I think it also has to do with the platform that you use. Are you sure that they are legit? Because I never heard of them before. There must be legit and popular platforms to try copy trading. Maybe you can try again for the last time and see if there is any change on the result that you are getting.
Also you shouldn't use money which are high enough especially if you are dealing with things which are still new to you but even if we are familiar with it already, it is always advisable to use only amounts that we can afford to lose easily. Trading and gambling have some similarities and that is their risks are high but IMO winning can be more attainable in trading than in gambling.
The BingX is now popular at least in my country and now its getting bigger because its platform also offers spot trading they used to only offer futures trade that gather data from binance exchange futures the real benefit is they offer lower fee.
The trader wagon in the other hand is relatively new platform but this got a recommended from binance since you are gonna see if open binance futures leadboard so i think this platform must be good but in reality the bug still there, they are tying to fix it sometimes I see a bunch complaint in their telegram group too.
I think that your loss of deposit is due to the fact that the trader you copied used the x1 leverage, and you used a higher leverage. Thus, the leading trader will still be in the position, while your order will be liquidated by that time.
That's definitely the main reason. When you use leverage but at 1x rate that's basically nothing, the highest I have ever seen is 150x which means that it would be liquidated in a second if it goes on the wrong direction. Which is why it's very important to make sure that you end up following what's going on and you should be trying to avoid doing anything like that.
I know that getting ahead of yourself with these of trades are common and something that everyone does, but you shouldn't do anything that you are not fully in charge of. These leaders know what they are doing and they still make wrong moves, if we do even more then it's going to end up with a lot worse results.
Yep the traderwagon offer 2 different option when it comes to leverage either you choose the x10 leverage or follow the lead trader, but in my case my lead trader never goto above x20 level, the wrong move they do usually don't put the stop losses at least this what i found on my last copy trade