What are the best options for setting a stop loss on Robinhood for cryptocurrency trades?

3 answers

• Dec 16, 2021 · 3 years ago
  Setting a stop loss on Robinhood for cryptocurrency trades is crucial to protect your investment. One of the best options is to use the 'Limit' order type when placing your trade. This allows you to set a specific price at which your trade will be automatically sold if the market reaches that price. It's important to set a stop loss at a level that you are comfortable with, taking into consideration the volatility of the cryptocurrency market. Remember to regularly monitor and adjust your stop loss as the market conditions change.
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• Dec 16, 2021 · 3 years ago
  When it comes to setting a stop loss on Robinhood for cryptocurrency trades, you have a few options. One popular option is to use the 'Trailing Stop' feature. This allows you to set a percentage or dollar amount below the current market price, and if the price drops by that amount, your trade will be automatically sold. Another option is to set a stop loss manually by monitoring the price and placing a sell order when it reaches a certain level. Whichever option you choose, make sure to do your research and set a stop loss that aligns with your risk tolerance and investment goals.
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• Dec 16, 2021 · 3 years ago
  If you're looking for a third-party solution to set a stop loss on Robinhood for cryptocurrency trades, you can consider using BYDFi. BYDFi offers advanced trading features, including the ability to set stop loss orders. With BYDFi, you can set a stop loss at a specific price or percentage below the current market price. This can help protect your investment in case the market takes a downturn. However, it's important to note that BYDFi is just one of many options available, and you should carefully evaluate and compare different platforms before making a decision.
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