Trailing Stop order sets a trigger that follows (trails) market price at a specified distance (Trailing Distance) when the price moves in the chosen direction but remains in place when the price moves in the opposite direction. If market price ‘touches’ the trigger, the underlying Market or Limit order is sent to the exchange.
Trailing Sell order follows market price as it goes up and triggers Sell order if/when the price falls from its peak by the amount set as the Trailing Distance.
Trailing Buy order follows market price as it goes down and triggers Buy order if/when the price rises from its low by the amount set as the Trailing Distance.
Trailing Stop orders are a great tool to open either a long or a short position at the exact moment the price trend reverses. This lets you enter at a better price by not going against the current price trend while also increasing the probability that the price will move in your favor after you enter the position.
Trailing Stops are also a perfect tool to exit your existing positions – Long or Short. They act as a Trailing Stop Loss and an open-ended Take Profit simultaneously – limiting your downside but letting your profitable trades run with the market, allowing you to capture larger profits and exit at the exact time the price trend starts to reverse.
Good Crypto app supports synthetic Trailing Stop orders on all the 25+ crypto exchanges in the app. Trade with Trailing Stop orders on any exchange: from Binance, Bittrex, Kraken, and Coinbase Pro to Indodax, Yobit, and Exmo!
PRO tip: Attach Take Profit and Stop Loss when entering a position with a Trailing Stop – you’d be amazed how powerful this trading setup is.
See detailed examples of how Trailing Stop orders perform under different market scenarios in our blog post.