I'm new to futures trading but not in crypto.
I like to hold coins for long term but right now im interested in futures trading and there is a thing i don't understand and cannot find answer on internet (lol).
Lets say i bought long BTC/USD at $47,000 and if bitcoin goes down like at $42,000 will my open order will be canceled automatically without my permission and lose my money. I know stop limit loss but im not interested at this right now because im always behind my computer. Also... Can you hold open orders like for a year and if it goes up i take alot of profits.. My concern is only if im at loss i don't like to sell and lose but im concerned if my open order will be canceled automatically if not set up limit loss and take loss, i always wait for the price to go up at the same price i bought. English is not my first language if my question is not clear please let me know i'll try to explain below in comments. Thank you.
Hahaha this sounds a typical challenge of a newbie trader on the one side because they don't understand the real dynamics of trading. And on another aspect, it sounds like the challenge of an experienced trader who knows almost everything on trading but decides not to do what is right. Like an experienced trader who is greedy. So you what to have everything? right, no way you can have everything not even in this world. The experience of the world where you don't have everything you need should teach you that's how trade it.
You are trading with leverage and when your account is running low, you know your broker has to automatically exit you from the market so not to lose their money because leverage is as a borrowed money to trade and when you are running low of your real money, they take out your borrowed money. Use stoploss to trade, it will safe you many stress and worry in the business, you can't monitor your trade hundred percent because you don't know the next minute direction.
If you are losing so much you can stop the trade instead you lose everything. Learn to be pragmatic and professional in trading business.