Take-profit and stop-loss
Decide both exits before you enter, and let alerts enforce your plan.
What it is
Before entering a position, you decide two exits: the price where you take your profit, and the price where you accept a small loss and get out. Written down, in numbers, before emotions arrive.
Why people use it
The two classic ways people lose money are holding winners until they turn into losers ("it will go higher") and holding losers all the way down ("it will come back"). Fixed exits, decided in advance, are the standard defense against both.
Worked example. You buy a coin at $100. Before confirming the order you write down: stop-loss $95 (risking 5), take-profit $115 (aiming for 15), a 1-to-3 risk/reward ratio. You set alerts at both levels. Whichever email arrives first, the decision was already made by the calm version of you.
What to watch out for
- A common ratio is risking 1 to make 2 or more. Risking 10 to make 3 needs to win almost every time just to break even.
- Moving your stop-loss further away "to give it room" after entering is the emotion the plan exists to block.
- Alerts tell you the level was hit. They do not sell for you. CryptoAlertly never touches your funds, so acting on your own plan is still your job. That is a feature: no service holds your keys.
Run it with CryptoAlertly
- After you buy somewhere, open the asset in your dashboard.
- Set ABOVE = your take-profit price and BELOW = your stop-loss price on the same asset. Both alerts can be active at once.
- When either email arrives, execute your own plan at your exchange or broker. No excuses, that is the whole point.
- After each exit, the alerts re-arm automatically if the price crosses back, so the same levels keep working for your next entry.
Turn this into real alerts
Free plan, no card needed. Set a price target and we email you when it is crossed.