Trailing stop for cryptocurrencies, need for use and installation features
Gone are the days when trading cryptocurrencies was reduced to banal earnings on the growth of the exchange rate.
Most speculative traders have long appreciated the comfort of trading in the trading platform and transferred their transactions to a special trading program.
But newbies do not always use the full functionality provided by metatrader or other similar software.
But trading in cryptocurrency pairs is no different from trading in regular currencies, which allows you to use all the capabilities of the trading platform , including such an order as a trailing stop.
I described this tool in detail in the article - https://time-forex.com/praktika/kak-vystavit-trejling-stop
Features of setting trailing stops for cryptocurrencies
Technically, the process of setting a trailing stop for a cryptocurrency pair is no different from setting a trailing stop for a regular currency pair.
You open an order, for example, for Bitcoin, then on the trade tab, right-click on the open order:
But here the question arises: what should be the size of this order? By default, we are offered from 15 to 50 points.
But if you look at Bitcoin, which has two decimal places in the quote, then 50 points here will be equal to 50 cents, that is, the order will be closed if the price moves against the open position by 50 cents.
It is clear that this size is simply not applicable when trading cryptocurrencies, given the high dynamics of movement.
Trailing stops for cryptocurrencies should be set from 1000 points, only in this case the stop order will not be triggered by the slightest market noise.
Well, then everything is purely individual, look at the size of the correction on the time frame you have chosen and set the optimal Trailing-Stop value.