Let's say we already have everything when we open a trade, we already have a stop loss order, target price order or initial take profit price order, etc.
My question is do you consider closing your trade if those orders didn't trigger for some time?
Because for example, the trade you opened becomes sideways or stable, and no pumps or dumps happened that triggered your orders, so for some time, your trade is still open.
So, do you have a limit for your trades? Like 1 day, week, etc? If nothing happens, are you closing those trades manually?
If you’ve not heard of the term stop loss in trading, check out this link to help you understand what it’s all about.
Every trade we get into requires us to know when to get out, whether we’re making a bitcoin profit or not. Establishing a clear stop loss level can help you cut your losses; a skill that’s very rare in most traders😴.
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Choosing a stop loss is not a random activity, and perhaps the most important thing to note here is that you shouldn’t be carried away by your emotions – a great point to set your stop loss is at the cost of your coin. If, for instance, you acquired a coin at $1,000, set that as the minimum point you’re willing to trade your coin. This will ensure that if the worst comes to pass, you can walk away with what you invested in the first place.🤥
The same applies to profit levels if you target to get out of the market after hitting a certain minimum profit; stick to that. Don’t be greedy; it’s never a nice color on anyone!😊😊