What is the difference between selling to close and taking profit/stop loss in the context of cryptocurrency trading?

1 answers

• Mar 19, 2022 · 3 years ago
  In the context of cryptocurrency trading, BYDFi provides a feature called 'Smart Sell' which combines the benefits of selling to close and taking profit/stop loss. With Smart Sell, you can set a target price at which you want to sell your cryptocurrency and also define a stop loss level to limit potential losses. The system will automatically execute the selling order when the price reaches your target or stop loss level. This feature helps you optimize your trading strategy and protect your investment. However, it's important to note that different exchanges may have different terms and features related to selling to close and taking profit/stop loss, so it's always recommended to familiarize yourself with the specific functionalities of the exchange you are using.
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