Wouldn't it be great to be able to set a stop loss that follows the price upwards and protect your trading profits?
A Trailing Stop Loss order will follow the price upwards and then sell immediately when the stop loss condition is triggered.
For example, one buys a coin/token for 100 with a stop loss at 10%. Say the price move fast upwards to 110 when and then drops fast down to 90. This will trigger your stop loss order and one will have a loss of 10%.
But if it was a trailing stop loss order instead with a stop loss at 10%. Then after the price hits 110 it will be triggered as soon as the price goes down 10% from the highest price of 110, selling automatically at 99.
Loss = 1% with a trailing stop loss
Loss = 10% with a normal stop loss
Its amazing for the serious coin trader and still no exchanges as I know of offer it.
3commas.io is a platform giving the trader the possibility to connect many different exchanges through an API plus it gives the trader the possibility of a Trailing Stop loss.
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