How does trailing stop loss work in the context of TD Ameritrade's cryptocurrency trading platform?

1 answers

• daniyal ImranApr 25, 2024 · 2 years ago
  Trailing stop loss is a popular feature offered by many cryptocurrency trading platforms, including TD Ameritrade. It allows traders to set a stop loss order that automatically adjusts as the price of a cryptocurrency moves in their favor. This feature is especially useful for traders who want to protect their profits and limit their losses. With trailing stop loss, you can set a specific percentage or dollar amount below the current market price at which the stop loss order will be triggered. As the price of the cryptocurrency increases, the stop loss order will move up, ensuring that you lock in your profits. However, if the price starts to decline, the stop loss order will be triggered, protecting you from further losses. It's a great tool for managing risk and maximizing profits in the volatile world of cryptocurrency trading.
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