I’m trying to create a strategy for setting stop losses on my crypto.
For example, if I buy $1,000 XRP at an average cost $2.00 in a bull market. I want to take profit (any $$$ amount above my initial $1,000 investment) if the average cost reaches $4.00 and I want to sell if the price drops to $2.00 so I don’t take a loss. Would a reasonable strategy be to trigger a sale of X amount at $4.00, trigger a stop loss at $2.00 and sell all my XRP to get my $1,000 back, then make another $1,000 purchase when the price hits $2.00 again…? I’m trying to understand how I can increase my portfolio without just sitting around and waiting for the numbers to rise and waiting while I’m at a loss. Thoughts?