Topic: Is copy trading a viable option for newcomers? - page 3. (Read 929 times)

That's true, no newbie learn something from the veteran and be able to do the exactly the same thing and learn it easily enough that they will be starting to make a lot of profit. Everyone puts their own little twist on things and they make mistakes and they learn from their mistakes and become better eventually as well. That's how it has been so far and I am guessing that's how it is going to be in the future as well.

That's not what I think will be the situation for a long time but as long as you let it be like that then we are going to get newbies who will start at a good level, and be better with more losses they have because they will learn from their mistakes. The ones who do not, will end up giving up or losing even more.

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.

Moreover, if we are talking about a successful trader who can earn a lot of money, then what is the point of him sharing his knowledge with anyone else? My opinion is that trading is taught by those who have not been able to achieve great results in trading, but at the same time they believe that they have quite a lot of knowledge in technical analysis.

Thus, for them, it becomes the realization of their knowledge, they simply teach beginners what they know themselves, but the result in trading will still depend on the beginner, because in the end he will have to analyze and make decisions himself.

Copy trading is also not something to strive for, what will it give a beginner in the future? No personal practice and understanding of the market, at best, a few successful copied trades and that's it. And when you have to trade yourself, then everything will be different, you need to make decisions, this is a completely different matter.

But still, you'll need to have a lot of capital compared to self-trading because that is really their requirement. Also, you'll need to find a reliable trader who will give you profit, but again, the problem is that you won't develop skills. Trading is a skill, meaning you can bring it wherever you are going and do it on your own, but if you are just doing it to copy trade, you won't learn anything. It is some sort of lazy stuff, but again, your money works on it and it saves you time.

When people say something like that they actually mean going through the trouble of learning why experts do what they do and then try to make their knowledge and their skills your own, copy trading is just a cheap imitation of this process and it will never work as intended.

As do you think that a world class trader will allow themselves to be copied for a single second? If you want to have the privilege of your money following their strategy then you have no other option but to hire their services, which are not cheap, and you need to have a massive amount of money just to have a chance to hire them, as there are countless people which would like for the privilege of their money being managed by them.

Well, I don't really see anything wrong in copy-trading because I know that it can be something good but as long as the person copying someone else's trades either manually or on a platform that allows them to do so automatically after setting the parameters has some knowledge of the market and trading practices themselves because you can't be simply copying someone's trades but have absolutely no knowledge about trading and the market or the coins being traded.

So even if a newbie wants to do copy-trading since they have a trader under their radar that has good results, they should first learn about trading and the market themselves so that they can manage things in a proper way even if the copy-trading thing doesn't work out, they can do trading manually without copying anyone in the future.

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.

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.

As much as I find your points convincing, they are not showcasing true definition in true life experience, because I don't understand what is Time-saving in copy trading when you can literally do your own set up, not doing your set up will make you even lazier without knowing full understanding of what you are doing and what is the learning opportunity you disuss over there, it doesn't show to me that you will every learn anything from copy other traders trades, you will only get to see loss/profits but most cases, its is losses because you chosed to do the short cut.

Furthermore, I'm yet to see if this copy trading will be useful right now as I was just scrolling in Binance exchange to see if the traders offering copy trading has been making profits, I checked into their portfolio and I couldn't find anything tangible, their ROI has been negative which means they are not making profits. If professional traders are making loss in this bear market, then I believe copy trading is a waste of time and capital.

^ I think trusting your own experience and skills in trading is very important for long-term success. While copy trading may seem appealing and can be a useful learning tool for some but it is not suitable for everyone. As you have said, each trader has their own unique way of doing trading, risk level, and trading style, which may be a good sign with those of the professional traders being copied.
Relying on copy trading can create a false sense of security, as success in trading depends on various factors, including market conditions and individual decision-making. Simply following the trades of others without understanding the underlying strategies and market dynamics may lead to unfavorable outcomes.

For me, it has always been best when any kind of newbie in any new environment takes at least 3months to carefully study up on the subject of interest before trying to use a hack or should I say shortcut to by-pass the basics.
Copy trading is genius in its idea and it has helped those of us who have tried applying it, to know that trading is doable and learnable, just like every other skill one would pay to learn or from YouTube classes.
Copy trading is a viable option, but not particularly a good idea for newbies without any of the basic knowledge or even the slightest interest in heart.

Your first thing as a trader is to device a strategy from your own mind, as it will help you grow in the long run. If you just rely on signals or copying others strategy then you are deemed to lose your money in the long run.
Copy trade work only when you put your own effort also along with it. The strategy that worked for someone does not necessarily work for you. This is something you need to be careful about.

We cant really be able to drawn out some conclusions whether its working or not because just like you do said that outcome would really vary because we know that market conditions arent something that would really be that predictable on which means that whether you do make use of those preset up trading bots or would really be following someone then results would really be neither positive or negative. The important thing on here is that its really that something good if that newbie do able to make learn something despite on having that automated kind of trading on which whether they would be going for copy trades or using up some bot. The only that or which its important that you do really make that kind of progress but on the time that you would be finding yourself that totally relying on these things then you wont really be that making yourself that eventually learn on whats trading at all. On the time that you would go solo flight with trading then you would definitely struggle out because you hadn't able to make yourself that learn in the first place.
This is why if you are an actual noob then its better to start up with manual trading on which you could really make yourself that able to learn up trading on your own hands on which on the time that you do engage
with it for long then you would really be making yourself way more better.

With a 99% probability, sooner or later you will lose your deposit. Since unlike a leading trader who uses leverage equal to one, you will constantly overcharge the risks by choosing a high leverage. And if the price moves contrary to your expectations, your position will be liquidated by the exchange.

Copy trading is not really a bad idea to make money. I can say that it is a smart way to eaen only if you understand what you are doing. A total newbie might lose money in copy trading but someone who has the idea of trading will know the most realistic trade to copy. A good trader will under when the trade is going against whom he is copying and try to make deviations, but this cannot be said about a novice trader who only depends on the copy trade to earn.

Again, if a newbie starts with copy trading and begin to make money, they may never return to learn the real trading and that's a big disadvantage.

Copy trading will just make newcomers lazy to learn trading by themselves since they will only keep copying blindly anyone that is being followed by many. Doing this is very dangerous since not all traders that allow copy with their portfolios has a 100 win rate.

Copy trading is only good if the who is copying it knew exactly what he is copying instead of following trades blindly and just follow the flow without giving personal inputs on the trade.

I think the risk was even doubled if you trade through copy trading, why? Because you are trading following uncertain people’s  trades, in which you can’t be sure if it’s really working or not, if it’s done by a veteran trader or just a beginner trader too in reality. That’s my point of view about copy trading, the reason why until now I didn’t have the confidence to trade using copy trading, regardless if the amount is only small. The fact that it’s my hard-earned money, then I should always trade following what I think is right and what I think is reliable.

They recognize Bitcoin's potential, but they don't want to make the sacrifice of learning. They don't seem to care about anything else all they seem interested in is making money, oblivious to the fact that this involves a process that cannot be ignored if knowledge is avoided, then they should be prepared to lose their money. it now looks as if what the majority are interested in now is to make fast money, Everyone becomes interested when they find that Bitcoin has a big profit margin, and they don't want to pay the price by forgoing education. the best advice they should still to knowledge before profit.

As far as I know, copy trading does not have the assurance that it will give you a good income. That's why sometimes it's often seen that influencers who have a lot of followers are promoting it and they say in their ads on Facebook and YouTube that they are making a lot of money effortlessly from copy trading, which, in fact the income they say is from their referral bonus not really from their copy trade.

That's why they still do a bit of deception, because they are paid and don't care if their followers who believe in them earn money. So self-trade is still better than AI.

I think "if it's working" is the difficult part. You can do whatever you want to do and if it's working that's going to be fine. However, the question here would be if it's working or not. I think if you are a newbie and you start copy trading, and it works, then you keep doing that and there is nothing wrong with that.

But if you are a newbie and ask me if you should, I would say don't do that because odds are you are going to see someone who is looking good but going to end up being bad, or you are not going to do it properly and that's why it's going to end up being a problem. Just focus on what you can do, and you will be doing fine in the end, it should help you overall without an issue if you learn yourself.