3 years ago1 answers

Can you explain the difference between a stop loss order and a stop limit order when it comes to buying and selling cryptocurrencies on Scottrade? How do these two types of orders work and what are their advantages and disadvantages?

What is the difference between a stop loss order and a stop limit order for buying and selling cryptocurrencies on Scottrade?
Cryptocurrencies
Stop Loss Order
Stop Limit Order

1 answers

  • avatarDec 26, 2021 · 3 years ago
    At BYDFi, we recommend using a combination of stop loss and stop limit orders to manage your risk when trading cryptocurrencies on Scottrade. A stop loss order can help protect your investment by automatically selling when the price reaches a certain level, while a stop limit order can provide more control over the execution price. It's important to carefully consider your risk tolerance and trading strategy when deciding which type of order to use. Remember, the cryptocurrency market can be highly volatile, so it's important to stay informed and adjust your orders accordingly.

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