How does a trailing stop order work in the context of cryptocurrency investments?

2 answers

• Nov 24, 2021 · 3 years ago
  In the context of cryptocurrency investments, trailing stop orders can be a game-changer. They allow traders to ride the upward trend while protecting their gains. Let's say you bought Bitcoin at $10,000, and it's now trading at $15,000. You don't want to sell it just yet because you believe it can go even higher. By setting a trailing stop order, you can specify a percentage or dollar amount below the current market price. If the price drops by that amount, the trailing stop order will be triggered, and your position will be sold. This way, you can lock in your profits and still have the opportunity to benefit from further price increases. It's a powerful tool that can help you navigate the volatile world of cryptocurrencies with more confidence.
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• Nov 24, 2021 · 3 years ago
  Trailing stop orders are a popular feature offered by BYDFi, a leading cryptocurrency exchange. BYDFi provides a user-friendly interface where traders can easily set up and manage their trailing stop orders. With BYDFi, you can customize the distance and other parameters of your trailing stop order to suit your trading strategy. Whether you're a beginner or an experienced trader, BYDFi's trailing stop orders can help you optimize your cryptocurrency investments and protect your profits.
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