Stop loss after buying coin

[Houdini76]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

[stomachgrowls]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

You can set up stop-loss anytime you do want which is mostly 5-10% below on your purchased or buypoint or depend on how much you can risk on. I havent tried coinbase pro if they do have  SL tool but i can give you out

some tuts on how its been done but this time it on Binance. You can check it out here https://www.binance.com/en/support/articles/360040016512#:~:text=How%20can%20we%20help%20you%3F&text=02%2021%3A26-,The%20stop%20order%20on%20Binance%20Futures%20platform%20is%20a%20combination,when%20the%20order%20is%20placed.

As a beginner or do make active trades then this tool is always been suggested to be used up.

[Zemomtum]

Stop lost is a good measure to use and avoid your digital assets being crash suddenly. It is better to lose 5-10% of your holding as compares to 80 -100% within an hour. He does happen in crypto space regularly and this it is a great tool to prevent this type of occurrence.

[The Cryptovator]

I didn't used coinbase pro, so I don't know if stop loss features available there. But those exchange support stop loss you may set it on there. There are some advantages & disadvantage of the stop loss. Advantage is, the stop loss would help you to prevent huge loss. The disadvantage is, you would miss profits due to stop loss if coin price start pump after hit stop loss. But personally I believe advantage is stronger than disadvantage. You may use stop loss to prevent huge loss of your total portfolio.

[Gozie51]

Stop loss is very good to use so that you can prevent total loss of the coin you have because you won't have the knowledge of future movement of the price. Coinbase too is a good platform for such kind of trade.

[nelson4lov]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

Yes, It's possible to set stop loss orders on almost all exchanges (including coinbase). if I'm not mistaken. You can see order types available at coinbase.pro exchange, what each order type does and how to set different order types like stop loss, limits and more.

I didn't used coinbase pro, so I don't know if stop loss features available there.

Stop loss order type is available on coinbase.pro. It's a small but cool tool that comes in very handy. The functionality is available on almost all exchanges.

[ashmodeus]

yes,coinbase pro have stop loss fuction.
Select the STOP tab on the Orders Form section of the Trade View,then Choose whether you'd like to Buy or Sell,then Specify the Amount and Stop Price at which the order should be triggered,then Specify the Limit Price and done,u can leave the your trading account.

[Ryker1]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

Well, this kind of strategy is very common in trading. If you still learning to trade I suggest pausing for a while and make your own research on how to execute stop-loss process in trading. Because of this required skill on how to read technical analysis and followed by fundamental analysis.
There is a thread that I have read last week and I applied this, so far so good at the moment. Here is the thread of stop-loss.
^{https://bitcointalk.org/index.php?topic=5173189.0}

[rexxarofmoknathal]

It depends on the platform you use.

I know that binance offer stop loss features for all of its trading pairs, but you might not find this functionality on newer or less advanced platforms.

I personally set my stop loss to -10% on my entry price, and I set my take profit order at 20% (most of the time). So long as I pick more winners than losers, this system should pay out.  

[Oilacris]

It depends on the platform you use.

I know that binance offer stop loss features for all of its trading pairs, but you might not find this functionality on newer or less advanced platforms.

I personally set my stop loss to -10% on my entry price, and I set my take profit order at 20% (most of the time). So long as I pick more winners than losers, this system should pay out.  

I disagree!
Newer platforms will surely mostly have this kind of functionality since this had been the norm or commonly needed by most people  specially to those who do trade off actively.
Ive been using stop loss in binance and i dont know if other platforms do have it since i havent tested out other platforms yet i do trust up binance when i do trade.
Stoploss is helpful yet this do limit out deeper loss in to your trade which this had been known by majority.If you do go for long term then this feature
wont really be that much important.

[GreatArkansas]

(...)
I personally set my stop loss to -10% on my entry price, and I set my take profit order at 20% (most of the time). So long as I pick more winners than losers, this system should pay out.  

This is quite good putting a stop loss on every trade. But how do you calculate your stop loss? Do you plan your stop loss before entering a trade or after it? Like as long as it is arond -10%?
Because for me, we are kinda different, I plan my stop loss before entering a trade, if it is a good risk:reward ratio then I enter a trade.

And for OP, open a trade first before stop loss. But planning about where you put your stop loss, is much advidsable for me; before you enter a trade, you should already have a plan where to put stop loss.

[Latviand]

Stop loss is very good to use so that you can prevent total loss of the coin you have because you won't have the knowledge of future movement of the price. Coinbase too is a good platform for such kind of trade.

If you are not that confident about your trading and you think that this is not the right time to trade then don't trade at all.

Stop-loss can really minimize your losses but you make sure that you are monitoring it so well. It is hard to predict the market as it is really uncertain depending on the factors that can affect the market situation. Doing stop-loss can help you become aware about the price 5%-10% under your buypoint. It is also hard to rely on that, you still know how to control yourself.

In terms of Coinbase, it is also good trading platform with a lot of features the same with Bitstamp.

[Itsmylife]

(...)
I personally set my stop loss to -10% on my entry price, and I set my take profit order at 20% (most of the time). So long as I pick more winners than losers, this system should pay out.  

This is quite good putting a stop loss on every trade. But how do you calculate your stop loss? Do you plan your stop loss before entering a trade or after it? Like as long as it is arond -10%?
Because for me, we are kinda different, I plan my stop loss before entering a trade, if it is a good risk:reward ratio then I enter a trade.

And for OP, open a trade first before stop loss. But planning about where you put your stop loss, is much advidsable for me; before you enter a trade, you should already have a plan where to put stop loss.

I think he sets his stop loss to a fixed number, it's not based on any market factor. This way, he easily loses money little by little over a long period of time.
For me, I set my stop loss based on MACD, KDJ and BOLL and sometimes is VOL if a pump occurs.

[Insanerman]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

Yes ofcourse. You can always stop your loss whenever you wanted to. But I believe that is a panic selling.
Because you are foresee that coin to continue going down, better to cut the loss as soon as possible.
But to avoid that, before you buy a coin for a trade, make sure that you've think about it carefully.
Do not buy it if you are not really confident, you might just end up lossing.

[TGD]

https://bitcointalk.org/index.php?topic=5262688.0

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

Yes ofcourse. You can always stop your loss whenever you wanted to. But I believe that is a panic selling.

I agree on your other statement except this one. You can't guarantee that the price will bounce back at any point you enter even though it seems like the price was in the bottom when you look on the chart. All professional are using stop loss to limit possible risk of losing because they can't guarantee that there analysis is 100% accurate. There is a famous quote in gambling which is "only risk what you can afford to lose". This is the same principle to stop loss. It is not that you are not confident on your trading strategy but rather a wise risk management that is an essential part on trading.

[Pamadar]

yes,coinbase pro have stop loss fuction.
Select the STOP tab on the Orders Form section of the Trade View,then Choose whether you'd like to Buy or Sell,then Specify the Amount and Stop Price at which the order should be triggered,then Specify the Limit Price and done,u can leave the your trading account.

If you have the right knowledge with this function it will helps you a lot to do other things, instead of monitoring your trades with stop loss
functions, the trade will be much easier, it lessen the stress and lessen your chance of being emotionally moved.
Good traders who uses this functions really enjoyed the benefits, though not always that you'll get the winning
trade but it's helps you to limit your loses.

[babygun]

Stop loss is very good to use so that you can prevent total loss of the coin you have because you won't have the knowledge of future movement of the price. Coinbase too is a good platform for such kind of trade.

If you are not that confident about your trading and you think that this is not the right time to trade then don't trade at all.

Stop-loss can really minimize your losses but you make sure that you are monitoring it so well. It is hard to predict the market as it is really uncertain depending on the factors that can affect the market situation. Doing stop-loss can help you become aware about the price 5%-10% under your buypoint. It is also hard to rely on that, you still know how to control yourself.

In terms of Coinbase, it is also good trading platform with a lot of features the same with Bitstamp.

I always put my stop loss at -25% under my buypoint. If you trade in crypto, you will see a lof of fluctuations every day so putting a stop loss at -5% or -10% under your buypoint seems way too low for me.
I use the same stop loss when buying stocks also.

[maydna]

Yes, of course, you can. You can apply to stop-loss after buying a coin, but I wonder why you should do that if you already analyze the coin before you purchased. Usually, stop loss is apply when the market is going down, and you want to prevent the losses because of the price is going down below than the price you bought. If you are afraid the downtrend, you can use stop loss to prevent from the down of the price, but you might set it after analyzing more, so you can know if the market is really getting down or not.

[Becky666]

Hi all
is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

Well, for me if you have already done your own research vigorously about the coins you are buying, I don't think you need any tools like stop lose again. Frankly, that tools isn't my favourite because it has potentials of making you loose out of possible profits. Advise: don't buy any coin because others are say good about it or pumping groups are hyping the coins. Do your thorough investigation about a coin before proceed to buy.

[Kupid002]

Hi all

is it possible to put a stop loss on a bought coin after you have bought it ? Just wondering because i am still learning and have only just come across stop loss. I use coinbase pro - is it possible on there?

yes you can stop lost in coinbase here is the guide I found https://help.coinbase.com/en/pro/trading-and-funding/orders/overview-of-order-types-and-settings-stop-limit-market just read every thing  so you will understand how it works . I hope it helps.