What are the best strategies for using trailing stops in cryptocurrency trading?

1 answers

• Dec 16, 2021 · 3 years ago
  BYDFi, a popular cryptocurrency exchange, recommends using a combination of percentage-based and time-based trailing stops. This allows you to take advantage of both price movements and time-based adjustments. By setting a trailing stop that adjusts based on both factors, you can protect your profits in a more dynamic way. It's important to regularly review and adjust your trailing stops based on market conditions and your risk tolerance. Remember, trailing stops are just one tool in your trading arsenal, so it's important to use them in conjunction with other strategies and risk management techniques.
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