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How to use the Trailing Start feature of the Trailing Stop orders in Good Crypto app?

Trailing Start is the price level at which you want your Trailing Stop to be activated, i.e. to start trailing the market price. This field is optional. If you leave it blank your order will start trailing immediately after you send it.

Example:
if the current BTC price is $9,000 and you set Trailing Start at $10,000 your order will remain dormant until the market price rises to $10,000.
If you set Trailing Start at $8,000 the order will stay dormant until the market price falls to $8,000.
If you leave this field blank, the order will start trailing right away.

NB: Binance Futures only allows Trailing Start to be set at better-than-Market price

There are several use cases for the Trailing Start feature. Here are the two most common:

Use Case 1:

An instrument is trading within some range and you want your Trailing Stop to be placed when there is a breakout and/or a breakdown of the range. You set the Trailing Start to the top and/or down of the range you've identified.

Use Case 2:

You have an open order and you want your Trailing Stop to be placed after that order fills. You set the Trailing Start to the price level at which you expect your open order to be filled.

PRO TIP: you can also 'attach' a Trailing Stop on one exchange to an open order on another exchange

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October 19, 2020

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