TRON (TRXBTC) trending down, my stop loss is triggered.
In trading, you have to plan for the worst and protect your capital to prevent further loss.
I was hoping TRON will break out from its triangle pattern and going up. But sometimes, it is not always going to the plan. In that case a stop loss will limit your loss and be able to recover from your position to be able to get into a better trading idea.
I see the key 720 support line is broken for TRON. I am selling some portion of TRX as 20% stop loss condition is triggered. This will prevent further capital loss if price goes a free fall.
I know it is painful, but a disciplined trader is a better trader in my view.
I did the opposite and bought into it while it was going down, I hate buying on a rise.
It depends. If you don't have any position to start with. A small position might be ok.
However most traders would consider this as too risky and would avoid to catch a falling knife.
It will be unwise if you already have a large position and trying to average the cost price lower. I learned that lesson in early stock trading.