Quote:
Originally Posted by klinton
100 % true. if you didn't setup stop loss before, and losses now are too big, the only option that you have is to wait ;-)
But I agree about stop losses. I forgot about it last time and I'm like 11 % down...
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pro tip for binance:
binance freezes the fuck up when a big move happens...when you enter a position, for arguments sake lets say you got in at 7000 and you want to be sure to sell ASAP if a flash crash happens, you should type in the moment you buy ===> sell for 6000...the order will not sell at 6000 of course, this would be madness
but you have your finger on the button in case of a crash and you just press sell if it starts to go south...the exchange will sell everything it can for 7000 but if the price starts going down it will sell for the next available price level for example 6995 or 6994 and so on until your order is filled....6000 is just a number that you typed in so you do not get caught by the freeze of death when binace freezes up...
my single biggest loss is now maybe 0.3% in a flash crash...binance will freeze up but it is sufficient only to press sell 1x and the order will execute in the background...there is no reason to ever have a single loss over 0.3%...
the advantage of this method over a classic stop loss is that if you want to trail your stop loss up and up and follow the price going up, you have to type in numbers in the keyboard and a freeze may happen any time...then you try 2x 3x and the price keeps moving away from you before you can adapt...I trail my stop loss by simply keeping my finger on the button...my sell is at a ridiculous 6000 even though nothing will be sold at this price but at the max price possible
