BABY SITTING YOUR POSITIONS &
THE USE OF TRAILING STOP.
Friends & fellow traders, I want to discuss an important topic today - getting a good night's sleep as a crypto trader.
We all know this market moves fast, so it can be stressful trying to babysit your positions around the clock. That's where using trailing stop-losses comes in very handy.
A trailing stop automatically moves the stop price higher as your position appreciates in value. This allows you to lock in gains without having to constantly adjust the stop by hand.
For example, let's say you entered a long trade on ETH at $2,700 with an initial 5% trailing stop. As ETH rises to $ 2,800, your stop automatically rises with it to $2,750, and keeps rising as long as the price action is positive.
This gives you immense peace of mind because even if there's a rapid overnight correction, your trailing stop will protect the majority of your unrealized profits.
When properly implemented, you can retire for the night knowing your position is secure yet still has room to breathe if the trend continues strongly. And with alerts set, you'll be woken up only if a major reversal occurs.
The best traders manage to detach emotionally from the constant price swings. Using trailing stops liberates you to recharge without obsessively staring at charts. More rest leads to sharper decision making - a definite edge in these fast markets.
So don't forget to implement automatic stops so you too can get a good night's rest and wake up to greener screens in the morning!
