Is Stop Loss a meme ?

How do you guys make stop loss work?
I always gets stopped out and then the market makes the complete u turn after triggering my stop loss. Always loss from the Stop Loss. I prefer Dollar Cost Averaging but then I rarely have liquid cash handy. How do biz make the stop loss work for them in this highly manipulated market where the daily swings are so wild.

Attached: stop-loss-order.png (750x550, 23K)

Buy and hold things you believe in and stop chasing literal randomness in pumps and shorts that you'll never be in on. Don't be a candlecuck.

you can't really efficently use stop loss as a daytrader. i'd put the stop loss at 20pips and forget abouth the trade - that's the best you can do imo

Thanks user but I am trying to learn the day trading. In my experience holding is not a strategy and its a losing battle. Look at REQ. I holded it from $1 all the way down to 0.06. Sad

Nothing wrong with 49% of your trades being stop losses as long as the other 51% are in the money

Please do not listen to that guy. LEARN to trade. Trading crypto is very much the same as trading forex in 15 min - 4 hours charts and it's still very profitable once you have established clear TREND lines that you can trade. Look up Adam khoo on YouTube, he will literally simplify trading to its most basic and profitable.

>they fell for the holding meme
absolute state of biz

Ok. How do you find a system that works 51% of the time? Also, how far below do you put the stop loss ? On the next support zone plus some gap? or very tight like the previous user said?

use trailing stops

Binance doesnot support trailing stops. Do you use a bot ?

Look up Adam khoo and search how to trade like a casino and go from there. Stop asking biz for advice, majority are emotionally attached to their precious shitcoins and are down 90%

U don't even need 51% w/r

You could have a 20% win rate and make money

Yes I use one

Fully automated system is a bit of a meme but automation of stuff like that works well

Thanks user. That is a very great advice. Appreciate it. I have watched some of his videos. Need to re-watch it. Really loved his teachings so far.

Mind sharing which bot do you use ?

Ok maybe I worded that incorrectly. Hold things that you know for a fact intelligent people are holding. You know, like scooping up ETH in 2015 and selling last year. You held a shitcoin. Buying and holding things that go up 1000x is the least suicidal pink wojak way of getting rich. Warren Buffoon does it and look how relaxed that fucker is. He hasn't even looked at a computer screen since last year.

>At age 15, Khoo was devouring books on "how to make money" like Donald Trump's business books
Hard pass.

Two words

Risk management

Also avoid situations like your picture, dont let a profit position turn into a loss, thats nooby af

Ok Thanks. May I ask what are you holding now apart from BTC, ETH?
Also, REQ was a good project. Not sure sine when it start becoming shitcoin.

Learning to trade is one of the best and most underrated skills out there. I'm going to learn as much as i can in my free time and so should you. Bizfags hate it because you actually have to work for your money, they hate the idea of not being able to just buy and expect a 5x in a month

Same here. I am learning from Philakone videos some anons shared some time back. He also has udemy course. I am loving it. He is the best.

I use profit trailer but I buy back when it was cheaper. Can't say it's worth it if all you want is the trailing stop

An alternative I looked into was using trading veiw alerts. I am not sure because this was some months ago when I looked but I think you can set an alert that works like a trailing stop and use a free bot to trade it. Shit was hard tho so I just bought a bot that held my hand

wtf is this crap, if you buy you know where the target is? otherwise you don't buy, this does not matter if you take 100 trades and succeed at 70 of them? you make profit, of course if you only trade once in your life you are gambling

>profit trailer
Thanks user

ITT: Dunning–Kruger effect
you will all lose your money

>Dunning–Kruger
Good to know user. Now I know what bias I had till now. I was surely losing money till now. But it will change soon.

Kek, talking in pips myyy nigga. It's about time we got some forex here and rid this board of the crypto seed.

Stop being so impatient

Why user?