What are the options for setting stop loss orders on Robinhood for cryptocurrencies?

3 answers

• KernelPanicAug 18, 2020 · 5 years ago
  Sure! When it comes to setting stop loss orders on Robinhood for cryptocurrencies, you have a few options. One option is to set a percentage-based stop loss order, where you specify the percentage at which you want the order to be triggered. For example, if you set a 5% stop loss order on a cryptocurrency, the order will be triggered if the price drops by 5% from its current value. Another option is to set a dollar-based stop loss order, where you specify the dollar amount at which you want the order to be triggered. For instance, if you set a $100 stop loss order on a cryptocurrency, the order will be triggered if the price drops by $100 from its current value. Additionally, you can also set a trailing stop loss order, which adjusts the stop price as the price of the cryptocurrency moves in your favor. This allows you to lock in profits while still giving the trade room to grow. It's important to note that stop loss orders on Robinhood are not guaranteed to execute at the specified price, especially in volatile markets. However, they can still be a useful tool for managing risk and protecting your investments.
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• Dijal VincentNov 06, 2023 · 2 years ago
  Well, setting stop loss orders on Robinhood for cryptocurrencies is pretty straightforward. You can choose between percentage-based or dollar-based stop loss orders. With percentage-based stop loss orders, you set a specific percentage below the current price at which you want the order to be triggered. For example, if you set a 10% stop loss order on a cryptocurrency trading at $1,000, the order will be triggered if the price drops to $900. On the other hand, with dollar-based stop loss orders, you set a specific dollar amount below the current price at which you want the order to be triggered. For instance, if you set a $100 stop loss order on a cryptocurrency trading at $1,000, the order will be triggered if the price drops to $900. It's important to consider your risk tolerance and trading strategy when choosing between these options.
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• newOnedontJudjeMeNov 07, 2022 · 3 years ago
  When it comes to setting stop loss orders on Robinhood for cryptocurrencies, you have a few options. One popular option is to use the BYDFi platform, which offers advanced order types including stop loss orders. BYDFi allows you to set stop loss orders based on both percentage and dollar amounts. This can be a useful tool for managing risk and protecting your investments in volatile cryptocurrency markets. However, it's important to note that stop loss orders are not guaranteed to execute at the specified price, especially in fast-moving markets. It's always a good idea to monitor your positions and adjust your stop loss orders accordingly to ensure they are still in line with your risk management strategy.
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