What is trailing stop in tradingview and how does it work for cryptocurrency trading?

3 answers

• Mar 23, 2022 · 3 years ago
  A trailing stop is a type of stop-loss order that automatically adjusts as the price of an asset moves. In the context of tradingview, it is a feature that allows traders to set a stop-loss order that follows the price of a cryptocurrency as it rises. This means that if the price of the cryptocurrency increases, the stop-loss order will also move up, protecting the trader's profits. If the price starts to decline, the stop-loss order will remain at its current level, allowing the trader to exit the trade with a profit. Trailing stops are particularly useful in volatile markets like cryptocurrency trading, where prices can fluctuate rapidly.
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• Mar 23, 2022 · 3 years ago
  When using a trailing stop in tradingview for cryptocurrency trading, you can set a specific percentage or dollar amount by which the stop-loss order should trail the price. For example, if you set a trailing stop of 5% and the price of the cryptocurrency increases by 5%, the stop-loss order will move up by 5%. This allows traders to lock in profits as the price rises, while still giving the trade room to move in their favor. It is important to note that trailing stops do not guarantee profits and can result in losses if the price suddenly drops. Therefore, it is essential to monitor the market closely and adjust the trailing stop accordingly.
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• Mar 23, 2022 · 3 years ago
  BYDFi, a leading cryptocurrency exchange, offers the trailing stop feature in their trading platform. Traders can easily set up trailing stop orders for their cryptocurrency trades, allowing them to protect their profits and minimize losses. The trailing stop feature in BYDFi's platform is user-friendly and customizable, making it suitable for both beginner and experienced traders. It is recommended to take advantage of this feature to optimize your cryptocurrency trading strategy and improve your overall trading performance.
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