Keep your money safe with trailing stop loss

Do you remember the big drop in 2017? If not, maybe you were also there in March 2020 when the price drop like crazy. Even now there seems to be a bull market, you may still worry that at any time the price can go down like crazy again and you may lose the profit you could have got now

With trailing stop loss, you can safeguard your profit. Trailing stop loss simply means you set a percentage or amount below(or above if you are shorting the crypto) the current price, and the stop loss price will follow the current price, therefore safeguard profit as possible

Let’s explain with an example to compare simple stop loss and trailing stop loss

Simple Stop Loss

1. You bought ETH@$300 each, you think it will increase
2. You put a simple stop loss @$270 each
3. The price goes up to $360 but later drop to $250
4. The simple stop loss triggered@$270
5. Your profit is -$30 per ETH bought

Trailing Stop Loss

1. You bought ETH@$300 each, you think it will increase
2. You put a trailing stop loss @10%
3. The price up to $360 but later drop to $270
4. The trailing stop loss triggered@$324
5. Your profit is $24 per ETH bought

Knowing that trailing stop loss is a good method to safeguard the profit, how can we set up trailing stop loss for trading? The easiet way is to use a bot to automate the process rather than starring at the screen unable to sleep well.

One of the best crypto bot to do this is the bot from Haasonline, with which you can not just setting up trailing stop loss, but also 50+ other ways to safeguard your trading.

You may also have a look at technical analysis and fundamental analysis to improve your trading performance