Coinbase, Exchanges

Can You Set a Trailing Stop Loss on Coinbase Pro?

If you are looking to set a trailing stop loss on Coinbase Pro, there are a few things you need to know. First, Coinbase Pro does not offer traditional stop-loss orders.

Instead, they have a feature called “Fill or Kill” which allows you to place an order that will only be executed if the entire order can be filled at the specified price. This can be useful if you want to make sure your stop loss is not triggered by a small dip in the market.

NOTE: WARNING: Setting a trailing stop loss on Coinbase Pro is a complicated process. If you do not understand how to properly set up a trailing stop loss, you may end up losing more money than you could have anticipated. Additionally, there are certain risks associated with setting up a trailing stop loss, such as the potential for slippage of your order or the possibility of unexpected market movements. Therefore, if you decide to set up a trailing stop loss on Coinbase Pro, make sure that you do so with the utmost caution and consideration of all the potential risks involved.

Another thing to keep in mind is that Coinbase Pro does not offer price protection like some other exchanges. This means that if the market price falls below your stop loss price, your order will not automatically be executed.

You will need to manually cancel your order and re-enter it at the new stop loss price.

Overall, setting a trailing stop loss on Coinbase Pro can be a bit tricky and requires some extra care and attention. However, it is possible to do and can be a helpful tool in managing your risk when trading cryptocurrencies.

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