Binance is Rolling Out Copy Trading?

dansus021

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Quote from: Yamifoud on November 03, 2023, 04:47:02 PM

In this case, you are not choosing the reliable trader to follow but you are choosing the ghost one.
Well, I hope you've thought and realized already that copy trading is not really the best option to choose when trading. Though it can help us beginners gain ideas, however, it was also needed for us not to just rely on them but to do research as well. This is the option I used before but yes, if we want to improve, we must also encourage ourselves to carry the risk alone. We can explore the market and use a strategy that we think is effective. There are a lot but we need to choose 1 or 2 to avoid confusion.

Well, it could be like that, but when I copy the trader always has their reputation I remember the last one I did copy trade the master trader had a reputation for more than 90 days but now is gone.

the best choice right now is do trade by yourself or copy with realiable trade with low leverage and track record more than 100 days

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Quote from: wxa7115 on November 06, 2023, 10:34:49 PM

Quote from: Yamifoud on November 03, 2023, 04:47:02 PM

-snip-

Copy trading is an attempt by newbie traders to get access to the same level of skill of expert traders without having to pay for such service, and while in theory it may seem like a good option this is not really the case.

Service fees are still there but you don't realize it. Copy traders also have to pay 10% of the profits made - so it's not free.
So far I don't think beginners should be tempted by copy trading - I mean it's only easy but why do they need to entrust their profits and losses to someone else? It's better to learn to do it yourself instead of having someone else do it for you - that makes more sense to me.

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I recently found out about Binance copy-trading. Don't know much about it for now but it seems to be a normal copy trading process, just like the other platforms offering similar services. I hope we will have something unique about the one on Binance that will distinguish it from the other copy trading platforms.

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Quote from: Yamifoud on November 03, 2023, 04:47:02 PM

Quote from: dansus021 on November 02, 2023, 08:12:58 PM

It actually happened to me on the last try I tried trader wagon with a different master trader I copied it for about 100$ and lost it 70$ and then the master trader was gone.
Secondly, I tried a new copy trade on Binance by using 10$ and ended up gone Grin

I don't know what happened but I chose master trade carefully.

In this case, you are not choosing the reliable trader to follow but you are choosing the ghost one.
Well, I hope you've thought and realized already that copy trading is not really the best option to choose when trading. Though it can help us beginners gain ideas, however, it was also needed for us not to just rely on them but to do research as well. This is the option I used before but yes, if we want to improve, we must also encourage ourselves to carry the risk alone. We can explore the market and use a strategy that we think is effective. There are a lot but we need to choose 1 or 2 to avoid confusion.

Copy trading is an attempt by newbie traders to get access to the same level of skill of expert traders without having to pay for such service, and while in theory it may seem like a good option this is not really the case.

And this is because those traders which are actually experts on this field are not going to allow anyone else to copy their trades, and the few interested on that will charge a fortune for this, so the only ones that will allow it are the traders that are nowhere near as good and that have been going through a lucky streak, and once you decide to follow them it is unlikely their good results will continue and you will lose money just as everyone else.

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Quote from: Assface16678 on November 06, 2023, 03:22:06 AM

Quote from: synchronym on November 03, 2023, 09:34:05 AM

If we trade our money through Binance there is no possibility of any loss of our money. Binance keeps our money 100% safe. I love this transaction through Binance. I do my own transactions. It is very reliable. I personally think it is nothing but a form of foolishness if I allow someone else to manage any of my own assets. Of course I should always be careful with my own money or wealth. Being reluctant to do so will do nothing but harm to myself. So it is wise to be careful with one's money.

Well, it's a choice if you want to do copy trading, as it is only an additional feature offered by Binance. and I agree with you that some traders don't want to use this feature, maybe because they don't want to trust their money to anyone. But copy trade is a well-known feature for most trading apps, and it is a realible feature, especially for beginners in trading. But of course, you can't just use copy trade recklessly, as you still need to consider things like equity and the funds your account has. For example, your trade will not be forced to close due to too much downtrade; if you have enough equity, then it will not happen. But if you do copy trade and the one you follow raises too much leverage beyond your equity's capability, then it is bad news.

In short, copy trading is a good feature to be added; traders will have more options to earn through Binance.

Like me, I do not like that type of copy trading, personally I do not really understand all that hype about it neither, it's just that you are copying the trades of someone else, that means you need to trust someone else better than what you would normally do, that doesn't make sense to me, why would I trust someone else with my money?

Why would I think that they would make more more money than I would make for myself. They do have incentive, the profit a bit goes to them, but they could make a loss and not lose anything neither, so it is not like it's a good idea for them. I think it doesn't really make sense for me to keep following them, it just doesn't make sense for me at all, it's useless for me personally.

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Quote from: synchronym on November 03, 2023, 09:34:05 AM

Quote from: R1dwanRz on August 30, 2023, 07:37:41 AM

did Binance just announce they're finally jumping on the copy trading feature? I mean, kudos to them for catching up, but seriously? Copy trading wasn't a thing on Binance before this? I genuinely thought Binance had this feature ages ago.

But hey, better late than never, right? Now that Binance is stepping into copy trading, I'm curious: Who was actually the trailblazer in bringing this concept to the spot market?

If we trade our money through Binance there is no possibility of any loss of our money. Binance keeps our money 100% safe. I love this transaction through Binance. I do my own transactions. It is very reliable. I personally think it is nothing but a form of foolishness if I allow someone else to manage any of my own assets. Of course I should always be careful with my own money or wealth. Being reluctant to do so will do nothing but harm to myself. So it is wise to be careful with one's money.

Well, it's a choice if you want to do copy trading, as it is only an additional feature offered by Binance. and I agree with you that some traders don't want to use this feature, maybe because they don't want to trust their money to anyone. But copy trade is a well-known feature for most trading apps, and it is a realible feature, especially for beginners in trading. But of course, you can't just use copy trade recklessly, as you still need to consider things like equity and the funds your account has. For example, your trade will not be forced to close due to too much downtrade; if you have enough equity, then it will not happen. But if you do copy trade and the one you follow raises too much leverage beyond your equity's capability, then it is bad news.

In short, copy trading is a good feature to be added; traders will have more options to earn through Binance.

Yamifoud

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Quote from: dansus021 on November 02, 2023, 08:12:58 PM

It actually happened to me on the last try I tried trader wagon with a different master trader I copied it for about 100$ and lost it 70$ and then the master trader was gone.
Secondly, I tried a new copy trade on Binance by using 10$ and ended up gone Grin

I don't know what happened but I chose master trade carefully.

In this case, you are not choosing the reliable trader to follow but you are choosing the ghost one.
Well, I hope you've thought and realized already that copy trading is not really the best option to choose when trading. Though it can help us beginners gain ideas, however, it was also needed for us not to just rely on them but to do research as well. This is the option I used before but yes, if we want to improve, we must also encourage ourselves to carry the risk alone. We can explore the market and use a strategy that we think is effective. There are a lot but we need to choose 1 or 2 to avoid confusion.

el kaka22

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Any additional feature that they do which people would like to use is a very welcomed one if you ask me. You have to remember that Binance is a business at heart, sometimes people think that it is there to help them, like was created out of some sort of idealistic point of view to enhance bitcoins power on the world, but that is not the case at all, they couldn't care less about it, if demise of bitcoin made them more money they would support that but the hype and FOMO of bitcoin market is a lot more profitable for them so they try to make sure that bitcoin is loved by all.

So, whatever they are adding new is not the benefit for you, it's benefit for them and a way for them to make more profit, but along the way if their profit means more money for you then that's a good thing and we shall use it. I personally do not use this feature so far, but I would never say never, maybe one day someone would convince me enough to make me use this feature in the future.

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Quote from: Bitcoinpoly on November 03, 2023, 09:50:36 AM

This is the first time I’m getting to hear Binance has copy trading. I have always known Bitget to be at the fore front of copy trading in the crypto space.

Most of the usual exchanges has this feature even before Binance did it. I've just checked my Binance account which hasn't been open for so long to validate this news and yes, there's already a copy trading on my account. But check out as well on which countries it is being supported.

Through this link: Binance Futures Copy Trading Service List

Anyway if it's futures copy trading, I'm not going to copy anyone with their trades. I need also to go through with the policies first with copy trading because you'll never know if these most copied traders might go on a trip and try to bring their copiers into pit so everyone gets to lose and Binance wins their money.

Another interesting thing that I have seen is that they also made some integrated social media inside their own platform.

Bitcoinpoly

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Quote from: R1dwanRz on August 30, 2023, 07:37:41 AM

did Binance just announce they're finally jumping on the copy trading feature? I mean, kudos to them for catching up, but seriously? Copy trading wasn't a thing on Binance before this? I genuinely thought Binance had this feature ages ago.

But hey, better late than never, right? Now that Binance is stepping into copy trading, I'm curious: Who was actually the trailblazer in bringing this concept to the spot market?

This is the first time I’m getting to hear Binance has copy trading. I have always known Bitget to be at the fore front of copy trading in the crypto space.

synchronym

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Quote from: R1dwanRz on August 30, 2023, 07:37:41 AM

did Binance just announce they're finally jumping on the copy trading feature? I mean, kudos to them for catching up, but seriously? Copy trading wasn't a thing on Binance before this? I genuinely thought Binance had this feature ages ago.

But hey, better late than never, right? Now that Binance is stepping into copy trading, I'm curious: Who was actually the trailblazer in bringing this concept to the spot market?

If we trade our money through Binance there is no possibility of any loss of our money. Binance keeps our money 100% safe. I love this transaction through Binance. I do my own transactions. It is very reliable. I personally think it is nothing but a form of foolishness if I allow someone else to manage any of my own assets. Of course I should always be careful with my own money or wealth. Being reluctant to do so will do nothing but harm to myself. So it is wise to be careful with one's money.

Out of mind

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Although this point is not very important, but it is true that copy trading is done in Binance. However, other exchanges have been using this topic for a long time, but it is newly revealed in Binance exchange. However, not all users use this type of copy trading, mainly people who are new to the exchange notice these things. Moreover, Binance knows how to promote their business and attract people to their exchange, which may be why it was launched.

dansus021

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Quote from: Nrcewker on November 02, 2023, 11:55:50 AM

Choosing the best trader is the important part here. I find it easy to copy trade at Binance compare to other platforms which provide this feature. I check the most ROI percentage in the last 7 days and filter the traders in this manner. Then I go for traders with more successful trades than unsuccessful ones. Finally I place bet in Fix ratio section rather than fix amount. I had invested around 600$, right now I am at 100$ profit to be precise. You just need good luck and a good trading leader.

Quote from: yhiaali3 on November 02, 2023, 10:16:43 AM

Yes, copy trading is easy. In fact, copy trading does not require experience since it depends on copying all the trades of the most successful traders, so as you mentioned, you only need to choose the best traders carefully.

I have not tried copy trading on Binance. I remember that I tried it on another exchange a while ago. I expect it to be the best traders on Binance. Do you have an idea how much the fees are for copy trading on Binance?

Quote from: wxa7115 on October 31, 2023, 11:02:58 PM

Picking the right trader is and will always be the main problem of using copy trading or signals, because even if you were to pick the right option there is no guarantee you will get profits as humans are not perfect and we make make mistakes or we simply have some bad luck.

And if you are copy trading someone when they are going through such difficult moments then you will lose your money, and while this is bad enough you will lose that money while learning nothing in the process, which at least to me is by far the worst outcome that can happen to any aspiring trader.

It actually happened to me on the last try I tried trader wagon with a different master trader I copied it for about 100$ and lost it 70$ and then the master trader was gone.
Secondly, I tried a new copy trade on Binance by using 10$ and ended up gone Grin

I don't know what happened but I chose master trade carefully.

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Quote from: dansus021 on October 31, 2023, 05:54:03 AM

Binance actually rolled out Copy Trade a year ago from another app called traderwagon and it turned successfully and now they integrated the system into Binance main website. I tried it and lost Grin

even from their Trader Wagon app setup copy trade is easy because only need money and a couple of clicks the hard part is to choose the provider because we risk our money to them so you better chose carefully.

Choosing the best trader is the important part here. I find it easy to copy trade at Binance compare to other platforms which provide this feature. I check the most ROI percentage in the last 7 days and filter the traders in this manner. Then I go for traders with more successful trades than unsuccessful ones. Finally I place bet in Fix ratio section rather than fix amount. I had invested around 600$, right now I am at 100$ profit to be precise. You just need good luck and a good trading leader.

yhiaali3

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Quote from: dansus021 on October 31, 2023, 05:54:03 AM

copy trade is easy because only need money and a couple of clicks the hard part is to choose the provider because we risk our money to them so you better chose carefully.

Yes, copy trading is easy. In fact, copy trading does not require experience since it depends on copying all the trades of the most successful traders, so as you mentioned, you only need to choose the best traders carefully.

I have not tried copy trading on Binance. I remember that I tried it on another exchange a while ago. I expect it to be the best traders on Binance. Do you have an idea how much the fees are for copy trading on Binance?

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Quote from: R1dwanRz on August 30, 2023, 07:37:41 AM

did Binance just announce they're finally jumping on the copy trading feature? I mean, kudos to them for catching up, but seriously? Copy trading wasn't a thing on Binance before this? I genuinely thought Binance had this feature ages ago.

They are late because seems like most of their users are knowledgeable with traders and to the newbies they are letting them use the spot trading before understanding the risk of futures trading, some of them risk their assets to experience this but do not all have the same story of their futures trading, this kind of feature copy trading will now become more user friendly to their users because they can now make a trade by using copy trading now they will check it out the trader win rate of the player they want to follow but of course, budget is a must in copy trading somehow they will commit a trade that you cant afford so you cant make a position.

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Quote from: wxa7115 on October 31, 2023, 11:02:58 PM

Picking the right trader is and will always be the main problem of using copy trading or signals, because even if you were to pick the right option there is no guarantee you will get profits [...]

The problem here is that traders' success rates always represent the past. If a trader has a success rate of 51%, for example, this says nothing at all about whether his future trades will also be successful, because unfortunately luck also plays a role in trading that should not be underestimated.

I myself was once lucky and followed a trader on 1Broker who was 300% up, accordingly "my" trades were also successful. There was a real hype around him and a lot of people jumped on his trades ... unfortunately, this was also the peak of his trading career, most of his trades went wrong from this point on ... and so did all the trades of those who followed him.

wxa7115

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Quote from: dansus021 on October 31, 2023, 05:54:03 AM

Binance actually rolled out Copy Trade a year ago from another app called traderwagon and it turned successfully and now they integrated the system into Binance main website. I tried it and lost Grin

even from their Trader Wagon app setup copy trade is easy because only need money and a couple of clicks the hard part is to choose the provider because we risk our money to them so you better chose carefully.

Picking the right trader is and will always be the main problem of using copy trading or signals, because even if you were to pick the right option there is no guarantee you will get profits as humans are not perfect and we make make mistakes or we simply have some bad luck.

And if you are copy trading someone when they are going through such difficult moments then you will lose your money, and while this is bad enough you will lose that money while learning nothing in the process, which at least to me is by far the worst outcome that can happen to any aspiring trader.

dansus021

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Binance actually rolled out Copy Trade a year ago from another app called traderwagon and it turned successfully and now they integrated the system into Binance main website. I tried it and lost Grin

even from their Trader Wagon app setup copy trade is easy because only need money and a couple of clicks the hard part is to choose the provider because we risk our money to them so you better chose carefully.

Vispilio

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I think this new model Binance introduced where the trader being copied is limited to 200-400 followers (depending on his preferences) might be viable (top traders with highest P / L and RoI are already maxed out),

they are keeping the number of copy subscriptions relatively small so that the original strategy doesn't lose its edge; in liquid products and working with traders who have a proven track record with professional risk parameters, this can be a profitable option for passive income...

Topic: Binance is Rolling Out Copy Trading? (Read 543 times)