Hi all
is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?
Yes ofcourse. You can always stop your loss whenever you wanted to. But I believe that is a panic selling. Because you are foresee that coin to continue going down, better to cut the loss as soon as possible.
Literally a panic selling, stop loss is different from that, stop loss is where you decide to get out of a losing situation, well we can say that panic selling is a kind of stop loss since you're doing the same thing as stopping your loss but in very short term. Panic selling is for weak hands who are easily distracted by the declining price as early as they enter their buying position.
But to avoid that, before you buy a coin for a trade, make sure that you've think about it carefully.
Do not buy it if you are not really confident, you might just end up lossing.
Doing a self technical analysis will do so much to avoid the unwanted loss or better you won't be needing any stop loss anymore.