Is copy trading a viable option for newcomers? - page 2.

Taskford

hero member

Activity: 2520

Merit: 783

Quote from: nurilham on August 18, 2023, 04:59:19 PM

Quote from: mirakal on August 06, 2023, 02:45:29 AM

Yes, copy trading may be effective in seeking for profits but only for those who are willing to take the risk and know exactly those risks involved. However, for beginners in trading, I cannot guarantee that they can manage properly the risk in copy trading, especially that they have less experience as traders and are not completely aware on how to make money in trading, most particularly on how copy trading works and become profitable. But I must say copy trading is a great way to make money, it’s just that the risks involved are not applicable for beginners.

Not every time copy trading works well, especially for newbies. I think a newbie needs to use the strategy that is suitable for them, not following the popular trading strategy. Although the newbies can take the risks, but the copy trading may not work well if the newbies only follow it without good understanding of the trading strategy.

Indeed. No guarantee that copy trading will be suitable for newbies, even it may be not suitable for experienced traders as well. For me, the best way to trade is by using our own way, using the trading strategy that is proven to be effective with our trading nature. IMHO, copy trading isn't only about the risks but it is about how well it suits our trading style.

Most of the newbies doesn't care about strategy because their main intention is to gain money. Maybe realization that they need to learn will came late when all things fall apart and the person where they copy their trades gone. Newbies should realize that there's no easy life on trading and they need to spend lots of time researching since if they base their trades to other people well they cannot learn something and remain a newbie in the industry.

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: Pamadar on August 18, 2023, 11:23:03 PM

Quote from: nurilham on August 18, 2023, 04:59:19 PM

Quote from: mirakal on August 06, 2023, 02:45:29 AM

Yes, copy trading may be effective in seeking for profits but only for those who are willing to take the risk and know exactly those risks involved. However, for beginners in trading, I cannot guarantee that they can manage properly the risk in copy trading, especially that they have less experience as traders and are not completely aware on how to make money in trading, most particularly on how copy trading works and become profitable. But I must say copy trading is a great way to make money, it’s just that the risks involved are not applicable for beginners.

Not every time copy trading works well, especially for newbies. I think a newbie needs to use the strategy that is suitable for them, not following the popular trading strategy. Although the newbies can take the risks, but the copy trading may not work well if the newbies only follow it without good understanding of the trading strategy.

Indeed. No guarantee that copy trading will be suitable for newbies, even it may be not suitable for experienced traders as well. For me, the best way to trade is by using our own way, using the trading strategy that is proven to be effective with our trading nature. IMHO, copy trading isn't only about the risks but it is about how well it suits our trading style.

No guarantee, but there are always open opportunities if the timing is right. I think copy trading for newbie adds up more pressure as
newbie doesn't have any idea if it's the first time they deal with the business.

Not a guarantee as those experienced traders that they are following can handle pressure when
dump happen while newbie will panic and be unable to hold and sell the asset because of fear of
losing their money.

It would be the opposite on which they wont really be feeling that kind of fear but rather they would really be that optimistic that they would become profitable on the time that they had set out that copy trading.Their hopes and positiveness is high just because this is the main thing that they do have in mind is that they had already set out something that brings out money but on the time that reality do kicks in then this is where realization will really be telling them that it isnt really just that enough on making yourself that relying with those copy trades which do came from other traders as well. We know that we are all speculators here on this market on which there's no assurance about being profitable in the end of the day and this is something that people should really be realizing because thats how reality works. If you arent really that really that mindful
or being that realistic then you would really be sticking on being that too positive despite on having that kind of reality.

blockman

hero member

Activity: 3066

Merit: 629

20BET - Premium Casino & Sportsbook

Quote from: Stedsm on August 18, 2023, 04:00:43 PM

I remember an influencer who recommended a good trader for copy trading and was using Bitget or Bybit and even the trader was doing great during those days. He made around 500% in a month only and was becoming popular, so lots of people started copying his trades. His strategy was aggressive and due to that, whenever he saw a loss incoming, he didn't close it but open a new position in the same direction. Due to this, he made everyone lose almost everything as all his trades got liquidated and he went from +500% to -100% in just a week later.

This is why it's risky to copy trade, you'll never know what's in the mind of the person that you're copy trading. Much better to lose it in your hands and you learn a valuable lesson. Whilst, there's still a valuable lesson on that experience that you've shared and that's not to trust traders on any platform that you're about to copy trade or much better don't copy trade. If you insist and still copy trades, just keep on track your wins and always take profit.

Quote from: Stedsm on August 18, 2023, 04:00:43 PM

Copy trading is riskier than you think, and I believe that why trade on others' knowledge when you can also do that? At least you won't regret that you would have traded yourself, but you copied someone else and you suffered from their trading decisions.

Agree. There's no other better person to trade for you and that's you. Get experience, learn the market, the charts and everything that circulates on trading. In the end, you'll still be the winner on this one.

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: nurilham on August 18, 2023, 04:59:19 PM

Quote from: mirakal on August 06, 2023, 02:45:29 AM

Yes, copy trading may be effective in seeking for profits but only for those who are willing to take the risk and know exactly those risks involved. However, for beginners in trading, I cannot guarantee that they can manage properly the risk in copy trading, especially that they have less experience as traders and are not completely aware on how to make money in trading, most particularly on how copy trading works and become profitable. But I must say copy trading is a great way to make money, it’s just that the risks involved are not applicable for beginners.

Not every time copy trading works well, especially for newbies. I think a newbie needs to use the strategy that is suitable for them, not following the popular trading strategy. Although the newbies can take the risks, but the copy trading may not work well if the newbies only follow it without good understanding of the trading strategy.

Indeed. No guarantee that copy trading will be suitable for newbies, even it may be not suitable for experienced traders as well. For me, the best way to trade is by using our own way, using the trading strategy that is proven to be effective with our trading nature. IMHO, copy trading isn't only about the risks but it is about how well it suits our trading style.

No guarantee, but there are always open opportunities if the timing is right. I think copy trading for newbie adds up more pressure as
newbie doesn't have any idea if it's the first time they deal with the business.

Not a guarantee as those experienced traders that they are following can handle pressure when
dump happen while newbie will panic and be unable to hold and sell the asset because of fear of
losing their money.

nurilham

sr. member

Activity: 1484

Merit: 447

Quote from: mirakal on August 06, 2023, 02:45:29 AM

Yes, copy trading may be effective in seeking for profits but only for those who are willing to take the risk and know exactly those risks involved. However, for beginners in trading, I cannot guarantee that they can manage properly the risk in copy trading, especially that they have less experience as traders and are not completely aware on how to make money in trading, most particularly on how copy trading works and become profitable. But I must say copy trading is a great way to make money, it’s just that the risks involved are not applicable for beginners.

Not every time copy trading works well, especially for newbies. I think a newbie needs to use the strategy that is suitable for them, not following the popular trading strategy. Although the newbies can take the risks, but the copy trading may not work well if the newbies only follow it without good understanding of the trading strategy.

Indeed. No guarantee that copy trading will be suitable for newbies, even it may be not suitable for experienced traders as well. For me, the best way to trade is by using our own way, using the trading strategy that is proven to be effective with our trading nature. IMHO, copy trading isn't only about the risks but it is about how well it suits our trading style.

Stedsm

legendary

Activity: 3052

Merit: 1273

I remember an influencer who recommended a good trader for copy trading and was using Bitget or Bybit and even the trader was doing great during those days. He made around 500% in a month only and was becoming popular, so lots of people started copying his trades. His strategy was aggressive and due to that, whenever he saw a loss incoming, he didn't close it but open a new position in the same direction. Due to this, he made everyone lose almost everything as all his trades got liquidated and he went from +500% to -100% in just a week later.

Copy trading is riskier than you think, and I believe that why trade on others' knowledge when you can also do that? At least you won't regret that you would have traded yourself, but you copied someone else and you suffered from their trading decisions.

taufik123

legendary

Activity: 2744

Merit: 1878

Rollbit.com | #1 Solana Casino

Quote from: alastantiger on August 17, 2023, 11:13:01 AM

-snip-
In fact what I advice beginners is that they should stay away from not just copy trading but also from trading signals.
-snipp

Yup, trading signals seem to be of interest to beginners at the moment.
Just look at how many trading signal groups for crypto-only give buy and sell numbers without informing the chart so that as a beginner you don't understand why these numbers can occur.

Most of what happens is just manipulation so that many beginners enter at the recommended price so that the signal maker can sell higher.
There are many fraudulent practices like trading signals and that is just one of them.

Instead of believing in trading signals, it's better to hone your technical and fundamental analysis skills by trading manually.
Use basic knowledge and learn, it will be better. Nothing is easy, everything starts from scratch and it takes process.

alastantiger

sr. member

Activity: 728

Merit: 444

Quote from: taufik123 on August 17, 2023, 08:19:26 AM

Trading independently is the most recommended, because we will learn how to read the market with technical analysis, pay attention to the market from a fundamental point of view, and do risk management and money management.

Yes, trading independently would require that the trader work hard and make effort while copy trading on the other hand is similar to following shortcuts and no efforts. In fact what I advice beginners is that they should stay away from not just copy trading but also from trading signals.

Because nine out of ten times, you can be guaranteed that the copy and trading signals you received have already been acted upon and they who are the early birds have already gotten the ideal entry. The worse of it is that you end up learning nothing for yourself. You can't even say you are a trader because copy traders do not trade.

taufik123

legendary

Activity: 2744

Merit: 1878

Rollbit.com | #1 Solana Casino

Quote from: AmoreJaz on August 16, 2023, 06:49:44 PM

when you opt for this route, don't expect that what the trader achieved so far, will be your achievement as well. it may not be bad at all if you will follow them at the beginning, but you should have long-term goals, which is to be independent and have your own insights towards the trading market.

Actually, I don't really rely on them as copy-trading mentors.
And as I said, the copy trading I use is just to see how a professional trader with a large following sets up his strategy so that I can judge and see how he works.

Trading independently is the most recommended, because we will learn how to read the market with technical analysis, pay attention to the market from a fundamental point of view, and do risk management and money management.

My long-term goal is to continue learning and holding what I need to hold, such as holding Bitcoin for the long term.
As well as learning how the crypto market works. Not just relying on others.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: taufik123 on August 16, 2023, 06:46:42 PM

Quote from: RockBell on August 16, 2023, 03:17:16 PM

-snip-
I don't personally believe that copy trading is too risky for me, I prefer you use copy trading to get ideas rather than going into it without knowledge, after learning one-two you can actually know the right steps to take, crypto involves too many processes so one wrong step can actually make you lose your assets

Whether it's risky or not depends on how and who you use and who you follow for copy trading.
It's not always bad, it's like copying someone's spreadsheet or trading strategy and you just need to put up the money needed to execute it.

Profit sharing on copy trading is also set by the platform that provides copy trading.
I myself used copy trading several times and got some profits, but there were moments when there were losses that I got when the market suddenly crashed.
They also set a stop loss so that losses can be cut right away.

Just like you, using copy trading is not for main trading but is used to see how a professional trades and what strategies they make, so that we can observe and learn from these strategies.
As well as doing financial management needs to be done because it is a strong foundation for the resilience of the capital we have to trade.

when you opt for this route, don't expect that what the trader achieved so far, will be your achievement as well. it may not be bad at all if you will follow them at the beginning, but you should have long-term goals, which is to be independent and have your own insights towards the trading market.

taufik123

legendary

Activity: 2744

Merit: 1878

Rollbit.com | #1 Solana Casino

Quote from: RockBell on August 16, 2023, 03:17:16 PM

-snip-
I don't personally believe that copy trading is too risky for me, I prefer you use copy trading to get ideas rather than going into it without knowledge, after learning one-two you can actually know the right steps to take, crypto involves too many processes so one wrong step can actually make you lose your assets

Whether it's risky or not depends on how and who you use and who you follow for copy trading.
It's not always bad, it's like copying someone's spreadsheet or trading strategy and you just need to put up the money needed to execute it.

Profit sharing on copy trading is also set by the platform that provides copy trading.
I myself used copy trading several times and got some profits, but there were moments when there were losses that I got when the market suddenly crashed.
They also set a stop loss so that losses can be cut right away.

Just like you, using copy trading is not for main trading but is used to see how a professional trades and what strategies they make, so that we can observe and learn from these strategies.
As well as doing financial management needs to be done because it is a strong foundation for the resilience of the capital we have to trade.

RockBell

sr. member

Activity: 966

Merit: 391

Underestimate- nothing

Quote from: Questat on August 09, 2023, 09:17:41 AM

If you can never find a mentor, then copy trading is the best thing to do. In fact, we need the experience to gain more learning, and having this strategy would help us gain ideas as well. Of course, we can just stay long from doing this, as at the moment that we have ideas already we can make our own strategy applying those things that we have learned from copy trading. Because for me, I consider this as a stepping stone to grow and improve our skills.

Learning is expensive and so if we wanted to acquire this (learning), then we also have to spend some money in exchange for that valuable things.

I think having a mentor is not that bad, it is also a good measure to reduce risk if someone is seriously guided, I don't even think you will enjoy crypto without learning and easier mentorship, you keep learning new things every day as far as crypto is known there is an upgrade and etc. I don't personally believe that copy trading is too risky for me, I prefer you use copy trading to get ideas rather than going into it without knowledge, after learning one-two you can actually know the right steps to take, crypto involves too many processes so one wrong step can actually make you lose your assets

svgisawmn

newbie

Activity: 17

Merit: 0

Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

In my opinion, it's a great tool that can help you but it won't replace your skills and knowledge. It's just an additional source you can use but not rely on it completely

Bitcoin_people

sr. member

Activity: 700

Merit: 380

🎗️🍁🎭

I think copy trading is good and you can easily do it but it prevents you from learning trading on your own experience. It is best if you can learn trading from your experience, but when you are trading with the help of second party then it can definitely hinder you at times. No matter how good copy trading is it doesn't work from your knowledge and experience so I don't like this copy trading. If I can gain good knowledge about trading from my research then it will be happy and good for me and I can move forward from here in future. So if you want to know about the basics of trading and learn to research from below then you can get good education about training and gain experience. And if you can research the basics of trading then copy trading will become easier and better understood for you.

wxa7115

hero member

Activity: 2814

Merit: 734

Bitcoin is GOD

Quote from: Questat on August 09, 2023, 09:17:41 AM

If you can never find a mentor, then copy trading is the best thing to do. In fact, we need the experience to gain more learning, and having this strategy would help us gain ideas as well. Of course, we can just stay long from doing this, as at the moment that we have ideas already we can make our own strategy applying those things that we have learned from copy trading. Because for me, I consider this as a stepping stone to grow and improve our skills.

Learning is expensive and so if we wanted to acquire this (learning), then we also have to spend some money in exchange for that valuable things.

A book written by a successful a trader is way better in my opinion as you will actually learn something from it, as those that use copy trading are just imitating what other traders are doing without knowing why.

And someone which could reverse engineer why such trader is doing what they are doing based on their actions is probably someone which does not need to copy trade since they could have developed their own strategy anyway, as reverse engineering anything is always harder than forward engineering.

Jatiluhung

sr. member

Activity: 980

Merit: 451

Wheel of Whales 🐳

Quote from: freedomgo on August 10, 2023, 03:48:57 PM

It can be appealing but it will never be sustainable for long term usage most especially for beginners who have less or no significant experiences in trading. While it can be effective and profitable for experienced and long time traders, but it will be a different story when beginners try to rely on copy trading.

Copy trading can be hassle free as it saves time from its users. But if only you were not copy trading from fake and inexperienced traders. Otherwise, you will end up losing because you fail to follow the right traders, but instead fall on the trap of unsuccessful traders.

Copy trading is indeed only suitable as a lesson and not as a guide in the long term. And it's true that we also shouldn't be careless in choosing copy trading. We have to know which traders are reliable and we have to research them well. But for beginners, they can even be careless in choosing.

Copy trading can sometimes make us learn trading as if guided by a mentor. Or like we have a mentor. It's just that we have to follow the right trader in this case. And only use small capital for the first time to start trading. If we look at the advertisements of traders who are successful in trading then we will see that trading looks like it is very easy. But when put into practice it is not as easy as we think.

shinratensei_

legendary

Activity: 3276

Merit: 1029

Leading Crypto Sports Betting & Casino Platform

Quote from: macson on August 05, 2023, 06:09:40 PM

Quote from: ananyabushra on July 28, 2023, 02:59:39 PM

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

there is a saying 'when you copy what professionals do then at least you will have skills that are close to theirs', so that's the conclusion for beginners it's okay to try copytrading but keep in mind that don't depend heavily on it, you will definitely will be addicted when you are proficient in using copytrading, this is what you should avoid. in trading nothing is perfect and solving every problem perfectly, there must be shortcomings that traders do, so for beginners it is highly recommended when using copy trading, keep learning basic trading and other trading support things.

well in this case when you are exactly copying their activities 1:1 then I guess it doesn't require skill close to that of the professional traders.
but the thing is that i'm sure there is a way for these so called professional traders that open up their copy trading services to somewhat take advantage of the capital of those that followed them.
i still don't have the idea how, but i think this copy trading is not all rainbow.
there must be some underlying motives that could somehow make the followers incur losses when the professional traders are profiting off of them.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: freedomgo on August 10, 2023, 03:48:57 PM

Copy trading can be hassle free as it saves time from its users. But if only you were not copy trading from fake and inexperienced traders. Otherwise, you will end up losing because you fail to follow the right traders, but instead fall on the trap of unsuccessful traders.

Obviously, you have not tried copy trading yourself, otherwise you would know that you would lose anyway, regardless of which trader you choose to copy. This is due to the fact that leading traders always trade with a margin equal to one, while they open an order for a minimum amount, which allows them to hold a losing position for a very long time. And in the end, they close their order with a profit, while those who copied it have long been liquidated by the exchange.

ShowOff

legendary

Activity: 2618

Merit: 1181

Quote from: freedomgo on August 10, 2023, 03:48:57 PM

It can be appealing but it will never be sustainable for long term usage most especially for beginners who have less or no significant experiences in trading. While it can be effective and profitable for experienced and long time traders, but it will be a different story when beginners try to rely on copy trading.

Copy trading can be hassle free as it saves time from its users. But if only you were not copy trading from fake and inexperienced traders. Otherwise, you will end up losing because you fail to follow the right traders, but instead fall on the trap of unsuccessful traders.

The way it works might be easy to understand, but I don't think I would suggest beginners rely entirely on it this way.
The best advice for a beginner is to study and do a lot of research so he can have his own knowledge and experience on trading. Depending on the top trader's strategy can be profitable or even detrimental, but that is only a selection of some of the ways the industry attracts users.

I prefer it if a beginner trades at his own pace. They don't have to be greedy and just want to profit through other people's trading strategies, but I don't blame their desire if they have considered it wisely.

freedomgo

legendary

Activity: 3318

Merit: 1185

Playbet.io - Crypto Casino and Sportsbook

It can be appealing but it will never be sustainable for long term usage most especially for beginners who have less or no significant experiences in trading. While it can be effective and profitable for experienced and long time traders, but it will be a different story when beginners try to rely on copy trading.

Copy trading can be hassle free as it saves time from its users. But if only you were not copy trading from fake and inexperienced traders. Otherwise, you will end up losing because you fail to follow the right traders, but instead fall on the trap of unsuccessful traders.

Topic: Is copy trading a viable option for newcomers? - page 2. (Read 929 times)