Topic: Copytrading with Binance Leaderboard traders - page 2. (Read 519 times)

This is a bump

Yes, that's really true. But only no one can stop you from buying a shit coin at a high price and thus destroy the deposit. Besides, I don't understand why I should use your platform as an intermediary if I can connect directly to the Binance.

It is definitely a method some people use, I am not going to say if it is a great idea or a terrible idea but I can say that it is one that a lot of people uses. I think it is still risky, and I am not really fond of copy trading to be fair but when we are talking about something like this, it means that this could be the best version of it. Think of it like having the best of a bad thing, copy trading is bad in my books but if you have to then you might as well do it using Binance, at the very least the results will be a lot better for you.

But, make sure that you still learn a lot from it and you do better with it because it would end up with a result that would be a little different and yet you will end up with a good result.

I can report from personal experience that people who follow Copy Trader definitely see themselves as (successful) traders. I have a few people in my circle of friends who had tried copy trading at least temporarily and suddenly became "the best traders in the world" ... and also liked to criticize those traders they followed. Of course, this only went well as long as the traders had made profits. With losses one heard - logically - then nothing more of it.

I think that is also in the nature of man. Many simply like to brag about their successes, even if - as in the case of copy trading - they are not even their own successes but simply followed other people.

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I have been following well-known traders like Tone Vays or Brian Beamish very intensively especially in 2017 and 2018. Also these traders usually make the profits with only 1-2% of their trades, so the long term profit and loss statistic at that time was around 48% loss to 52% profits. However, the few percent decide whether you succeed in the long run or not ... It is possible that professional traders participate and let you follow, but you have to follow them for a very long time to be able to take the profit streaks - which will definitely exist.
With short-term follows Copy Trading is more like a gamble - and you will most likely lose a lot of money.

OP I do agree with you..
On that in support of yes we can do it

But at the same time, my question to you is what are you seeking from it? Are you trying to learn, get inspiration want diversification or anything like you want some kind of help in comparing your analysis with the top performers to obtain useful insights? My honest answer to this as I am asking it and I want to put a general wordic on it.

So most people do that to just find a way (Shortcut to ) the success, and people most of the time achieve it but the end result is they make a few bucks but they haven't learned anything if they will continue to do so they will find them self in loss as not always shortcuts work. So my stand on the copy trades and I found a term on the other thread that mirror trade is eventually not good for the Biggenars. Thats it.

Just a gentle reminder to our users:

it is possible to add any trader from the actual Binance Leaderboard, upon request.

Honestly the person who is copy trading is not really after calling themselves anything and just looking to make more money. The point is not to call yourself a trader or not, that doesn't matter at all for them, the point is to get richer and if you do end up richer in the end then you did what you wanted to do and that's it.

I think the bigger issue is that they are not making that much money neither, some of them might do it but majority of them do not make a profit and they lose just because they trusted someone else. The fact that they should learn how to trade themselves stands and they still do not do that and unfortunately that causes a lot of trouble for them on the long run, should be considered to taken a look.

You can do that, of course, but then you must not call it trading - and certainly not call yourself a trader. You do nothing else but let someone else decide about your investment strategy - and thus ultimately your coins.
You learn absolutely nothing and, what I find even worse, you are always dependent on other traders. If these traders stop, your "investment strategy" goes down the drain. If they have a bad run, they pull your investment capital with them and you have - for lack of own skills - no chance to counteract.

Copytrading can be fun and bring in profits, but it is absolutely not allowed to call it a trading strategy.

That's your choice. You can do whatever you want with your assets. But promoting such things and encouraging beginners to start their journey with this or even focus on this while they are trading on their own is not a good thing. I don't know what experience you had, but I can tell that experience was not smooth. Either you are still a beginner and using (depends) on this or you are promoting your own thing. That's why you are saying this.

But you learn nothing from copy trading. You can't change my mind. You don't need any skills or analysis in order to trade. You are gambling mate. You are following a hoard that will lead you to your doom once they are doomed. It's a chain reaction. So be careful before you suggest or tell someone to do something. In the end, if they lose, you will be the one to blame.

From my experience, it is a lot better than trading on your own if you're a beginner.

I doubt this discussion will turn into a debate about the revolution of AI and how it has changed the way people work. Hehe. I totally agree with your decisions, as in trading we should only use AI algorithms to enhance the accuracy of our trades, not just fully rely on them. As usage of the brain is also necessary to use such AI tools, which is also not easy and not everyone could do it,

The point is, I was both amazed and shocked at the same time that people are doing copy trading and also automating it. I mean, the laziness is just on top, but many copy traders are really making decent money, and for them, such tools could be of great use. I admire such new technologies and platforms that provide services like these because the initiation of such projects will increase the competition, and there will be more platforms in the market. The higher the competition, the better the outcomes one could get with good offers.

Thanks for sharing your trading experience and thoughtful insights. It is true that every formulates his trading strategy as per his convenience and mindset, and these tendencies are not easily subject to change. It is also true that rise of technology has provided us with range of tools that provide automation, a development with both advantageous and disadvantageous effects. I personally prefer to use my set of  traditional technical indicators to explore trading opportunities.

First of all, copying others is not the right approach while trading. Secondly, why should I use a centralized platform which is new and not reputable enough. And even if someone is copy trading from Binance, why would they need this? All this 24/7 awake thing. Where's the fun of trading if I'm not a part of it?

Also, there has been many topic regarding copy trading and many services. None of them are legit, and boring to be exact. I have a strong feeling that this is not something different from those. I have said this multiple times and as people will be reading this topic too, so I'll say it again. Learn to trade from the ground up. When there's no one to copy from, you are nothing. You are finished. No one to blame for your loss and no one to worship for your wins. Do it yourself so that you can be successful in the future. Knowledge is something that others can't take away from you.

I agree that trading is not a simple task, and it is difficult in itself, so why would someone who once got the idea try to do it from others? But that's not what I meant to say here. As in copy trading, we follow others trades, and the decision is ours, like whether we take the entry as the person took it or exit the entry.

But what the OP mentioned here is that we can automate the process, and I said who wanted to make the process automated. The point here is that we do not have to do analysis; instead, we only copy the trade of others (as you said, we have every required ability to do it all by ourselves). That's why I said that. Unless you were preferring the ability of copying, as I do not call that an ability, 

From my point of view it's almost the same or the same.
The difference is that we can see the trader and his trading history. This, of course, is a huge plus from telegram signals
Everything is more transparent here, as I understand it, but no one is immune from losing money, if a trader has a lot of experience and a good history, this does not mean that all his transactions will bring profit.
But the main thing is to do what works in your life. If you use crypto-signals or copy trading and you manage to make money, then you are on the right track.

I don't know the category of traders that makebuse of this feature the most maybe they are the newbies not those that have years of experience in trading which i believe are likely not to be found in this category, copy trading is not what is that accurate enough else you would have discover many rushing into doing that, trading could be voluminous itself and some how complicated for a beginner but one the idea is gotten, there's no need of allowing others perform our role for us in trading when we have every required ability to do it all by ourselves.

As long as they invest what they can afford to lose and they know what's happening with their trades, as they copy trade. There can really be money to earn there but it's not that going to be mostly common. If you don't trust your instinct and way of analyzing the market, you can copy trade but it's not going to assure you to win most of your trades.

It can be a stepping stone but those newbies that are new to the market don't have to be hard on themselves and be dependent on it. Much better that they'll still get to trade on their own.

That should not really be the case if you want to have a long term profit. If you trust a trader then you are not going to be sure if their previous profit was a fluke or not, they might get a few good trades and paint you a good picture and you will trust them and invest into them and you are going to end up losing money because of them as well.

However, if you end up learning more about trading and end up trading yourself, even if you make a loss you will be able to check why you made a loss and see the problem and you are going to end up getting better and better at it. Of course it is not that simple of a job and you should be more careful about it but as long as you let it happen, I do not think that it will get any worse if you personally do it.

I agree that you can make money on copy trading, but unfortunately in this case the trader will not understand how he earns or loses money. If the exchange gives such an opportunity, then you can compete with the selected trader. My friends do this, but they don't invest more than $500. This option allows you to analyze your mistakes and correct decisions.

Copytrading has benefits for both new and old traders;

For new traders, they can make profits from copying the trade of professionals as they try to learn to trade on their own, also the leaderboard gives you options of a list of professional traders to copy, so you can make a choice suitable for you.

For other traders, It can help you know if your analysis of a trade to take is correct because there are other professional traders that you can compare your analysis with, and it also gives you an idea of how more professional traders trade the market. And on days when you feel lazy and can't make analysis, you can still make profit.