Choosing Between Stop Losses and Mental Stop Losses In Cryptocurrency Trading

Time and money are of the essenceYou must have known by now that the cryptocurrency market is extremely volatile. Prices can change in the blink of an eye and sensitive to headline news that any time a legacy entity of influence invests in digital assets, for example, expect a price movement. As in other exchanges such as the stock market or forex, you need a major amount of time to keep watch for what gains you, together with what cause you losses. As the market moves, you cannot but be involved emotionally with your decisions to your detriment especially when you lose discipline and get stuck with revenge trading. That is why the automated stop-loss mechanism was invented to save you precious time rather than looking at the charts all day and all night and release you from too much emotional involvement.But mind you, there are traders who are not into automated stop-loss, but instead, do mental stop losses. How is that? Well, with a little background check, they have been the veterans that they are in the trading field, and with their long years of experience dealing with stress and anxieties, they learned how to breathe with the market.Depending on your style and strategy, you may opt to use stop a stop loss rather sparingly as you move from trade to trade before even thinking of doing a mental one. But why not? You can try. Just be sure to invest with allowable funds you can afford to lose.Stop Loss is a Safety NetA stop loss is an order that you place at a specified price which will execute automatically once it reaches your buying or selling price point. If you opted for a long on a trade, you may place a sell stop loss below your buy-in price.…