One of the powerful trading tools is stop loss. A lot of trader don't use it or don't use it effectively. Stop loss is important in so many ways, by helping you reduce your capital loss per trade whether you are on it or away. Once the stop loss is set, if the trade goes against you some portion of the trading capital will be lost depending on how big or large the stop loss is.
However, stop loss is also advantegous when your trade is in profit. You do this by adjusting your stop as the trades moves in your predicted direction so that part of your profit will be what you will risk as your stop loss and not your capital. Many people do not understand this and lots of people make so many mistakes about the stop loss usage by either moving their stop loss too fast or keep it at the initial point.
This is a Trade management tips and it plays a huge role in your trading results.
I rarely use stop losses in trading. Now I'll tell you why:
1. The possibility of installing a stop loss is not on all the exchanges where I trade.
2. Most coins have very high volatility and it may happen that now you will get a stop loss, and in an hour the price will increase several times and you will lose profit.
3. I quite often monitor my exchange accounts using remote access from my phone to my computer. I also have a bot that sends me a message in telegram if the price of my coins changes by more than 10% (here I can set any size).