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?
That's right, with the strategy that you apply, losses will be minimal if you use the 1% benchmark and use the stop loss again. You just need to be in front of the screen and see the current trends. Using this pattern you can have a great chance when the uptrend exceeds the stop limit order you created.