Binance Founder CZ said that, Copy trading now live on Binance. - page 3.

Lakai01

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Quote from: stompix on October 12, 2023, 06:37:05 AM

... if he deals with low volume stuff as I'm pretty sure nobody is going to follow people who do eth/btc/usd with returns of 2-5%, everyone will get hypnotized by 50% a week and then get recked!

In my early trader days I was myself active on a copytrading platform (1Broker, which unfortunately does no longer exist).
Almost all successful traders there bet on BTC/USD. These traders rely on very high leverage so that these high profit percentages can be achieved. As a result, 2-5% became 20 to 50% relatively quickly ... or -20 to -50% ... which unfortunately happened quite often.

The traders were also awarded a certain percentage of the profits of their followers on this platform, but the minimum stake of a trade was very high at 0.25 BTC at that time (~2017), so that only people who owned a lot of BTC were actually active there.

Patrol69

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I have already seen this feature on Binance exchange but I didn't find it so attractive or safe. I am never interested in trading depending on others, I want to trade using the best I know, I don't think it is a problem whether I lose money or gain. People who have their own ideas about trading will never use this copy trading to manage their own trading. Those people are mostly taking advantage of this feature who trade according to signals or who depend on others for trading or who do not have good knowledge about trading. If people who do not know about trading trade with the benefit of this feature I think they are doing stupid because they are more likely to lose than gain from this.

ancafe

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Quote from: arwin100 on October 12, 2023, 05:30:46 AM

Its important to know which are those traders are good to follow since if you only look for one trader only and see his result then maybe you cannot see the whole potential and provably lose with him if shit things happen that's why its good to look for multiple guys offering their service their to know if they are really good and eligible on our criteria to be the trader to trust with. I remember E-toro offering the same service and let see if this will bring good to binance also to users who's lazy on trades then want to ride with people who are good with this.

One thing that may give beginners an advantage regarding the copy trading available on Binance as it will help them understand and follow some traders who have good skills can definitely hone their skills. Instead of following unclear copy trading that offers itself in groups and other social media channels, I am sure Binance has considered it carefully before adding copy trading to their services. This exchange is big and they definitely don't want to do something that could bring their good name into ruin.

Quote from: arwin100 on October 12, 2023, 05:30:46 AM

Also if they want to learn from those guys maybe they should follow every trades they made and analyze their decision making but if they are just their open the platform to see the possible result of their copied trade maybe they will not learn anything because they don't get any knowledge on what those people doing.

That is a wise decision and even though they follow copy trading, separate analysis should also be carried out in order to gain knowledge and learn to understand trading well. Otherwise, it will give an impression in the trades they make and in the end they will never gain experience if they do not carry out their own studies and analysis.

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Quote from: Johnyz on October 11, 2023, 04:55:29 PM

Quote from: rhomelmabini on October 11, 2023, 04:16:32 PM

Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.
Video

I think for some this is a good addition but others will also fail to recognize it. Nevertheless, it will just get better I hope with these kind of additions to Binance. Copy trading isn't that bad as long as you follow the right individuals to copy. It's best for beginners and that depends on how they market it now.

This could be a good start for those who are still learning how to trade, but of course there is still risk and Binance will not include this option if they think that copy trading will make trading more profitable because if they do their binance will not earn money anymore. I hope that those who will use copy trading will still learn the basic information about trading, this is how it should be done and take the process slowly but surely.

Well, they'll surely have to but Binance doesn't earn on that they earn through fees generated on their platform not the numbers of those lead traders or who does this copy trading. No, I hope that they pick the right trader they want to follow or to copy and not just blindly pick a random one. Copy trading is not bad even in traditional market it is being done. I advise follow those traders that will educate you along the way, not just because they post some random shit TA without even an explanation.

stompix

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Quote from: Palazodeen on October 11, 2023, 10:45:32 AM

Quote from: fullhdpixel on October 11, 2023, 08:45:11 AM

I'm generally not a fan of copy-trading and have never done it nor did any research or checked the commissions and everything on any exchange platform, and Binance is charging 10% commission on every successful trade, isn't that a lot?

10% per successful trade looks outrageous if that's true. Well I have had to copy other traders a couple of times on other exchanges and the commission isn't this high.

It's 10% of the profits, it's not much considering you're basically doing nothing and if it weren't like this why would any trader offer to have others copy his trading when this is actually hindering his own trades if he deals with low volume stuff as I'm pretty sure nobody is going to follow people who do eth/btc/usd with returns of 2-5%, everyone will get hypnotized by 50% a week and then get recked!

Quote from: Palazodeen on October 11, 2023, 10:45:32 AM

Trading isn't that hard agreed but that applies to only spot traders.

If trading isn't that hard why isn't everyone here already a millionaire and still doing bounty things and posting a thousand twitter links that take him more time than doing 100 trades? For every truly successful trader, you have hundreds who have just a ton of losses in their history.
Furthermore, if everybody were able to predict the market then we would have no trading at all, nobody is bet on the date of the election but on the result, if the results were already known nobody would bet and nobody would vote at all which would result in.......see how this goes?

arwin100

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Quote from: ancafe on October 11, 2023, 09:46:49 PM

Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his

I don't have good trading skills, but what I know is that copy trading will encourage people who don't have the skills experience losses when doing it. The reason is because they follow the wrong people without first analyzing people who have credibility in carrying out trading. There are many advantages and disadvantages to following pseudo influencer trading, although many people say this can help novice traders who don't have time to observe the market, but relying completely on pseudo influencer trading is not the right choice.

To gain trading skills and expertise, it is not a problem to follow people who are more experienced, but it is a good idea for beginners to try to make their own analysis of the people they follow and use the small capital first to learn. As they gain experience they can adjust it to the amount they want to trade responsibly.

Its important to know which are those traders are good to follow since if you only look for one trader only and see his result then maybe you cannot see the whole potential and provably lose with him if shit things happen that's why its good to look for multiple guys offering their service their to know if they are really good and eligible on our criteria to be the trader to trust with. I remember E-toro offering the same service and let see if this will bring good to binance also to users who's lazy on trades then want to ride with people who are good with this.

Also if they want to learn from those guys maybe they should follow every trades they made and analyze their decision making but if they are just their open the platform to see the possible result of their copied trade maybe they will not learn anything because they don't get any knowledge on what those people doing.

ancafe

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Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his

I don't have good trading skills, but what I know is that copy trading will encourage people who don't have the skills experience losses when doing it. The reason is because they follow the wrong people without first analyzing people who have credibility in carrying out trading. There are many advantages and disadvantages to following pseudo influencer trading, although many people say this can help novice traders who don't have time to observe the market, but relying completely on pseudo influencer trading is not the right choice.

To gain trading skills and expertise, it is not a problem to follow people who are more experienced, but it is a good idea for beginners to try to make their own analysis of the people they follow and use the small capital first to learn. As they gain experience they can adjust it to the amount they want to trade responsibly.

BitMaxz

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Quote from: taufik123 on October 11, 2023, 06:20:58 PM

Only verified users in eligible regions will be entitled to access Copy Trading
and participate in Educational Missions to earn rewards.
https://www.binance.me/id/support/announcement/binance-futures-meluncurkan-fitur-copy-trading-ef9c6f27dbee4cd78bb2738380889461

Maybe that's what you mean, but that rule existed when copy trading first started and was used as a challenge to earn rewards.
Maybe you are not verified or in a country where it is not allowed.

I'm a verified user but still, I couldn't find the copy trader tab on my Binance app.
I searched a bit they have a list of supported countries that have this feature copy trader my country is not listed there so that's the reason why I don't have this feature.

Here's the list for those who dom't know yet
- https://www.binance.com/en/support/faq/binance-futures-copy-trading-service-list-d898460abbd14bd8aab54954ca0d606a

taufik123

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Quote from: BitMaxz on October 11, 2023, 05:17:34 AM

Have you seen these features in your Binance app?

After I checked it I found it in the futures tab section and there is a new tab on the top right "Copy Trading" with a "new" mark.

What version are you using now?
Because I am on version 2.72.5.

Quote from: BitMaxz on October 11, 2023, 05:17:34 AM

I tried to check the futures tab but I can't find it even though I updated the Binance app to the latest version I can't still find the copy trading features.
According to the announcement the copy trading features are only available to selected users only.

Only verified users in eligible regions will be entitled to access Copy Trading
and participate in Educational Missions to earn rewards.
https://www.binance.me/id/support/announcement/binance-futures-meluncurkan-fitur-copy-trading-ef9c6f27dbee4cd78bb2738380889461

Maybe that's what you mean, but that rule existed when copy trading first started and was used as a challenge to earn rewards.
Maybe you are not verified or in a country where it is not allowed.

Quote from: DVlog on October 11, 2023, 07:09:59 AM

I think other exchanges also share a similar business model. The only advantages i see binance having are massive liquidity and a huge community from all over the world. It is obvious why binance has the biggest copy traders in the crypto industry. Binance wants to keep its competitive nature despite the fud about them and they are trying to provide all the services a user needs.

Yups, Binance as the largest and most popular Exchange has a very large liquidity and this makes Binance always provide new features that may have previously existed on other exchanges.
But when binance has issued a new feature this will be more hype.

Johnyz

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Quote from: rhomelmabini on October 11, 2023, 04:16:32 PM

Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.
Video

I think for some this is a good addition but others will also fail to recognize it. Nevertheless, it will just get better I hope with these kind of additions to Binance. Copy trading isn't that bad as long as you follow the right individuals to copy. It's best for beginners and that depends on how they market it now.

This could be a good start for those who are still learning how to trade, but of course there is still risk and Binance will not include this option if they think that copy trading will make trading more profitable because if they do their binance will not earn money anymore. I hope that those who will use copy trading will still learn the basic information about trading, this is how it should be done and take the process slowly but surely.

rhomelmabini

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Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.
Video

I think for some this is a good addition but others will also fail to recognize it. Nevertheless, it will just get better I hope with these kind of additions to Binance. Copy trading isn't that bad as long as you follow the right individuals to copy. It's best for beginners and that depends on how they market it now.

Hamza2424

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I was expecting something better from Binance, but until now I haven't explored the copy trading option in Binance maybe because of the regional restrictions or lunching phases, etc. I will give it a try but I made some bold comments on the copy trading strategy in the pas few months because I had encountered many failure stories in my locality with this strategy and I have a pre-build view of how it works and ruins the trading career of manies.

Copy trading is good for testing, educational, and comparison purposes a really good and considerable strategy, even with luck some of many can make money out of it, but its like fast food not good for your health. Better to focus on skill development and not waste time on such stupidities.

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Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

Often times I blame the followers who followed this traders because their are indicators that needs to be used to get a good traders to follow but unfortunately they don't dyor. Checking ROI, AUM, Number of followers and other factors will determine if a trader is worthy to be followed but most people don't do that. They just conceive the idea or hear it from someone that copy trading is profitable and the next minutes they are already following some traders. Of course exchanges have their own share of the blame because they are supposed to have a mechanism to blacklist elite traders performing poorly hence making some investors lose money.

Palazodeen

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Quote from: fullhdpixel on October 11, 2023, 08:45:11 AM

Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.

I'm generally not a fan of copy-trading and have never done it nor did any research or checked the commissions and everything on any exchange platform, and Binance is charging 10% commission on every successful trade, isn't that a lot? This is exactly the reason why I believe one should always do their trades themselves instead of copying someone else and giving a very big chunk of the profits to the platform which will eventually make you lose money just like how the house edge in a casino platform eats up your profit in the long-term.

Trading is not as difficult as some might think of it, and anyone that has the basic knowledge and can read and understand things and grasp ideas easily can learn everything they need to become a successful trader. After the knowledge, it's all about patience and dedication, and you won't need to copy someone else's trades.

10% per successful trade looks outrageous if that's true. Well I have had to copy other traders a couple of times on other exchanges and the commission isn't this high. Trading isn't that hard agreed but that applies to only spot traders. Trading futures is very difficult I must tell you and that's where the money really is hence the reason to copy other pro especially in the bear market like this where price volatility is quiet crazy. In a normal bull market, not many people explore the copy trading features because they know the market direction. With Binance introduction of the features, let's see if it will beat the record of the current largest copy trading platform.

jeraldskie11

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Quote from: malcovi2 on October 11, 2023, 07:10:12 AM

Quote from: jeraldskie11 on October 11, 2023, 06:49:43 AM

Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

Many of the influencers do not know how to trade, so how will they know which lead trader to copy trade if they themselves do not know how to trade. That's why newbie traders are so pitiful because of them. Beginners follow influencers to learn and get guidance but there are influencers who take advantage of the benefits they get from their followers, which result a negative impact in them on how they see crypto. That's why we can't just rely on them for our crypto learnings, we should also know how to do our own research to avoid this kind of incident.

You can check their PNL but the problem is most of these traders have a huge balance to cover big losses.

True, and one thing we have to consider is that not all traders who have good PnL are good for copy trade because some of them are just not consistent. It makes sense that we should have criteria of choosing a lead trader. One of those is what is followed by the majority, that mostly there is no available slot so it is good to copytrade. The other one is that those whose PnL is upward sloping since when they started, and not those impulsive up move and not consistent. DYOR

fullhdpixel

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Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.

I'm generally not a fan of copy-trading and have never done it nor did any research or checked the commissions and everything on any exchange platform, and Binance is charging 10% commission on every successful trade, isn't that a lot? This is exactly the reason why I believe one should always do their trades themselves instead of copying someone else and giving a very big chunk of the profits to the platform which will eventually make you lose money just like how the house edge in a casino platform eats up your profit in the long-term.

Trading is not as difficult as some might think of it, and anyone that has the basic knowledge and can read and understand things and grasp ideas easily can learn everything they need to become a successful trader. After the knowledge, it's all about patience and dedication, and you won't need to copy someone else's trades.

OcTradism

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This is just can you believe these figures?

Gen Z dominates crypto copy trading space. It says 93% of futures traders and 82% of spot traders make profit with copy trading.

Can you believe it because those figures are simply too good to be true?

It is opposite with what we know about successful rate in trading when 90% of traders fail and lose money. Logically, given numbers of successful copy-trading traders are like sponsored numbers by exchanges and I can not trust them.

stompix

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So , in this situation where we have some data like:

ROI -98.47%
PnL -1,510.23

Quote

6/300 Current Copy Traders
11 Total Copy Trader

What does the 6 and 11 mean?
11 is traders who have banged their head against the wall and 6 is the number of traders that are still banging their heads against the wall?

God forbid we have another bearish period, this will be mainly used by people who know their limits and are afraid to try trading so they see some green numbers while the sum are going up even with actual trading skills on those profiles and will let Binance and those guys play with their money! Of course, Binance is happy as it's more fees and more volume, but some are going to pay a lot for this.

I wonder how long it will take before some will try to gain positions in this by playing with heavily manipulated low-volume coins and tricking people into sponsoring their pump and dump moves.

yudi09

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Quote from: cryptoWODL on October 10, 2023, 12:04:29 PM

CZ announced that the automated copy trading module has already started on Binance (BNB), the world's leading crypto exchange. Binance CEO and founder Changpeng "CZ" Zhao announced this upgrade on October 9, 2023, on his X account. A 22-second video has been made on his official X account about this, you can watch it if you want.
Video

I thought it was an automatic investment feature, but it turns out copy trading is located in the future section and the copy trading feature is located next to the trading bot menu on the Binance application on Android.

When it comes to the automatic investments available on Binance, they offer the dollar cost averaging (DCA) method. Furthermore, in Binance's automatic investment feature, they offer users the ability to set plans to buy crypto at any time with daily, week to month targets.
Meanwhile, for copy trading, I've just seen how it looks but I haven't tried it yet.

malcovi2

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Quote from: jeraldskie11 on October 11, 2023, 06:49:43 AM

Quote from: albert0bsd on October 10, 2023, 01:33:51 PM

I don't know much about copy trading, but the latest news that I hear about it is people losing their money because they follow some pseudo-influencer. Obviously this was driven by an unskilled person. and by people who wants to be rich over-night.

Unless you know who are you following and what is he doing i don't recomen copy trading.

Many of the influencers do not know how to trade, so how will they know which lead trader to copy trade if they themselves do not know how to trade. That's why newbie traders are so pitiful because of them. Beginners follow influencers to learn and get guidance but there are influencers who take advantage of the benefits they get from their followers, which result a negative impact in them on how they see crypto. That's why we can't just rely on them for our crypto learnings, we should also know how to do our own research to avoid this kind of incident.

You can check their PNL but the problem is most of these traders have a huge balance to cover big losses.

Topic: Binance Founder CZ said that, Copy trading now live on Binance. - page 3. (Read 606 times)