Topic: Can Copy Trading help you make enough to cover your bills? (Read 343 times)

Actually, you have a good idea of finding a way to have another source of income these days but it gonna make it hard to think that you put everything in trading to cover up all your needs and other necessities. Should you have confidence enough that copy trading will give you that? Yes, you can make money in copy trading, have some gains but it could stress you up when you are thinking a lot. Because in this case, you are chasing more gains to be in order to sustain the needs. You know what, We can't be profitable all the time.

We should bare in mind that strategies might work for others but wont similarly be effective on us.Copying on someones trades doesnt give out sustainable solution
if we are really looking for profits because we cant be sure if the traders that we've been following on wont really commit any mistakes or loss.Therefore,
it would really be risky on relying to that aspect specially if you do aim that this one will cover up your bills. Better to learn up on your own rather than on relying into someone.

Expecting immediate returns from trading cryptos will put you under risk of losing your capital so you might get trapped with no way if your lose your money so its not the right way to spend your savings at the moment on risky trading methods.

To my opinion copy trading is not the solution. For some reason some traders think that is the good method but there are no guarantee for profit. Everx trader is different and uses different techniques and methods that should be adjusted to the market and circumstances.
You can never now if this will actually work and if traders you copy are real experts and especialy not if you will make enough to cover bills.
It's better to base trading on your experiences and knowledge. It takes time and success doesn't come over night but it's better than copy trading.

This might be good, but from my own understanding when you're into copy trading you're actually copying the trades of people who are experts right? So, what's the guarantee that you're never going to lose your money?

These experts are not some beings with powers to predict the future perfectly, they are also human beings like us and they follow the same strategy we all use, except that they are more good at it. But, does that mean they never lose their trades? I will just assume that you will be able to make lots of profit to cover up before the loss? .

The risks of starting trade with no capital is a problem to start with. So i suggest you find another work.
Secondly, copy trading is not good nor profitable especially for newbies, and even pros, because to my knowledge, it is equilvalent to trading using signals.

What if its a trap all the while ?
Please do your own research and be independent in trade

If you want to copy then you should choose Bingbon because this is the number one exchange to do that and certainly there are many good traders here for you to copy. However, the risk can be very high because the data here can be fake and without careful research you will easily lose money here. Personally, I take the time to learn and choose invest only in my opinion if it is profitable for me.

It wouldn't be an answer to your bills problem. We can't just rely and trust in copy trading. If you are not that condifent in trading, then better find a new way to earn. Sometimes, those entries that you will gonna copy is a trash and will just make you down more.
 Here's you should do;
 -Build your knowledge and confidence in trading.
 
 If those trader in etoro or in other copy trading platform can trade well wihout copying other's trade. We can also do it by ourselves.

I am not too understand how the copy trading works, but I watch on many advertisements about eToro. I think that it is hard to believe if using copy trading can help us to make a profit in a short time because I wonder how much money we need to make that profit. If that is true, I think I will try it later to see if that can work for me or not because if that is works, then I don't need to take a long time to make more money

I honestly think that copy trading would not be the ultimate solution to cover your bills. There are no guarantees that every trader that you copied are perfect. Even if they are being rated 5-stars or so, there’s still a chance that they might lose in their trading activities.

I was once having the same thinking about getting into copy trading. However, I just realized that relying on other copy traders won’t be a guaranteed “safe haven” for you. No matter if it’s stocks or cryptocurrency, there are no astronomical guaranteed returns even if it means of a copy trading system. It won’t make your life getting better, there are no guarantees.

My friendly advice to you is to start looking for a job that would sustain your basic necessities, especially during this pandemic. There are tons of virtual home-based jobs you can find. This is what I’ve been doing so far while under lockdown to cover my monthly bills and other needs for the family.

Don’t put all of your savings into copy trading. I suggest spare some of your funds to educate yourself in cryptocurrency trading and buy some BTCs or alts (in other words, diversification). There are traders who are profiting even during the wild bear market. When you are looking for platforms that educates cryptocurrency traders from A to Z, it should be reliable and not overpriced. Youtube does have educational videos about cryptocurrency trading, but they’re not as complete as the other online course platforms.

If you are on low or mid-income level, I recommend NewsCrypto.io. They have an affordable monthly subscription price to learn cryptocurrenc trading from beginner to advanced for just a price of a couple of Starbucks frappes. But if your monthly income is high, you might check out online courses from TraderCobb, Udemy and Trading Heroes.

Apart from investing yourself to learn about cryptocurrency trading, you can train yourself in becoming a community manager in various projects, hosting webinars or AMAs, etc. In that way, you could become an influencer and the fruits of your labor would pay off once they see you as a reliable worker in that field.

I hope this helps.

I wont consider such option specially in a hurrying up situation where you do just jumped recently with trading just because you dont have any jobs and tending to make a living with it.
Im not saying that it isnt possible but talking in a short span of time then learning it wont be enough and you do talk about copy trades which i dont fully  trust up in terms of
sustainability because we know that not all traders or to those whom we're following are profitable.It would be better to make use of that capital to something worth to spend
or save up for your needs since this pandemic isnt over yet.Dont hurry into things which would even more result into more problems.

The good trading solution should also work in a bear market, thats why some traders could have profits when market is crashing while holders have unrealised losses. But again, it is much harder to short Bitcoin because when you see long-term Bitcoin graph, it constantly grows with some drops, and it is hard to predict these drops, so if you are not 100% sure what you are doing, then just HODL  .

Well if you are really interested in finding out the answer I think this topic isn't fit to become a yes or no type of answer since this will always depend if copy/trading will give you a guaranteed profit every month and based from my experience in the crypto market there is no such thing as "guaranteed returns" even if you get the best trader to copy trades at it doesn't mean all his/her traders are wins. I wouldn't be relying on what the article is saying right now since it is also a promotion for eToro.


I'm guessing that this is a promotion of the article rather than you having a real interest of the topic you created, since you aren't replying back to the other members who have answered you?

It looks like this is a promotion for E-Toro's copy-trading program.

The point is, if you don't know how to trade then start small and learn it by yourself and not use any system like this sort of copy-trading, it still has risk and it is not like a magic bean that will help you to make money in this pandemic. For newbies, it might be better to just by crypto and HODL.

Well, I assume they realize the point of risk while talking about this and they are promoting anyway because in life when you are talking about doing absolutely nothing and still making a profit, we all know there must be a huge amount of risk involved. Here you are shifting the blame and responsibility to someone else and you are taking no accusation of losing all your money yourself.

Just give your money to someone else basically and let them trade for you, obviously with precautions and such , not like actually giving them your money, but still basically the same idea. At one point I agree that if you are a horrible trader, finding a better trader could be easier, but at the other point I do not really want to give my financial future to someone else.

Tiori and practice are different, this also affects and is triggered in crypto trading now, if you are a trader.
If you trade based on tiori you will end up disappointed, talk and the results will be different, If you want the right trading and to be able to close your bills, focus, trading knowledge, be patient, have capital, and don't be greedy, enjoy the benefits you get.
You try right away, not too much depends on tiori.

To Be honest, I have tried this copy trading method in a platform called FBS. I had some idle money lying in my payeer account which I had used for this and the result is just not up to the mark. I had followed one of the most copied trader from FBS platform with over 200% return on investment. But I saw my money disappeared within just a single day. Ideally the copy trading function should work proportionality with the amount I have invested. But I simple didn't get a wind about what happened to my money and didn't understand the trade patterns either. Since the amount was low, I didn't spent much time understanding this.

Do you recommend E-toro for copy trading? Probably I will try with a small amount of money.

 

You should understand that trading comes with its risks, this is the first and foremost thing to understand about trading so that you can be ready for whatever that comes out of it. Also, check yourself well to know how much you can afford to trade with so that you won't be caught between roads where it will affect you badly. In addition, I wouldn't recommend copy trading, it isn't a good idea rather the best way is learning it yourself because it is worth it. Nevertheless, if you still want to try it out, then don't test the depth of the river with both feet, try with a certain amount first to see how it goes.

How do you say copy trade will help you cover your bills? Can copy trade give fixed profit? The answer is no. It is Not as easy as you think. There is always a risk behind trading. You don't just have to think about profit, you also have to think about losses. Maybe the market started going in the opposite direction after you took the copy trade. What will you do then? Who will be responsible for this loss? This article of yours did not make me interested in copy trade. It will only attract newbies, result of which they will get after the loss. Because there is no such thing as fixed profit in trading.

I would say if you want to trade with your own knowledge. If you have less trading knowledge then build your trading knowledge. Learn with time and then trade which can bring you good results in the future.

eToro is taking advantage of the situation to promote his copy trading for the new comers.

You can do whatever you like in trading, it doesn't matter as long as you are earning to pay your bills. All you need is to win, nothing else. But you can also do that without copying.

If you lose because you copied someone you can blame the trader but that is just what you can do.