How to Profit from a Trailing Stop Loss on Binance
Too Long; Didn't Read
A Trailing Stop Loss (TSL) is placed just like an ordinary Stop Loss when entering a position. The difference here is that unlike a typical Stop Loss which is static, a TSL will follow the price as it moves up and wait if the price moves down. A TSL is a tactical tool, it is more than just an extra precaution to throw on whenever you think you are being smart. If used incorrectly, an active TSL would most likely cause you to lose money. It enabled me to ride the rally until it had reached the top.