Stop loss limit at wallets

[adamski]

Hi!

I am a newbie in cryptocurreny and asked myself, if there is a strategy to do a stop loss limit at online wallets.
I know that some exchanges like binance or kraken you can set a stop loss. But for best practices you should take your coins off the exchanges and transfer them to your wallet.
But then you have the risk, that your coin can crash while you were sleeping..
I know that there are some apps, which allow to set alerts. But in my opinion this is not an optimal solution... Does anybody have a better proposal?

[paolo099]

take my words with a pinch of salt, but i'm not aware of anything like this if your BTC are in a wallet which is not the exchanger wallet.
Stop loss is used on exchanger and that means you have to deposit your coins to them and set the stop loss on it.
Setting an alert to check the BTC prices and send you a message when the price drop to xxx should be really easy to achieve but this will not solve your problem, in order to be able to sell at certain price you need to put your coins in exchanger.

[Azirafalo]

is it possible at bittrex? I haven't found where to put the price alert

[btcprospecter]

This is the big difference between people that trade and hold people that hold will know that price fluctuations are going to happen but if you have invested alot into a currency it would be a good option to sell when it hits a certain lower price.

[hadveach]

This is the big difference between people that trade and hold people that hold will know that price fluctuations are going to happen but if you have invested alot into a currency it would be a good option to sell when it hits a certain lower price.

yes, I agree with you, and both have risks. the person who trades, he will know that the altcoin he is selling will increase after he sells it at a low, and the one who continues to hold, he will lose the price at a high moment. so both should have a good and proper analysis.

[GREATLOVE]

Hi!

I am a newbie in cryptocurreny and asked myself, if there is a strategy to do a stop loss limit at online wallets.
I know that some exchanges like binance or kraken you can set a stop loss. But for best practices you should take your coins off the exchanges and transfer them to your wallet.
But then you have the risk, that your coin can crash while you were sleeping..
I know that there are some apps, which allow to set alerts. But in my opinion this is not an optimal solution... Does anybody have a better proposal?

Its still better to transfer it on your own wallet and have your price goal for you to not regret soon. In selling your coins you must have a great deal with your self where you can stop loss.

[knien]

If I understand correctly you want to have your coins in a wallet for safety reasons and you want to set stop loss order to avoid loosing money on sudden price drops that you will probably miss.
Stop loss in wallet is not possible.
having coins in an exchange is more risky.

So another alternative is to limit the risk by spreading your holdings over multiple exchanges where you can set stop loss orders and in case an exchange gets hacked, you loose only part of your holdings.

[Zakhal]

If you are so worried hold multiple coins and buy a bear certificate against Bitcoin once they become available. You will be safe.

[adamski]

Ok so I have to make a trade off.. I  am hodling bitcoin longterm and some other altcoins.
My fear was, that maybe there will come a day when bitcoin crashes (>80%) because of terrorism or hack etc.
Well, I think the best option is to split my coins (half exchange, half wallet) and set an stop loss..

[AngelSky]

Hi!

I am a newbie in cryptocurreny and asked myself, if there is a strategy to do a stop loss limit at online wallets.
I know that some exchanges like binance or kraken you can set a stop loss. But for best practices you should take your coins off the exchanges and transfer them to your wallet.
But then you have the risk, that your coin can crash while you were sleeping..
I know that there are some apps, which allow to set alerts. But in my opinion this is not an optimal solution... Does anybody have a better proposal?

Having coins in the exchange is first of risky option to have your fund whether it is bitcoin or altcoins. Most of the hackers always point on the exchange wallet only other than that you focus to hack the hash power rental sites.
If you want to have the fund having bitcoin on desktop or cold storage will be the exact option to have your funds.
For altcoins have myetherwallet that will be available for all the cheap coins to till bitcoins.

[Zakhal]

I think ED is still safe place compared to some other exchanges. If Bittrex or Binance was hacked it would be game over, they have your keys, there is nothing you can do. But with ED you can always keep your keys in Metamask.