Our trailing features show why trading with a bot is so convenient. When your bot is “Trailing”, it is automatically following the price and waiting for an action to take. Such actions could be adjusting your take profit when the price drops, placing a buy order when the price goes up, or buying back your position when it was in a short. We call these: Trailing Stop-Loss, Trailing Stop-Buy & Trailing Stop-Short.
Trailing Stop-Loss
The Trailing Stop-Loss is by far our most popular feature. It’s a feature that’s almost usable for every type of trader.
The Trailing Stop-Loss automatically adjusts your stop-loss when the price goes up. Whenever the price goes down again, your TSL (Trailing Stop-Loss) will fire and sell your position. This is an ideal way to follow an upwards trend and to prevent selling too early. Manual traders use this feature, semi-automatic traders, and full auto-traders.
You can configure your Trailing-Stop loss in your base config, or you directly add it to your order in the Advanced View.
Two settings are essential with the TSL. The Trailing stop-loss percentage determines how much the price should drop before the TSL sells the position, and the Arm trailing stop-loss at determines when your TSL should start tracking the price. It can do that right at the start at 0.01% “profit”, or only when a position reached a percentage profit.
You can also configure if your bot may only use the TSL to sell positions (it will ignore the short/take profit), if it may only sell when a position is in a profit and if it can try again when its sell order didn’t fill.
Trailing Stop-Buy
When you buy, you never know if you’ve bought it for the bottom price. This is impossible to know, but it is possible to get help from a bot!
Use the Trailing Stop-Buy (TSB) to delay your buy and track the price. TSBwill keep monitoring the rate down until it goes up. When it goes up, it will initiate the buy order and voila! You can configure the TSB in your baseconfig, and it will then always use it before when your bot gets a signal or when its strategy signals a buy.
You can also apply it to a manual order. Just go to the advanced view, and configure it when placing an order. The TSB has one important parameter, and it’s the Trailing buy percentage.
This determines how much the price must rise until the actual buy order is placed.
Trailing Stop-Short
The Trailing Stop-Short (TSS) is almost the same as the TSB. First, it’s essential to know that Shorting is different in Cryptohopper than traditional shorting.
Our shorting is like a buyback function. When you expect that the price of a position will go down, you initiate the short and these funds will be reserved to buyback the same amount of the coin for less. The only difference is, is that it will track how much the position is going down and how much “loss” you’ve saved! When you expect that you’ve reached the bottom, you stop the short. Your bot will repurchase the position, protecting yourself from a loss, and you should be making a profit sooner.
The TSS will automate the part where your bot initiates the short, and when it buys back the position. You could use this as an alternative for a traditional stop-loss.
The TSS has a lot of settings, but two of them are crucial. First is the Arm trailing stop-short at. This determines at how much loss a short should be initiated.
Second is the Trailing stop-short percentage. This determines how much the price should go up again before the short is stopped and the position is bought back.
These features and its configurations are further explained in the other sections of the documentation.
