Setting limit orders becomes a solution for traders who want to catch a coin by a particular price, which is sometimes challenging to catch when buying by the market current price. As you know, when the cryptocurrency reaches its ATH (All-Time High) and becomes very volatile.
Why are limit orders necessary?
This feature will help you take profit in time and won’t let you lose more than you expect. Just select a desirable price when you want your cryptocurrency to be sold and bought, and when the price reaches a chosen point in the chart, your order will execute.
As you can get, stop-limit order is a very comfortable feature, but what if we tell you that a take-profit or stop-loss order can move in the price’s direction? Check out the info below to learn more. Stay with us to always be aware and updated.
A trailing stop order lets you track the highest price of a stock before triggering a market order. Traders often use trailing stop orders to help limit their maximum possible loss.
Before the beginning of our guide for using the trailing take profit limit, we want to highlight that there is a slight difference between trailing take profit and trailing stop.
A trailing stop is a stop order that automatically follows a cryptocurrency’s price, moving in the same direction.
Trailing take profit is the following stop order executed after reaching the chosen cryptocurrency chart’s selected point.
Let’s discover how trailing take profit orders work by the example with numbers. Imagine that you bought BTC for $100000 and set a take profit order at $110000, trailing take profit for 5%. If the Bitcoin price climbed to 105000, the order is not executed as the point at 110000 has not been hit.
As you can get, without the trailing take profit feature, you would earn less, missing the price at $114000, and your BTC would have been sold at $110000.
If you want to maximise your reward and reduce the possible amount of loss, you cannot avoid using trailing orders to take profit, especially while using signals. When you received a signal, set the limit orders to control the expected profits and loss. Trailing take profit limit will not only help you to catch a good trade, but it will also help you to earn as much as you can by following a direction of price.
How signal services work, and how can they boost your profits?
Being armed with proven crypto trading signals will let you trade like a king both at a spot and on the futures, where you can use leverage and double or triple your deposit even after a couple of trades. Use trailing take profit orders to control every signal based profits. But remember, it is not recommended to believe the hype and go all-in, so invest wisely and carefully, especially if you have deals with the futures market.
How to find proven signals to increase your profits?
Don’t believe empty promises, as any mortal man can provide you with a 100% guarantee of a win. Believe in the numbers and statistics, which you can discover at our free Telegram channel with trade results.