Smart stop loss: A must have tool

A smart stop loss is a type of stop loss order that can be used in a cryptocurrency trading bot to automatically close a trade if the market moves against the trader's position. It can be set at a certain percentage below the entry price, and if the market price falls to that level, the smart stop loss will trigger a sell order to close the trade.

A smart stop loss can be used in combination with other types of orders, such as market orders, limit orders, and ladder orders, and can be combined with other smart order options, such as entry order expiration, take profit/exit ladder, and time-based auto close.

Using a smart stop loss can help traders manage risk by automatically closing a trade if the market moves against their position, and can help to prevent large losses if the market moves significantly against the trader's position. However, it's important to note that stop loss orders do not guarantee a fill at the stop price, as the order may be filled at a different price due to market conditions.

In simpler terms

A smart stop loss is a way to protect your cryptocurrency investment from large losses. It's an automated trading order that's executed when the price of the cryptocurrency drops to a certain level that you set.

For example, if you buy a cryptocurrency at $100 and set a smart stop loss at $90, it will automatically sell your cryptocurrency if its price drops to $90 or below.

A smart stop loss helps to protect your investment from big market downturns, but it's important to note that it doesn't guarantee to prevent all losses. The price of your cryptocurrency could drop very quickly, and cryptocurrency exchanges don't always have the liquidity to execute stop-loss orders immediately.

However, a smart stop loss is an important risk management tool for any cryptocurrency trader.