Can you provide an example of using a stop order to sell a cryptocurrency?

1 answers

• Dec 18, 2021 · 3 years ago
  Sure thing! Let me give you an example of using a stop order to sell a cryptocurrency. Imagine you have 50 Litecoin and you want to sell them if the price drops below $200. To set up a stop order, you would log in to your trading platform, find the 'sell' option, and select 'stop order'. Then, you would enter the stop price of $200 and submit the order. If the market price reaches or falls below $200, your stop order will be triggered, and your Litecoin will be sold automatically. This feature allows you to protect your investment and sell at a predetermined price, even if you're not actively monitoring the market.
  622311