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Stop loss and take profit orders are generally used for risk control in crypto trading, and therefore, it is important for the traders to understand how such orders work. With futures trading, you can sell or buy the market. A standard stop order is an order which directs a trader to buy or sell the asset once the set price is triggered. To protect your profits, you initiate a sell trailing stop order with a stop price of $2 below the current price. This order is quite different from a standard stop loss order. Here is an example of a trailing stop order. And, considering these orders like Take profit, stop loss, trailing limits, and trailing stops is beneficial. The best crypto trading terminals like TrailingCrypto help crypto traders to use these orders smartly. Trading cryptocurrencies involve taking some risks while necessitating traders to use different tools to control their risks and secure profits. Developing the right trading strategy with dynamic stop loss levels allows traders to maximize their returns without any risks. When trading on any asset, the traders are exposed to high risks if the price of the asset moves in a particular direction opposite to the one they had anticipated.
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And, the opposite is also true for the same. One such example of protecting the positions is setting an OTO order where you will place a primary order and a protective stop order at the same time. Whenever the primary order executes, the stop order will be triggered automatically. If the price of an asset advances, the trailing stop loss order will follow the direction of the asset automatically. In this case, you may set the next stop to move as the asset price increases by 10 points, which means that your stop price will move to $180 when the price increases to $260. In this case, it means that the asset can move lower by about 34 points before being stopped. Setting stop orders is not a guarantee against losses as markets can quickly move through them. So, it’s better to narrow down your research, which means trading more than one market, rather than following and trading a single market or too many markets. Trading opportunities present themselves in both falling and rising markets. Suppose a trade for an asset ABC has made a down gap and is trading at $204.
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This means, one should not only set a profit gal rather they should also set an exit plan in case the trade goes against them. Traders can set trailing stops either as an amount or percentage. For this, they can set trailing stops or trailing limit sell/buy orders. In this case, the trader can get benefit from the trailing stops. Trailing limit sell and trailing stop sell orders are the best trailing stop orders to be used for selling an asset with profits. But in the majority of cases, a stop will help to keep your losses at a manageable level. In volatile crypto trading markets, advanced trading orders are very useful in limiting potential losses. If you follow and trade too many markets, there are chances that you won’t earn profits from any of them. The crypto asset, say XYZ is trading at $30 and you place a buy trade.
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This could further lead to considerable losses unless immediate action is taken to exit the trade. On the other side, if the price moves in a direction that makes the current position of the trader profitable, an investor may want to take profit and close the position as there are chances that winning trades could turn into losses due to the volatility of the market. Different strategies for securing profits and averting losses have been proposed usually involving the prices at which a position was opened, and are used by the traders as well as the automated trading systems frequently. A lot of strategies for Take Profit and Stop Loss functionalities in crypto trading have been propounded and examined by traders over the years. If you think that the asset price will rise to $250, you can have your stop at $170. But, if the price changes its trend, the position will be closed while ensuring the profit percentage of the trader. While there is no magic formula for when to take profits or when to exit a trade, there are several tips and strategies which traders can employ to maximize their gains. The volatility in the crypto trading market is creating endless opportunities for buying, selling, and taking profits at the right time.