I always use Stop Loss function when I create an order. Once I lost a lot of money and time and I don't want to have such sad experience anymore. I started to use cryptocurrency trading platforms like Fumgo. I set the target there, turn Take Profit and Stop Loss functions on and the system makes everything itself. Recommend to try
fumgo.comI usually set it to just 5 to 8 percent. Don't want too big of a deficit. Though these are mostly for alts that i trade with in a more active basis like trx and xvg. I don't put stop loss anymore in long term coins like bitcoin and ethereum since i could live with their value dropping 😁
I don't like it that way, because market conditions are flexible and sometimes change, using stop lose can be your carelessness, when you sell automatically because of stop loss, then the price goes up. I won't do that when I still have a lot of time monitoring the market
Stoploss do have pro and cons. To avoid the situation mentioned by you, I normally place stop loss before I go to sleep so if the bitcoin dumps, my stoploss hits and i avoid the big loss. In day time i watch the market regularly and there is no point setting the stop loss when we are actively monitoring the market.
This is correct which I do the same thing.Stop loss is just being set up when I do sleep or I'm away from my pc which I wont able to look up
with my current open orders and that's the time I do put up SL and with this very volatile market our stop losses can be easily hit up specially
when you set it on a small margin.Always put higher ones depending on your risk management.