In my opinion, Setting a Stop Loss is one of the important elements moreover done by daily traders. This is done to avoid more losses and move to another trading pair again to gain more profits. So, the recent profits can cover the loss that we have in advance. But, if this is for long-term investment, especially for top coins like Bitcoin, we may not need to set a stop loss because we are not in immediate trades.

Will this really work on every trading strategy?

When I see the trading leverage use, well, this may be interesting more, because we can gain much more profits on it, but also high risks to face. That is why more calculations, strategies, and smart decisions to take the position will be very crucial to combine.