Is copy trading a legit way of income for beginners or just a marketing tactic? - page 4.

DoublerHunter

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

Quote from: mk4 on August 08, 2023, 10:55:58 AM

Copy trading is a way for a lot of bad traders to earn money off fees(they take a small cut). They might look like good traders because of their less-than-2-years-long track record, but a huge majority of them end up losing money in the end.

I’d say only do copytrading if you want to have a little bit of “fun” with some of your spare cash.

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.

^ Probably because copy trading often falls short of providing a reliable experience due to the prevalence of unverified and inexperienced providers. Many individuals offering copy trading services are not genuinely skilled or professional traders themselves. Instead, they use this as a means of income, capitalizing on subscriptions from unsuspecting users. In my own opinion, using copy trading for recreational purposes seems more reasonable, rather than relying on it as a means to generate profits.
As I say, trying even once or twice in copy to gain experience is not bad at all, but if you are relying with your whole life in copy trading which is a wrong decision.

Franctoshi

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Quote from: xSkylarx on August 09, 2023, 02:15:06 AM

I'm not sure about it, but I haven't seen anyone that is profitable on it, i.e., those who copy tradetraders , unless they just become thenes who have been copied on the platform because there are tons of fees I've seen and also again your profit on it will be cut and you onlyet tons of profits There are those who have been copied and again for sure those traders only have few years of track record andre not that established which is why they are joining the platform to earn more.

When I see discussions about copy trading, from my personal experience with real profitable traders some of them don't make their trades available for copy, I can only advise copy trading in the following conditions,

1. If you are busy and don't have much time to trade.
2. If you are seeking alternatives or other streams of income but aren't interested in trading.

Lastly, the trader that you want to copy must have track records of years of profitability in trading to commit your money.

freedomgo

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Quote from: mk4 on August 08, 2023, 10:55:58 AM

Copy trading is a way for a lot of bad traders to earn money off fees(they take a small cut). They might look like good traders because of their less-than-2-years-long track record, but a huge majority of them end up losing money in the end.

I’d say only do copytrading if you want to have a little bit of “fun” with some of your spare cash.

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.

Japinat

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If there are chances that copy trading becomes effective and creates higher profitability, then obviously those that are done by professional traders. And those trades that are actually made by reliable and prominent service providers. However, in the case for beginners, I would say that the most possible outcome that will happen is only to see them losing. Why? Because they are not supposed to trade without honing their skills and strategies first that will make them capable to trade successfully.

Sanitough

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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.

Absolutely. Regardless if copy trading makes a great advantage to acquire profits, but it all depends on how capable the user is to copy trade. And obviously, beginners have no idea about copy trading, and even if they’re aware too, their level of understanding copy trading is only minimal. They may take some beginners profits but in the end they will still end up losing. That is why copy trading are never advisable for beginners. In fact, beginners are not allowed to trade in the first place, instead their focus should be on learning acquisition and on how to maximize their level of understanding through minimal crypto engagement.

PaulPeterPedro

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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?

There are a few things to consider when evaluating the legitimacy of copy trading.
First, you need to make sure that the platform you're using is regulated and has a good reputation. There are a number of scams out there, so it's important to do your research.

Second, you need to carefully select the traders you want to copy. Some traders have a better track record than others. Make sure you look at their performance history and read their reviews before you commit any money.

Finally, you need to remember that copy trading is still an investment, and there is always the risk of losing money. Even if you're copying a successful trader, there's no guarantee that they will continue to be successful in the future.

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 can be a legitimate way for beginners to generate income. Still, when choosing a copy trading platform, it is crucial to consider the fees charged, the types of assets available, and the track record of the traders you are copying.

Remember that copy trading is not a get-rich-quick scheme. You can still lose money by copy trading, even if your copying trader has a good track record. Be aware of the risks involved before you start copy trading.

tjtonmoy

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

~Snip

In simple words, don't copy trade. It's not the best way to do trading or learn to trade. You are just copying others' work. What's that gonna teach you? Nothing! This is something that will not be available all the time. What will you do if one day it's gone? Someone else doing your work for you? What are you paying? Because nothing is for free anymore.

For me, it's a way of learning. Doing the work on your own and then comparing it with someone else who is a professional will give much better results. You can also manage your risks according to your calculations. In the long run, the thing you learn on your own will stay with you forever. One strategy does not always work in the evolving crypto market. It is good to have multiple strategies. It can only be done when you do it on your own. So take your time to learn the process instead of copying it.

mvdheuvel1983

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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.

Finestream

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I do not see it as a marketing tactic nor a legit way to provide income for beginners. Yes, it can be profitable at times but you can never anticipate profit assurance out from copy trading regardless if you are copying trades from trading experts or not. Because the fact that trading is always unpredictable and it’s market seems very unstable most of the time, then trading at a high caution should be done by following on what you think is right based from your acquired knowledge and even trading experiences. That’s the reason why I don’t see copy trading a reasonable way to make profits, but if you’re actually doing it with caution and ensure that you get it from a very reputable source, then I guess it will still be an effective way to make profits, but maybe beginners are an exception.

Johnyz

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Trading is a good way to make money but for beginners, it is advisable to invest on your knowledge first before anything else.
Copy trading should not be your long term strategy, this is ok for short term but still you have to lower your expectation because there is no easy money in trading.
TA is the key and learning how the indicators works can make you more profitable in trading, try to focus on this first.

xSkylarx

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I'm not sure about it, but I haven't seen anyone that is profitable on it, i.e., those who copy tradetraders , unless they just become thenes who have been copied on the platform because there are tons of fees I've seen and also again your profit on it will be cut and you onlyet tons of profits There are those who have been copied and again for sure those traders only have ffew years of track record andre nnot that established which is why they are joining the platform to earn more.

WannaCry

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Quote from: Kasabus on August 08, 2023, 10:34:49 PM

Copy trading can lead us into profits at some point, but it can never ultimately provide us a consistent flow of income. Nevertheless, even trading itself cannot ensure beginner traders to earn from it because of the high risks that are involved in trading. Furthermore, what makes it more dangerous to use is that you are copy trading from a very unreliable trading provider. You will not only lose your capital and future profits, but the time you put into it will only go into waste.

This also shows how people lazy are to learn but wants to earn money. I've known copy trading for so long and I had not planned to put my money into it. The risk to reward ratio that those copy trader offers are not worth it, a single loss can wipeout your profits. These newbies should realize that they don't need to rush to earn through trading. They will be just like gambling if they do it with not enough fundamentals.

Kasabus

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Copy trading can lead us into profits at some point, but it can never ultimately provide us a consistent flow of income. Nevertheless, even trading itself cannot ensure beginner traders to earn from it because of the high risks that are involved in trading. Furthermore, what makes it more dangerous to use is that you are copy trading from a very unreliable trading provider. You will not only lose your capital and future profits, but the time you put into it will only go into waste.

Zee27

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Quote from: Vaculin on August 08, 2023, 04:59:08 PM

It’s legit but it’s a never a reliable source to create an income especially if you are copy trading from a non-reputable trader or let’s say never become a real trader in the market. With all the scams happening over the internet, a beginner trader may easily believe on the self-claimed traders online and believe like they were your only hope so you can trade and expect sustainable profits. This is the reason why copy trading may not create a positive image at some point due to those unreliable sources for copy trading.

Thank you for highlighting that copytrading is not a foolproof trading strategy with a guaranteed 100% success rate. Please understand, copytrading is an extremely effective and useful strategy, especially for beginners and busy investors who don't have much time to devote to trade setups. I also utilize copytrading occasionally, but it frustrates me when certain platforms promote it as an infallible method, leading people to blindly rely on it in hopes of guaranteed success. There are valid reasons why reputable copy trading platforms like Bitget allow users to review the track records of traders they intend to copy and why they have a wide selection of skilled traders available. This is to ensure that users conduct proper research, make careful selections, and have multiple options to consider before investing. Else, you can end up losing your funds alongside the trader you copied. It is in this light I am saying that it shouldn't be perceived as a 100% success guarantee strategy but of course, a useful and legitimate strategy.

Quidat

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If you are that curious as a newbie about copy trades then you could actually test it but if you are just basically trying out to see those numbers and charts without even knowing on what it is then
its pointless because you are just basically relying on someone.Take note that not all the time you would really be profitable with copy trading and this is why its never been that recommended.

If you are completely newbie and have the plans on knowing on whats trading then it would be always recommendable that you should really be sticking with manual trades and stick with spot trading.
Trading could really be a source of income but its not something that could really be achieved in short time and not all would really be that successful on this field.
This is why its really that wise that you shouldn't really make yourself that too desperate or rushing up yourself on learning everything because its not something that could achieve in short time
and this should bare on mind.

Vaculin

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Winding down.

It’s legit but it’s a never a reliable source to create an income especially if you are copy trading from a non-reputable trader or let’s say never become a real trader in the market. With all the scams happening over the internet, a beginner trader may easily believe on the self-claimed traders online and believe like they were your only hope so you can trade and expect sustainable profits. This is the reason why copy trading may not create a positive image at some point due to those unreliable sources for copy trading.

jeraldskie11

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If you're beginners in trading and want to do a copy trade, you should have the criteria how to pick the right master trader. You just don't have to pick the traders who have a good pnl because others are only for this month. You should check those traders who are really consistent in their trades which the chart is upward sloping and not drastically increased of their previous months. Copy trading is not a guarantee that you will become rich but if you have a criteria of choosing the right trader I assure you that the probability of being profitable is high.

TimeTeller

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Quote from: Natalim on August 08, 2023, 04:42:54 PM

Yes, I did copy trading before and it works at the start but getting surprised that after a few days of doing this, everything went wrong. What I mean is that they will ask you for more money if you wanted to increase your learning.

I know it would be helpful for newbies to at least have an idea but thinking in a situation where you have to spend a huge amount just to acquire additional trading knowledge, I don't think it was a good idea since there are a lot of resources available online that we can use to learn freely.

It would be better if you will do your own trading and learn it from scratch.
Anyway, there's no guarantee that these traders will always be successful with their trades.
They are also humans, and they are also prone to mistakes. They are also speculating on this market.
The better route is to learn your own strategies as each coin or token have their own features that you can use in trading.
As time goes by, you will learn the tricks and one look, you can easily spot potential coins.

Natalim

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Yes, I did copy trading before and it works at the start but getting surprised that after a few days of doing this, everything went wrong. What I mean is that they will ask you for more money if you wanted to increase your learning.

I know it would be helpful for newbies to at least have an idea but thinking in a situation where you have to spend a huge amount just to acquire additional trading knowledge, I don't think it was a good idea since there are a lot of resources available online that we can use to learn freely.

mirakal

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Copy trading is legit if it comes from a reputable source. However, relying on it solely will never guarantee consistent earnings and can never secure a consistent income most especially for beginners. Although it’s one way to make trading quite easier and less hassle but when it comes to profitability, I cannot attest to that knowing it’s still best to trade based on your own knowledge and skills.

Topic: Is copy trading a legit way of income for beginners or just a marketing tactic? - page 4. (Read 669 times)