Bybit features to help you Maximize profit and Minimize losses
Bybit features to help you Maximise profit and Minimize losses.
Honestly speaking these Bybit features am about to share might be known by some crypto traders already but there is a high possibility that a lot of people do not still have any idea about them so it might feel criminal to know because they work perfectly like a charm trust me. Before I go further with them you must first know how the crypto market works, and how to study and analyze the crypto market chart before you think of adding these Bybit features to your crypto trading arsenal to maximize your profits and minimize your losses to the barest minimum.
Now that being said, let us dive into the main reason for this post which is the Bybit features to help everyone reading this post that is a Bybit user to maximize their profit and significantly reduce their losses, the two Bybit features am talking about is called "Close By" and "Mark", I will be starting with Mark because I have held a lot of people complain that even after they set their stop losses they still lose more than intended because when the buying or selling pressure is high in the market, coin prices will run through your stop losses like a hot knife through butter without triggering it and then it will trigger your stop loss at a much higher loss, because on Bybit and every other crypto exchange out there, the default setting for stop loss is Last.
Last means your stop loss will trigger at the last price when the buying or selling pressure is high and moving very fast not necessarily at your set stop loss. But when you set it to Mark whether the buying or selling pressure is high or not your stop losses will trigger at the exact price you set it. As for Close by it is one of the most useful tools I use while trading on Bybit, especially if I want to hold the trade for a long time and maximize my profit. Here is how it all works, let us say your trade is already in profit but it has not gotten to your take profit but you do not want to close that trade yet, because you believe it will still go your way further but at the same time you want a risk free trade.
So what you do is take some profit from the market using Close by and ride the trade until your take profit. Close by has serval options, you can choose to close the trade with 25%, 50%, or 75% profit if you want to stay in that trade or hold longer because if you close by 100% you are out of that trade totally.
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