What are some common mistakes to avoid when using stop losses on BitMEX?

3 answers

• Dec 17, 2021 · 3 years ago
  One common mistake to avoid when using stop losses on BitMEX is setting the stop loss too close to the entry price. This can result in the stop loss being triggered prematurely, causing unnecessary losses. It's important to give the trade enough room to breathe and consider the volatility of the market before setting the stop loss.
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• Dec 17, 2021 · 3 years ago
  Another mistake to avoid is not regularly adjusting the stop loss as the trade progresses. Market conditions can change rapidly, and it's crucial to update the stop loss accordingly to protect profits or limit losses. Traders should monitor the market closely and be ready to adjust their stop loss levels as needed.
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• Dec 17, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, recommends using trailing stop losses on BitMEX. Trailing stop losses automatically adjust as the price moves in favor of the trade, allowing traders to lock in profits while still giving the trade room to grow. This can help avoid the common mistake of prematurely exiting a trade and missing out on potential gains.
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