What are some strategies for effectively using a trailing stop in the volatile cryptocurrency market?

1 answers

• Nov 24, 2021 · 3 years ago
  Using a trailing stop can be an effective way to manage risk and maximize profits in the volatile cryptocurrency market. However, it's important to note that different exchanges may have different rules and features when it comes to trailing stops. For example, BYDFi offers a unique trailing stop feature that allows users to set a custom percentage or dollar amount for their trailing stop. This can be useful for traders who want more flexibility in managing their positions. However, it's important to thoroughly understand the features and limitations of the exchange you are using before implementing a trailing stop strategy. Always do your own research and consult with professionals if needed.
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