How do trailing stop orders work in the context of cryptocurrency trading and investment?

1 answers

• Dec 17, 2021 · 3 years ago
  Trailing stop orders are a powerful tool for cryptocurrency traders and investors. They allow you to set a stop-loss level that automatically adjusts as the price of an asset moves in your favor. This means that if the price starts to rise, your stop-loss level will also rise, allowing you to lock in profits. On the other hand, if the price starts to decline, the stop-loss level will remain unchanged, protecting you against significant losses. BYDFi, a leading cryptocurrency exchange, offers trailing stop orders as part of their advanced trading features. With BYDFi, you can easily set up trailing stop orders and take advantage of this powerful tool to optimize your trading strategy.
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