Shrimpy, the social portfolio management platform announced it is now supporting portfolio stop loss.
In a blog post, Shrimpy’s team goes into great length regarding this new feature.
You are probably familiar with the notion of stop loss. An order placed with an exchange to buy or sell when it reaches a certain price. Stop-loss orders, designed to limit an investor’s loss on a position are widely used in trading and especially in crypto where volatility is high, markets are open 24/7 and the drawdowns can be huge.
It is one of the essential tool of any trader practicing risk management.
Portfolio Stop Loss
Stop loss are usually placed on a single market pair.
What Shrimpy has introduced goes further and allows you to set a stop loss for your entire portfolio.
If the stop is hit, your entire Shrimpy’s portfolio will be out of the market and converted to a stable coin like USDT. This feature acts like an emergency stop, pulling all your funds out of the market so you can be protected if everything goes south.
You will be able to set your stop loss according to several parameters and we encourage you to read the platform’s blog post to learn all more!
You can read the official announcement on Shrimpy’s blog here.
The team also made a tutorial video for this new feature that you can check out below.