It's a good strategy when the market is on an uptrend (you get to make more profits than the 1% losses due to stop loss triggers) but on a down trending market or when the market prices are sideways, You might not realize any profits as stop loss might be triggered most of the time due to the high volatility of crypto market
Ok, but this way I will minimize the losses on the down trend, no?
I think that you will be making greater mistake if you are relying on just 1% drop to rebuy in the market after you sold. You should rather hodl and not sell in the first place. You seem to be seeing the volatility as your partner or friend but it is not because that 1% drop you think or expect may turn out to be a bear trend eventually and it can go down far than you will think. Look for support or resistance to take your position and trade with stoploss.