Hi, let's say I have an alt coin which is traded against ETH. I want to go to sleep and don't want to be caught out with a drastic price drop. If I want to sell the coin at say 10c, how can I do this as I need to set my stop loss against the price of ETH....but what if ETH changes price overnight too
First thing in crypto is that you have to change your mindset from gains in FIAT to gains in crypto (BTC/ETH value).
I seriously dont understand when people are trading on coin-coin pairs, why they even consider FIAT value in the end.
Now, the simplest answer is start using stop losses.
In your scenario, in case ETH starts mooning, it is very obvious that the Trading Pair ALT will start loosing and thats why you use the concept of stop loss so that you are saved from the massive drops in ETH values for the ALT you are trading.
Else, Go and Trade on exchanges that provide FIAT-Coin trading.
But I buy ETH to trade for an alt coin. When I trade said alt coin for ETH and ETH goes down before I cash out, I'm at a loss. So surely FIAT is the banchmamark as I want to cash out for profit