I recently just got burned by this dump BTC just went through. I am trying to day trade altcoins on Binance and I always set stop losses to prevent too much loss on my trade. But even if I set a stop loss, most of these coins are following the market so if BTC is dumping then it won't matter. So what I want to know is if it is possible to automatically trade from BTC to USDT when I sell an altcoin on Binance since limiting my self to just the USDT market is a bit too little for me. If there is any other way for me to hold my value when selling an alt from BTC or ETH then I would really like to know that as well.
I'm sure you can code a script to do that. But I'm confident Binance doesn't have a way to do this through their normal trading interface, and I haven't seen this type of logic offered in the bots I've seen.
When I trade altcoins, I stay keenly aware of what's happening on BTCUSD. I've been avoiding altcoins entirely the last couple months, waiting for BTC to establish a new trend. Sadly, it looks like the new trend is down.