In the previous lesson, we have shown you how to make a purchase at an even better price than we originally assumed using Skyrocket BUY. (check out the lesson here). One of the biggest problems when trading is selling the coin with the highest possible profit – only with those transactions we can break even. So, how can SkyRocket Sell help to achieve that?
In the second lesson, we were discussing how Trailing Stop Loss (SLK) works. However, it is not always the right tool when we want to sell our asset at the best price. If we have just bought a coin and we assume its increase by, let’s say 25%, setting a regular trailing SL may not be enough. Price volatility can lead to a sale before we have planned to. That is why we have created the SkyRocket Sell tool which will be perfect for that situation.
The difference between these orders is that we can determine when the Trailing Stop Loss (SLK) will start. Later, its operation is basically identical to SLK.
We bought BNB in the previous lesson for 0.0019570 and now we would like to sell them with a good profit.
However, we don’t want to sell it cheaper than at 0.002280. Normally we would issue a Limit order on this value on the exchange. However, this deprives us of the chance to earn if the price would break this level and go higher.
So we set the SkyRocket Sell order:
In the column Deferred Activation we put the price 0.002280 at which the Trailing Stop Loss should start. Enter the percentage drop from the highest price where to start the sales order in the Trailing column (here 2%), and then insert the sale price level in the Limit box, indicating how many percents the price should be lower than the highest. (3% here)
Now we have to only put the amount of coins and we can run the SkyRocket Sell tool.
If the BNB rate increases during this time, let’s say to 0.002460, the sale would be at 0.0023862, which is 4.7% more than we would sell it on the exchange with a Limit order.
One of the many problems when it comes to selling is to what assets we sell for the selected coin. Unfortunately, a frequent reaction of altcoins to Bitcoin price fluctuations is a sharp decline in their value. If we want to secure our alts against such an event on the exchange, we can set a Stop loss order, which protects us against a decrease in our assets.
For example, we have Stop Loss set to BTC and during this time BTC “dives” by 12%, if our alt also begins to decline then it is sold on our stop loss (SL) and our capital is shrinking by an additional 12% as a result of a decrease in BTC. In this situation, we’d be better off setting SL to USDT. However, if BTC went the other way by 12% then sale to USDT would deprive us of those 12% that we could gain as a result of changing the price of BTC.
The solution is to set the sale of all our altcoins to BTC and to USDT. Then if the capital value drops in BTC, it is sold to BTC, and as in USDT to USDT. Believe us, this can slightly improve the value of our portfolio.
We remind you that you can use all these tools for free. Just register skyrocket.trade, there you will find more information.