Topic: Have you ever used copy trading apps - page 3. (Read 424 times)

I think copy trading is indeed useful for beginner traders, but for those who already have basic trading knowledge, I think it's better to develop our own trading system, because using copy trading is not always profitable, there is no satisfaction in itself, and of course that way makes us lazy to develop into a pro trader, because we will always depend on copy trading, hopefully we will soon realize that. We can pay attention to those who copy trades, for example experiencing a loss, then he will dramatize, this is different from trading alone where loss and win are our friends, that's a normal thing, and we can take lessons to develop ourselves

Dear Obari,

We apologise we could not respond to you earlier. Thank you for mentioning OctaFX and entrusting us as your broker. Copytrading is a feature introduced for people who find it difficult to find the time to trade or would entrust their investments with a more experienced trader. It is based on real trading and also involves the same level of risk. Due to this particular reason, we provide the filters for Master Trader traders by risk score (1-2 score traders take the least risk while trading) or by strategy (this can be seen via the Master Trader's trading history), among various other factors. Once you follow a Master Trader, your account would follow their trades. We recommend that you maintain the same amount of personal funds as the Master Trader you are copying to avoid stop outs. You are most welcome to check the details here at this link:
https://www.octafx.com/copy-trade/

You are most welcome to try our Master Trader search filter and find a Master Trader with the same school of thought regarding trading. For any further information, you are most welcome to contact us via live chat or email ([email protected]). We would like to know long you have been trading on our platform. We recommend you follow our social media platforms to stay updated with the latest news and promotions. We hope to hear from you soon.

Kind regards,
OctaFX Rep.

Well I often see some creators advertising copy trading applications on some social media, I think this can be a good alternative for those beginners who don't want to bother with some of the steps they have to do when doing it themselves and they can use copy trading there. Well I agree, I think it's better to use our own way of trading, we can do it the way we want and it will indirectly further train our knowledge about this field. I once tried using one of the copy trading systems and at that time I got a win even though the profit was not too big, but strangely there was no satisfaction there. Although I was able to get the winnings I expected but I could not feel the satisfaction in the victory, maybe the problem is because we depend on others.
So the point is that it is better to use your own way of trading, although it is quite complicated in learning but believe me many successful traders have their own way of achieving success in the world of trading because they always learn from every mistake.

It is good that you have tried the copy trading by yourself and testify that there are losses at the long run. Judging from the outside, I felt that the copy trading is a kind of Ponzi scheme and trading combined together. This is so because they would never tell you about losses, but about profits but we all know that there is no kind of trading without losses. What matters is that at the long run, your profits should supersede your losses.

My idea is that they use the money from new depositors to settle old members in terms of profits they make and since they could also generate money from trading and with the new inflow of money. It becomes a Ponzi scheme and trading managed together and it can be managed for a longer period of time.

ah yes, I saw some youtubers promoting trading sites with copy trading. I don't know the success traders who copy other people's trades can get. that means if the trade is profitable, then you can get profit with deducting costs. but if the trade is losing, then you won't get anything.
Learning your trade on your own might be stressful for some beginners. but if you are really interested, trading with the results of your own analysis will be better than you following other people's trades like betting with your money run by other people.

Well, I'm thinking of doing it for some time, but after sharing your own experience to it, I guess I will have doubts now as to me trying it or not.

TBH, the first time that I saw this term "copy-trading" was in eToro where they are offering copy-trading so that you as a copy trader will just sit there while the ones you are copying will make successful trades for you. I mean isn't it like you are leeching in some ways because you aren't learning from it, but you have a chance of earning money. Well, I guess that it wasn't in your case because you loss money like you said after a long time, and I might experience the same as well, so I guess learning how to trade is always the best way, and not copy trading other experts out there.

As for trading bots, may I ask if you already tried it? What is your experience to it? Did it make you money, or is it worth it? Thanks for sharing.

I have ever tried to copy trading, and it's not worth it, I only made losses after some long time. It's better you learn how to trade yourself and try maybe getting a strategy into trading bots

Copy trading can be a valuable tool for less experienced traders to learn from and follow the strategies of more successful traders.
But it doesn't mean you can rely on it with your whole time trading activities, you should learn to stand on your own feet having your own skills and knowledge.

I didn't use the app even in trading, it should be on a website not on the app, there are too many loopholes if you're using this app and the common problem is the buggy one.  
Look at the Playstore Review, everything they said was a negative review toward this app.

I have a friend who tried copy trading (after I let him know it exists). It was quite a few years back though and while he didn't lose much (or earn much really), it didn't really prove as a learning experience for him. Accurate to the name itself, copy trading is a method of, well, copying others after all, and in this trade, you'd never see any profit no matter what if all you do is copy trade. While I won't judge you if that's what you want, then why bother copy-trading in the first place? This just gives you an outlet for venting when your trades are lost when in the first place you could've taken the time to study up and earn on what you learned instead.

While it is one option for beginner traders (which I also considered as a good one, but that was in the past), it might be better to experience losing money early on instead and learning on what you did wrong and what you didn't know instead. Losing money is part of the process, so if you're not happy with that, I'd honestly just stop trying to trade (or just DCA on a good coin).

This is not always true because you're copying a trade from a real traders. Bots are mostly good at beginning but humans that are really profitable in trading, can be possibly maintain his profitability. You can have the data of the trader you want to copy trade from his previous months performance and it's good to know some techniques to determine best trader before you pick. We have to expect that they will also experience loses because there's no strategy that has 100% win rate and we can't also control the market movement.

Actually copy trading itself not the correct way of approaching to the trading.So when considering to the application for the copy trade is not the welcome one.It’s better to create your own strategies for the trading,because you should be the masterpiece to the one own strategy.But to the other people struggling can be rectified and they can achieve the desired result using new techniques.It’s essential for applying the strategies on your real money instead of start blame the market and the cryptocurrency trading application.

You don't have to rely on apps especially if you have just downloaded it on playstore. There's a possibility that you might get scammed so better trust your guts. It is better to learn trading yourself without relying on anyone or copying other's strategies and techniques.
Having your own kowledge about trading will be an edge so you better be wise about what you do than regret it in the end. If you are afraid to get hacked or to be scammed, try to avoid downloading unknown apps and think twice before downloadjng anything.

You’re likely to end up with a loss if you leave your money to copytraders in longer periods of time. Yes, some copytraders manage to get trading rotations/cycles right (hence why some copytraders have like 200% annual profit or even higher), but let them trade for more than 4+ years, then they’ll end up likely messing up. Their annual profit always looks good because it’s mostly under the span of 2 years.

Having some prior knowledge of copy trading but have never used this trading system so it would be difficult for me to speak about this system. But from what I know about its trading, I think this copy trading system is a complete scam. Fraudsters usually do this to deceive. It is easier to depend on others than to learn something by yourself but it is never safe to depend on others. How can you trust someone you don't know or have no idea about? There is no need to rely on such trading systems, you should gain practical experience of trading yourself. If you try everything is possible, if you try you can definitely become a skilled trader but if you depend on others you will never learn trading so instead of relying on others depend on yourself.

Looks only for Forex.

Be suspicious when you are trying out a new app while you are about to deposit money on an app nobody knew about because if it sounds like a scam and looks like a scam, it's most likely a scam. Copy trading is not something new but if a platform uses this copy trading feature for its selling point, it's targeting newbies to join them. Newbies who are really looking for an easy way to make money are usually drawn to such promises.

Cool place? Are you sure about that.
Because some copy trading platforms only bring losses, because in the end they are scams.

I've tried using several copy trading apps and picked the most trusted traders with a large following.
It may be profitable in the beginning, but it also depends on how you manage your capital.

I keep the management to a minimum so that I know how it will perform after a few days of using it.
It does give pretty good results without requiring thinking from our own brains.
But be careful because every platform comes with risks.

A really good suggestion is to learn first how trading works and what you need to know.
If you only rely on copy trading and do not understand the whole of trading, then it will be very risky.

Also you have to be careful with trier and error in terms of downloading apps that you don't know exactly which is the function. There are scam and to be free from it is not to bring it close to your phone. As for copy trading, the reason for that is when someone wants to be a trader yet they don't want to learn. My advise is learn and make your mistakes then you can be better.

Copy trading hmm, I had made I think a lot of replies in the past. As copy trade from its terminology, it shows the low risk is involved. You are blindly following a trader whom you don't know and who don't know you and don't even know about your financial stability. A very inappropriate match or you can say combination which can be deadly for your portfolio.

This is a general view there are a lot of demerits of copy trading which is annoying as it doesn't guarantee any profits even if you get profits there can be terms on every trade you follow. A very tightly restricted medium for your portfolio to play in the market. Obviously, I do support following the analysis of others in your trades, to educate yourself and learn about trade management and some sentiments as well.

I really don't think buddy this topic need a discussion because if you really want to learn something you dig in past topics where can find more valuable insights.

Copy trading sucks because you will pay for the premium when you profit while you can easily earn the whole profit without relying on this tool if you will learn on your own. I have copy trading experience before but I really don’t like it because some traders is doing crazy trade.

I’d rather use bot to trade for myself because I’m still the one controlling the settings of my trade instead of relying to someone that I didn’t know. Winning percentage sometimes goes south when trader already tilted.

Don't fall for the scam of copy trading as it will never help you to be a trader but someone who copies others, and you should keep in your mind that others can be wrong many times and if you are placing your orders based on their strategies then you chances of loosing a lot of money is going to be a confirmed thing.

I really give no importance to copy trading and I would also recommend to avoid it as any cost. A copy trader is worse than someone who losses 10 out 20 trades because that trader at least know that what he/she is doing. If someone does copy trading then that person is throwing his money into river in hopes of getting higher amount then the thrown amount. I would recommend you once again to avoid this type of activity if you don't want to get scammed by the fake trades of a trader.