Is copy trading a legit way of income for beginners or just a marketing tactic? - page 2.

KingsDen

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Quote from: Bitcoin_people on August 18, 2023, 11:18:12 PM

Quote from: Gallar on August 16, 2023, 10:50:22 PM

Quote from: ananyabushra on August 08, 2023, 07:10:43 AM

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For trust issues, it all depends on the copy trading platform that will be used. Because if the copy trading platform is indeed trusted and has a very good reputation, in general a copy trading platform like that can be said to be trusted.

People trust and believe in all the copy trading that exists today. Most of the people now follow these platforms and start trading so that they don't face losses. But I think it can be a good sign for the purpose of profit but very bad if copy trading is basically facing loss. I think it's best to start trading later by using your own experience rather than copy trading. Because most of the times we have seen wrong advices from many platforms and people face lot of loss due to it so it is best to trade with your own knowledge. Since traders today believe in copy trading to make more money in a shorter period of time, it is difficult to say how certain it will be in the future.

Be it normal trading, be it day trading, be it copy trading or is it bot trading, there is a certain amount of losses and gains in the above types of trading. What differentiate it is the frequency of the losses and that of the profits. If someone is trading without any help and making good profits, it is better than someone who is using copy trading strategy and losing money.

It is not everyone that knows how to trade, that is why we have all these signal groups to help people. I will advise that if anyone should use signal group, at least they should know how the market is moving so that when things are going wrong, they will be able to decipher and make independent decisions.

justdimin

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Quote from: AicecreaME on August 18, 2023, 07:29:04 AM

I don't think looking up to the trader's profile you want to copy is a "lot" research to do, that's why it's called copy trading. Also, there's nothing like "this is just for a newbie" and "this is just for the pro", anything that a certain individual wanted to try is okay, those experience traders that you're talking about was also newbies, you're never going to be a professional on trading or in any field if you're going to apply that kind of mindset of yours.

We gain experience by trying things out, not by avoiding it.

If we are talking about just checking one profile then maybe you will not consider that as researching. However, if you check 50 profiles, and check every bit of trades they did and check when they bought something and why they bought it there and what was the indicators looking when they made that deal, and do this for all the fifty profiles then suddenly you are checking top 50 best return people and how they trade.

Suddenly that becomes a huge research and you are going to end up picking one if you like it, or if not you could find the common ground on what they trade and why and how, then you could make it even yourself without actually copying them if you do not want to as well because you did an extensive research on them.

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Quote from: Gallar on August 16, 2023, 10:50:22 PM

Quote from: ananyabushra on August 08, 2023, 07:10:43 AM

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For trust issues, it all depends on the copy trading platform that will be used. Because if the copy trading platform is indeed trusted and has a very good reputation, in general a copy trading platform like that can be said to be trusted.

People trust and believe in all the copy trading that exists today. Most of the people now follow these platforms and start trading so that they don't face losses. But I think it can be a good sign for the purpose of profit but very bad if copy trading is basically facing loss. I think it's best to start trading later by using your own experience rather than copy trading. Because most of the times we have seen wrong advices from many platforms and people face lot of loss due to it so it is best to trade with your own knowledge. Since traders today believe in copy trading to make more money in a shorter period of time, it is difficult to say how certain it will be in the future.

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Quote from: bitgolden on August 17, 2023, 08:30:01 AM

That's the way it should be going, if you end up trading yourself then you will know what went wrong and where it went wrong, if you keep doing copy trading you do not know what the person you copied did and why he did it and why it went wrong, and you will not be able to fix it in the future.

Learning how to trade is not good for just profits, it's good for the losses as well and the return will certainly be decent without a doubt. I think it's the most important part because we are talking about something that will benefit you when you lose, since you will be able to just put it all ahead of you and will make sure that you are doing the right thing. It's not simple, but you will be better because of each loss if you do that.

This isn't easy for the newbies and they end up making moves that would be mainly because others told them to do it. I understand that it's a mistake to follow orders from other people and that is why people should avoid it as much as they possibly can but that doesn't mean that they are going to be able to make their own trades as soon as they start.

So, this is why I think it should be important to have a little separation, which means that when you are buying something you could potentially buy something just because someone else said, but you should also be able to understand what went wrong when you bought something and it dropped in price, it will allow you to make a bigger and better trade in the future.

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Quote from: abel1337 on August 12, 2023, 04:15:21 PM

Quote from: AicecreaME on August 12, 2023, 07:46:12 AM

Copy trading is easy, less hassle, however, the challenge on it is to find the right trader that'll give you profits most of the time. The disadvantage is that his trading funds could be bigger than yours so there's a chance that your funds could be burnt in no time while his funds doesn't even budge. So in my opinion, doing copy trading has its own risk and the final decision is yours to make.

Even copy trading is much easier than regular trading, it still need something to do or maintain especially in the beginning. A lot of research need to be done on the trader you are copying and the strategy that the professional trader is doing because like you said you can be burned if you don't have that much funds. Basically, it's not something that a pure newbie who can successfully execute everytime. I think it's for someone that has an experience to fully take advantage of this service/system.

I disagree.

I don't think looking up to the trader's profile you want to copy is a "lot" research to do, that's why it's called copy trading. Also, there's nothing like "this is just for a newbie" and "this is just for the pro", anything that a certain individual wanted to try is okay, those experience traders that you're talking about was also newbies, you're never going to be a professional on trading or in any field if you're going to apply that kind of mindset of yours.

We gain experience by trying things out, not by avoiding it.

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Quote from: bitgolden on August 17, 2023, 08:30:01 AM

Quote from: justdimin on August 10, 2023, 04:11:42 AM

Quote from: mvdheuvel1983 on August 09, 2023, 07:51:15 AM

Copy trading isn't for beginners. Only mid level traders and professional or expert traders should copy trade. By the way, this.isnthe most laziest way to make money off of trading. Real and more experienced traders would never advice any beginner to copy trade because there is no skill acquired from copy trade. Beginners are called beginners for a reason. They have to start from the beginning and learn the basics of trading. Their priority at the beginning should never be to make money but to learn the steps that it entails.

I agree that you are going to be trading yourself instead of making the movement yourself and that's why there is going to be something that will make some changes for some people if they end up copy trading, it's better to make a change yourself and trade yourself if you can. However, I do not think that mid level and veteran traders will end up using copy trading, that doesn't really make any sense and I think that it will not be something that will benefit anyone at all.

I think it's obvious that we are going to end up with a situation that will be better. This is why it's easier to just focus on what you have and instead of copy trading as a veteran, let that be the what newbies do, newbies should copy the veterans instead.

That's the way it should be going, if you end up trading yourself then you will know what went wrong and where it went wrong, if you keep doing copy trading you do not know what the person you copied did and why he did it and why it went wrong, and you will not be able to fix it in the future.

Learning how to trade is not good for just profits, it's good for the losses as well and the return will certainly be decent without a doubt. I think it's the most important part because we are talking about something that will benefit you when you lose, since you will be able to just put it all ahead of you and will make sure that you are doing the right thing. It's not simple, but you will be better because of each loss if you do that.

On copy trading, you wont really be making yourself that progressive or something that would really be knowledgeable since you are heavily been relying on things which are automated or done by someone on which it is really just that sensible that you should be the one on making up that trade if you do really want to know about trading without relying on to those copy trades or something in automation.People who are really that
doesnt want to do hard work and would just be going easy go lucky kind of behavior would definitely be touching up that copy trade or would really be that going on relying with bots which is something that you would really be definitely do but for those people who are mindful on becoming that a good trader would surely be going against with this kind of idea on which it is really that something a very typical thing or decision would be made. Its just a marketing tactic for those who are really that making those kind of claims about having that sure income which it cant really be that true.

Kelvinid

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Copy trading OP is really a good way for newbies to learn about trading but we couldn't say that newbies can earn money from that as it depends on where they get it. What I mean is that it depends on the source of information because many people had fallen into the wrong group pretending that they are good at this but yes, they're making nonsense. Although I don't discourage for newbies to do copy trading at least they know who the person that they are following or else, this will give them a nightmare and the wrong direction.

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Quote from: fullhdpixel on August 16, 2023, 01:19:02 PM

I think copy trading wouldn't make sense anymore if we are already good at investigating things. So, I believe that copy trading is mainly created for the newbies to help them earn immediately in the trading scene even with less knowledge on their head. The only thing that a newbie will take care of is the winning rate of the traders.

A high winning rate basically means they are more successful in their trades so they can just go for it. I still think that these newbies will soon try to trade on their own because they will get curious if how it's like earning a full income and also if they will get tired of losing money because the trader did not perform well or they picked up a scam platform.

Copy trading are created for newbies because newbies do not know anything bad or good about market even they don't know that here lots of scammers exists which only provides you new ways for getting money.

Older traders are not easily caught in such activities because they realized every situations and have information about every expert trader that who provide accurate information and who is a fake provider.

For newbies copy trading will matters a lot because what they learn at start they will follow that path always so try to initiate your path of success with good knowledge.

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Quote from: justdimin on August 10, 2023, 04:11:42 AM

Quote from: mvdheuvel1983 on August 09, 2023, 07:51:15 AM

Copy trading isn't for beginners. Only mid level traders and professional or expert traders should copy trade. By the way, this.isnthe most laziest way to make money off of trading. Real and more experienced traders would never advice any beginner to copy trade because there is no skill acquired from copy trade. Beginners are called beginners for a reason. They have to start from the beginning and learn the basics of trading. Their priority at the beginning should never be to make money but to learn the steps that it entails.

I agree that you are going to be trading yourself instead of making the movement yourself and that's why there is going to be something that will make some changes for some people if they end up copy trading, it's better to make a change yourself and trade yourself if you can. However, I do not think that mid level and veteran traders will end up using copy trading, that doesn't really make any sense and I think that it will not be something that will benefit anyone at all.

I think it's obvious that we are going to end up with a situation that will be better. This is why it's easier to just focus on what you have and instead of copy trading as a veteran, let that be the what newbies do, newbies should copy the veterans instead.

That's the way it should be going, if you end up trading yourself then you will know what went wrong and where it went wrong, if you keep doing copy trading you do not know what the person you copied did and why he did it and why it went wrong, and you will not be able to fix it in the future.

Learning how to trade is not good for just profits, it's good for the losses as well and the return will certainly be decent without a doubt. I think it's the most important part because we are talking about something that will benefit you when you lose, since you will be able to just put it all ahead of you and will make sure that you are doing the right thing. It's not simple, but you will be better because of each loss if you do that.

Gallar

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Quote from: ananyabushra on August 08, 2023, 07:10:43 AM

We can just skip market analysis, not put in any effort or time, and have someone else handle our trading. It sounds almost too good to be true, doesn't it? That's what copy trading offers us, but can we really trust it?

For trust issues, it all depends on the copy trading platform that will be used. Because if the copy trading platform is indeed trusted and has a very good reputation, in general a copy trading platform like that can be said to be trusted.

Quote

~Snip
So, is copy trading legitimate? Yes, it can be a legitimate way to invest if you do your research and select the right traders. However, it's important to remember that there is always the risk of losing money, even with copy trading.

Copy trading is indeed a legitimate platform, to be used as a way of trading, especially in the crypto field.

But to be honest, I prefer to trade independently rather than relying on a copy trading platform. Because even though I am not really an expert in trading in crypto, I have more confidence in myself, rather than having to rely on and trust other people to make the trades that I have. In addition, if for example I only depend on the copy trading platform, it is very likely that my trading skills will not improve properly. That's why I prefer to trade independently, because in terms of ability (fundamental, sentimental and technical analysis) it will definitely be better honed. Because apart from that, trading independently always has its own satisfaction. Whether it's a loss or a gain, but if it's the result of your own hard work, you'll be more satisfied.

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Quote from: WatChe on August 15, 2023, 11:23:29 PM

Quote from: MFahad on August 13, 2023, 04:24:24 AM

They did not get reliable experience because they follow everyone without make a correct investigation which is very important. In my opinion just learn and do by yourself as self decision are more better than following the decisions of others.

Crypto is that field in which scammers and wrong people enters very easily and no one can identify them. Large number of groups are created just for getting income from it by spreading that information which is useless.

Here one should take every step Wisely and try to inquire as it is about your financial system which does not stabilizes easily.

I never heard anyone getting continuous success by following copy trade or followijg signalling group. Its better to make decisions from your own mind in this way either you will get success or learn something which is not possible otherwise. The only person getting rich in copy trade or signalling group is the person selling the ideas. If there ideas are that much worthy they must not selling them for 20 to 30 bucks per week.

You have not heard about it because it can not happen, the owners of exchanges are very smart, they know they need people trading with them or they cannot make any money, so how they can convince someone that is afraid about losing their money to risk it all even if they do not know anything about the markets?

By making them believe they still have a chance to make money anyway, and copy trading is perfect for their purposes as they can claim a lot of money can be made in this way, hiding all along the ones that will make that money are the exchanges and not their customers.

fullhdpixel

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Quote from: MFahad on August 13, 2023, 04:24:24 AM

Quote from: freedomgo on August 09, 2023, 04:56:56 PM

Many times copy trading does not give reliable experience, because some of those who provide for this copy trading are actually not real and professional traders on their own. They just simply make this a source of living out from the payments they get from those who carelessly subscribe to them. So yes, it would be more acceptable if those who copy trade are just for fun, and definitely not to earn profits.

They did not get reliable experience because they follow everyone without make a correct investigation which is very important. In my opinion just learn and do by yourself as self decision are more better than following the decisions of others.

Crypto is that field in which scammers and wrong people enters very easily and no one can identify them. Large number of groups are created just for getting income from it by spreading that information which is useless.

Here one should take every step Wisely and try to inquire as it is about your financial system which does not stabilizes easily.

I think copy trading wouldn't make sense anymore if we are already good at investigating things. So, I believe that copy trading is mainly created for the newbies to help them earn immediately in the trading scene even with less knowledge on their head. The only thing that a newbie will take care of is the winning rate of the traders.

A high winning rate basically means they are more successful in their trades so they can just go for it. I still think that these newbies will soon try to trade on their own because they will get curious if how it's like earning a full income and also if they will get tired of losing money because the trader did not perform well or they picked up a scam platform.

WatChe

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Quote from: MFahad on August 13, 2023, 04:24:24 AM

They did not get reliable experience because they follow everyone without make a correct investigation which is very important. In my opinion just learn and do by yourself as self decision are more better than following the decisions of others.

Crypto is that field in which scammers and wrong people enters very easily and no one can identify them. Large number of groups are created just for getting income from it by spreading that information which is useless.

Here one should take every step Wisely and try to inquire as it is about your financial system which does not stabilizes easily.

I never heard anyone getting continuous success by following copy trade or followijg signalling group. Its better to make decisions from your own mind in this way either you will get success or learn something which is not possible otherwise. The only person getting rich in copy trade or signalling group is the person selling the ideas. If there ideas are that much worthy they must not selling them for 20 to 30 bucks per week.

Latviand

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Quote from: Mahanton on August 15, 2023, 06:53:12 PM

Quote from: Latviand on August 15, 2023, 01:22:44 AM

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You wont really be asking out the community whether its legit or shit which you could eventually be able to find for yourself on the answer that you are seeking. You could really be able to find if copy trading is really that profitable or not for someone to make deal with it.

That's where you're wrong, what's the point of using the forum if you can't ask people here about things, their experience and thoughts about things right? In the case of copytrading, wouldn't it be better if there's comforting words about the experience of other people about using it right? It's good to learn from experience but it's much better to learn from the experience of others right?

Quote from: Mahanton on August 15, 2023, 06:53:12 PM

Quote from: Latviand on August 15, 2023, 01:22:44 AM

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Not all would really be that having this kind of option but cant really deny the fact that it is really that simple and not really for you to exert effort on which you could actually able to place out orders basing up with others calls. Its not bad but not something that could make yourself that able to learn or would be enhancing your trading skills specially if you are just starting up.

That depends though, you and others who don't prefer copytrading are leaning more into manual trading which I don't see as anything bad since we have our preferences, and I myself don't really want to learn the nooks and crannies of trading because I have other things going on with my life and if copytrading offers me that convenience, then why not right?

Quote from: Mahanton on August 15, 2023, 06:53:12 PM

Quote from: Latviand on August 15, 2023, 01:22:44 AM

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We know that manual trading is much preferable on which you would be able to make yourself that enhancing your skills on trading and could really be able to make yourself that independent on the time that these
copy trades would be gone. Also, it doesnt assure out profits because not all the time these copy trade makers would be always that profitable specially if the market would be making out some significant movement.

Again with the preference, copytrading won't be gone soon imo, as long as people can make profit from it, there's one bound to exist out there, copytrading isn't a fad. I think people that use copytrading know that thing about not being guaranteed a profit, that's almost always what the argument is when people try to shit on copytrading.

Mahanton

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Quote from: Latviand on August 15, 2023, 01:22:44 AM

Quote from: AicecreaME on August 12, 2023, 07:46:12 AM

Copy trading is easy, less hassle, however, the challenge on it is to find the right trader that'll give you profits most of the time. The disadvantage is that his trading funds could be bigger than yours so there's a chance that your funds could be burnt in no time while his funds doesn't even budge. So in my opinion, doing copy trading has its own risk and the final decision is yours to make.

This, people always shit on copytrading whenever someone ask if it's worth it which is kind of stupid given that if you can ride with the best traders in the market and make profit when they make profit, I think that you should take it but as you've said, tread lightly and choose the right trader which isn't that hard to find as most sites that do copytrading have the stats of the traders so you can see who's going to make you more profit. People always disregard the benefits of more time spent on other things, I guess you want to control how iu make money is a strong reason why you want to sacrifice time and convenience.

You wont really be asking out the community whether its legit or shit which you could eventually be able to find for yourself on the answer that you are seeking. You could really be able to find if copy trading is really that profitable or not for someone to make deal with it. Not all would really be that having this kind of option but cant really deny the fact that it is really that simple and not really for you to exert effort on which you could actually able to place out orders basing up with others calls. Its not bad but not something that could make yourself that able to learn or would be enhancing your trading skills specially if you are just starting up.
We know that manual trading is much preferable on which you would be able to make yourself that enhancing your skills on trading and could really be able to make yourself that independent on the time that these
copy trades would be gone. Also, it doesnt assure out profits because not all the time these copy trade makers would be always that profitable specially if the market would be making out some significant movement.

Dr.Bitcoin_Strange

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If not that some exchanges have started to integrate "copyable trades" that their customers can copy right on the platform, which is still not a guaranteed way of making profit in trading. Some time around 2021 and 2022 even till now, there was a popular trend about some groups on Telegram, Facebook, Twitter, YouTube, and some other social media that offered traders some paid copied trade, and some newbies were really falling victims to those copied trade service groups, meaning they were not even earning any profit but rather enriching the service providers. A real trader learns how to do things themselves because it will earn them more experience and profit.

LogitechMouse

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Copy trading is legit, and many brokers, and exchanges are offering it. The first time that I heard this term is from eToro, and it seems good if you heard it for the first time especially if you lost huge amounts of money already in trading because you can just copy what those experts are doing, and you don't need to read the charts, or make some analysis because the experts will do it for you. Well, that's what you think at first, but it doesn't work that way "always".

Is it a legit source of income? Yes, but is it a reliable source of income? It's a NO because there's still a chance that you might lose money copy trading those experts. In the end, it's always good if you yourself know how to trade, and you can make more profit from it compare to just copy trading them. Is it a marketing tactic? Kind of because like I said, those who lost huge money in trading might see this as their way to make profit without doing too much analysis, and chart reading thus, they will register to that broker/exchange, deposit money, copy trade, and let the magic begins. Cheesy

TBH, I might try copy trading in the future. I will put a small portion of my money, and do copy trading for at least 6 months up to a year.

Fivestar4everMVP

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Copy trading from my own personal experience is sure one of the easiest way to make money in trading, well, easy it seems, but its not as easy as it often seems, some newbies often think otherwise but the truth is that, the chances of losing money in copy trading is still very high, most especially, if you by any chance copy trade from the wrong trader, and one thing about copy trading is that, even past history and reviews of a trader does not offer or prover any form of guarantee to trust their judgement going forward because, at any time, their strategy could fail and you who have invested money to copy their trades/strategy would loss money.

So in my own personal opinion, i believe the best way to be really profitable in trading is to train yourself, learn everything that there is to trading, become a professional yourself so you don't have to copy trades from others, but have others copy trades from you instead.

Latviand

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Quote from: AicecreaME on August 12, 2023, 07:46:12 AM

Copy trading is easy, less hassle, however, the challenge on it is to find the right trader that'll give you profits most of the time. The disadvantage is that his trading funds could be bigger than yours so there's a chance that your funds could be burnt in no time while his funds doesn't even budge. So in my opinion, doing copy trading has its own risk and the final decision is yours to make.

This, people always shit on copytrading whenever someone ask if it's worth it which is kind of stupid given that if you can ride with the best traders in the market and make profit when they make profit, I think that you should take it but as you've said, tread lightly and choose the right trader which isn't that hard to find as most sites that do copytrading have the stats of the traders so you can see who's going to make you more profit. People always disregard the benefits of more time spent on other things, I guess you want to control how iu make money is a strong reason why you want to sacrifice time and convenience.

GreatArkansas

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Quote from: ananyabushra on August 08, 2023, 07:10:43 AM

(......)
So, is copy trading legitimate? Yes, it can be a legitimate way to invest if you do your research and select the right traders. However, it's important to remember that there is always the risk of losing money, even with copy trading.

It's trading but it's kinda not worth it, the risk is not worth it because if the master traders win some trades, your profits are kinda low because the master trader got their share and if you lose, you lose your money.
For me, finding a good master is good especially the master trader got good risk:reward ratio even over the time profits is low, as long as it is stable.

Topic: Is copy trading a legit way of income for beginners or just a marketing tactic? - page 2. (Read 673 times)