Hello. This thing happened a month ago, but I wanted to ask anyway.
On the morning of September 21, I opened a long trade at 18.900$ on Bitcoin. As I predicted, Bitcoin's price started to rise towards the time of the FED meeting. I'm not a person who uses Stop-Loss a lot, but since everyone I see said 'don't forget to use it', so just in case, I set a Stop-Loss order at 19.200$ while Bitcoin was around 19,450$. (On Binance btw)
After the interest rate was announced at the Fed meeting, as you know, within seconds, Bitcoin first went up to 20.000$ and then suddenly started to fall. My stop-Loss order didn't work at 19.200$ and it sold at 18.450$ and closed the position, almost the lowest point where Bitcoin fell.
In this case, I made a loss because of Stop-Loss. If Stop-Loss doesn't work on sudden drops, then why we should use it? If the order had never worked, I would still understand it. However, the fact that it worked at a level far below the Stop-Loss order I gave, that's a huge problem.
[link] [comments]
You can get bonuses upto $100 FREE BONUS when you:
π° Install these recommended apps:
π² SocialGood - 100% Crypto Back on Everyday Shopping
π² xPortal - The DeFi For The Next Billion
π² CryptoTab Browser - Lightweight, fast, and ready to mine!
π° Register on these recommended exchanges:
π‘ Binanceπ‘ Bitfinexπ‘ Bitmartπ‘ Bittrexπ‘ Bitget
π‘ CoinExπ‘ Crypto.comπ‘ Gate.ioπ‘ Huobiπ‘ Kucoin.
Comments