TLDR; Do people think there’s a reasonably safe distance to set a trailing stop at during a bubble, or is the market too random for such a simple approach to work well?
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Hi everyone, I’m a long time reader of this sub, but I rarely comment because my normal reddit account is closely tied to my identity and I don’t want to advertise to the world that I have bitcoins. I decided to make a new account today so that I can comment here more often.
During the last two bubbles, I just traded manually by putting limit orders in. I’m not an experienced trader, I’ve been introduced to trading over the last year or so because of bitcoin, and have been reading a lot. On reflection, from reading your suggestions here and elsewhere, I realized that it can really pay to plan well in advance and have a clear strategy worked out – basically to reduce the amount of decisions you need to make in the heat of the moment.
I feel that now that things are relatively quiet it seems like a good time to start planning and hopefully others here will benefit from this sort of discussion too. We don’t know when the next bubble will be (or even if there will be one), but we can start making plans and seeing whether fellow traders can poke holes in them.
In my case, I can’t watch the market all day and the penny has finally dropped that a trailing stop-loss might be a better way (for me) to approach any future run up in price.
So I was wondering whether any experienced traders here have tips about what a relatively safe distance (in percentage terms?) is to avoid getting your stop triggered by normal volatility and small retracements please. And did anyone use this approach during earlier bubbles?
I was also wondering what people think about this strategy as a way to lock in a certain amount of profit during periods of extreme growth. Do you do this or do you think another approach is better?
You can assume that I’m a relatively conservative trader, that I’m mostly in bitcoin for the long haul, because the technology is awesome, and that most of my coins are in cold storage (and aren’t traded). For me, gaining 20% on a trade is amazing, because you can’t do that regularly in any other market I know of. I trade on Bitfinex and any tips regarding the actual mechanics of doing this (e.g. do you have to move your stops up regularly, or can the platform do that for you?) would also be greatly appreciated. I plan to make some small trades soon, just so I can be sure about how the system actually works.