I have set the weekly target of 2% profit on the capital amount which is quite easy knowing that BTC swings about 2% on a daily basis and hence it would be an easy target to achieve.
I am achieving the target but as the recent dip was a big one, it took away all the profit I made. So is a stoploss worth a try so that such big dips don't take away the rest of the profit I make ? Should I consider placing a stoploss for such a small target ?
Stop loss is your way of protecting your profits when you are not in front of your laptop or desktop to trade. It will place an order for you in case the price touches your desired Sell price. However, you have to be very careful with using stop loss, a minus 5% from your bought price might trick the system to sell your coins then suddenly will price go up. I would suggest a higher margin like 8%-10% from your bought price.