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This article was written for the BSC Times, a one stop shop for everything you need to stay updated in the BSC space.
In a market as volatile and unpredictable as the DeFi space, it was never really a question of if sophisticated trading tools like charts, stop losses, limit orders etc would be available, but when and by whom?
The answer, in the BSC space at least is Bogged.Finance. Boasting an already impressive suite of tools that rival those offered by centralized exchanges (CEX) like Binance, it doesn’t look like the Bog team is content to rest on their laurels. On the 23rd of June, it unveiled its latest trading tool — Trailing Stop Losses.
BogTools
What’s a stop loss?
For those unfamiliar with what a stop loss is, it’s best described as a failsafe that a trader sets upon entering a trade. Should the price of a token fall below a certain threshold, the stop loss kicks in and immediately sells the token without the need for a trader to be present.
This effectively “locks” in a maximum amount that a trader is willing to lose, giving you peace of mind when you go to bed at night that your portfolio can grow infinitely should the price of a token appreciate, but only lose a predetermined amount should the market…
