Is copy trading a legit way of income for beginners or just a marketing tactic? - page 5.

Aanuoluwatofunmi

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Quote from: ananyabushra on August 08, 2023, 08:10:43 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?

You can make use of a copy trade for beginners in most cases who don't know how to go about it, there's no amount of usage one can give it to get maximum result, trading should be taught using many trading materials together with the analytic Indicators, if it has been that productive, many would have been using it for their trading and have less trading requirements to learn on how to engage other needed applications for trading.

mu_enrico

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It's not a sure way to make profits, and it's not a marketing tactic since you really copy the person's trading activity. So the question is basically saying "Is an apple an orange?"
If you are tempted to use copy trading because you think you'll get profit if you copy Person A activity because he has a good history, you'll be disappointed. You'll find that anything can happen in the future as it's unpredictable/random. What you're doing is like reading the recent year's performance of Mutual Fund X, which is great, and thinking that it will yield the same profit in the future.

el kaka22

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I do not think that it is a marketing tactic, it's actually a good way of making profit if you pick the right people. What the beginners should realize is that copy trading is the name of the way you are trading, but who you copy matters the most. If you copy someone that does amazingly great profits then you are going to make the same profits, if you follow someone who loses too many times in a row then you are going to end up with no profit and no money left.

This means that copy trading doesn't mean that you will profit or lose, just the name itself doesn't give anything, you should be trading based on what you have and if you have something that benefits you then you are going to end up with a profit eventually for sure.

bitzizzix

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In my opinion, copy trading can be a useful and useful tool for beginners who are new to the industry, on the grounds that they are new and do not yet have the knowledge or experience to make good trades.
but you should also do some research on the trading copy you are going to use, particularly its track record and popularity. And besides that it is important for beginners to do their own research before choosing a copy trading platform. And it is also important for beginners to remember that profits are not guaranteed for copy trading, and don't make copy trading your permanent method and you also have to learn the knowledge related to trading and it is also very important to manage risk well and always use money that you can afford to lose .

palle11

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Quote from: Findingnemo on August 08, 2023, 12:48:44 PM

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If you think you can make your first million by doing nothing and letting your thousands work based on someone's strategy then it won't be too long to realize that you actually lost thousand instead of making millions.

Self trading itself is not easy and some who have failed in trading have found themselves to run those copy trading strategy and as you said it is not a cash bag with copy trading. Those who you want to copy are still under some losses as self trader but they learnt the copy trading technique to market to people that don't want to learn. If someone has a better trading technique, he is likely going to use it for himself and family, this is suppose to be a right thinking way for users of bot traders and copy followers

Findingnemo

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Quote from: ananyabushra on August 08, 2023, 08:10:43 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?

It is legit but it's not just the same as they are marketing because they are only telling what people wanted to hear not everything.

There are several copy trading platforms with some great names too and you can trust them but, are you really going to trust them?

To make you rich.

If you think you can make your first million by doing nothing and letting your thousands work based on someone's strategy then it won't be too long to realize that you actually lost thousand instead of making millions.

Still looking for a good copy trading platform then here it is: https://www.etoro.com/

mk4

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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.

EarnOnVictor

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Quote from: ananyabushra on August 08, 2023, 08:10:43 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?

It's not a must that we go through analysis efforts, once the copy trade could do it for us, I see no reason why we don't utilize it, especially when we don't know how to trade or have busy schedules. But the issue is how to get the right strategy provider, and what I've seen in my long years of trading even before the dominance of cryptocurrency is that they don't often work, and those who work well do not last, and those that last without ruining copier's account do not have a convincing record to quantify the number of years they use in achieving their tiny success.

For this, my conclusion is that copy trade could be good only if traders could do their due diligence. But they still have to be sure that they are monitoring the provider actively after initially certifying it as a trusted one. This could limit the damage the provider could do to the account because, after some good records, they don't often replicate it.

ananyabushra

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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.

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