Re: Make even more profit on crypto trading with trade-mate.io
How to increase profit using the Trailing Stop tool
Stop losses protect traders from unexpected rate drops. The trader sets the price at which the stop order should be triggered. Additionally, you can set the level at which the order is placed. But the problem is that exchanges do not provide flexible tools that allow you to automatically adjust orders when the price increases. Traders have to rearrange orders manually.
Trade-mate.io automated trading platform provides this opportunity and has developed a Smart Trade function that supports the Trailing Stop tool. A single trading terminal provides access to three major exchanges at once: Binance, BitMEX and Poloniex. The tool works as follows: the trader sets the stop loss and take profit at the level of, for example, 1% of the open position. When a take profit is reached, the stop loss is automatically moved to breakeven. That is, the stop loss always remains at the level of 1% of the current price of the cryptocurrency until the growth stops. This allows you to increase profits while reducing the risks of a loss on the market reversal.
When will the Trailing Stop tool be useful
During uptrend. In a growing market, rate corrections inevitably occur, and the chart resembles a "ladder" in shape, so trailing stop loss allows you to prevent loss of funds. In addition, it is not always possible to determine exactly when the trend will change direction.
In uncertain situations. For example, when the market is highly volatile, it is difficult to determine the boundaries of the price channel, as well as support and resistance levels. In this case, Trailing Stop is a must have.
It is almost impossible to determine the peak during rapid growth. The risk of a price rollback is stronger the more actively the price of the cryptocurrency grows, but no one wants to miss the potential profit. Trailing stop loss will also act as an insurance for the trader.
In summary, Trailing Stop is a necessary tool, especially for intraday traders. The tool is also suitable for long-term traders, allowing them to avoid large losses during collapse of the crypto market.
To enable Trailing Stop, go to the Smart Trade section of the Trade-mate.io terminal and when creating the task, select the Trailing check box, and then set the level at which the stop order will be set.