Have you ever experienced doing trade and ended it up by #HODLING? (You bought a coin and waiting to pump, but unfortunately it dumps, and decided to wait for it until it pumps)
Have you ever experienced liquidated on Margin Trading Exchanges? (Huge red/green wick candle?
)
I want to share my weapon against that situation. Meet, STOP-LOSS.
What is Stop-loss?
Stop-loss is accepting your loss on the trade or you are minimizing your loss or cutting loss before getting rekt in ahead of time.
Most of the exchanges don't have Market Stop-loss only the Limit stop-loss as far as I experienced different exchanges.
Conclusion
Using stop-loss is not worst at all. Accepting our loss is not bad. Minimizing our loss is absolutely good than maximizing it.
There will be a good trade set-up. Not all the time are good to trade, sometimes the best trade is not to trade.
Have you ever experienced liquidated on Margin Trading Exchanges? (Huge red/green wick candle?
) I want to share my weapon against that situation. Meet, STOP-LOSS.
What is Stop-loss?
Stop-loss is accepting your loss on the trade or you are minimizing your loss or cutting loss before getting rekt in ahead of time.
Most of the exchanges don't have Market Stop-loss only the Limit stop-loss as far as I experienced different exchanges.
Conclusion
Using stop-loss is not worst at all. Accepting our loss is not bad. Minimizing our loss is absolutely good than maximizing it.
There will be a good trade set-up. Not all the time are good to trade, sometimes the best trade is not to trade.
I don't really consider myself as a trader yet, other than your usual transaction transfer. And although I've somehow heard or read about this before, but definitely not as detailed as you've explained it here for us.
Thanks for the tip and for taking the time to teach the rest of us, newbies, to be more confident when trading later!