Is copy trading a viable option for newcomers? - page 4.

Japinat

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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?

It depends. Some beginners are already wise and knowledgeable enough not to follow random traders but they really make sure to make an intensive research first on which traders to follow. Remember, their money is at high risk so if they follow traders who were never successful in the first place, then it’s like putting their trades into suicidal.

However, I believe most of the traders are only greedy but they were never capable enough to trade. That’s why they start to rely on copy trading expecting to gain profits instantly, not knowing that they were lured by those traders pretending to be professionals but in reality they’re not even traders in the first place. So the risk involved in copy trading is much even higher than to trade all by yourself and learn the basics with consistent trading.

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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?

Whether it’s trading or any other task, if you blindly follow it, then definitely you won’t know the inside depth of that work. Yes you can make good profits from it, but a time will come when you have to trade by yourself and you will fail. As whole trading journey you did copy trading, hence it won’t enhance your actual profit making skills. Copy trading is good for the initial days as beginner. Moreover copy trade only to match the trades and assumptions that you make for the coins. Rest is upto you, how you choose to go ahead with copy trading.

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Quote from: 348Judah on July 28, 2023, 03:15:57 PM

Why will someone new to trading will only rely on that instead of taking their time to learn how to trade by themselves, the question is for how long will they keep depending on copy trading, there are many ways to learn trading and become a professional, i won't advise a newbie to go on this instead of taking their time to learn and make discovery on trading, your discussion will also best fit on the trading discussion board, you can move the thread there,

I guess that is because they are still new and they lack knowledge yet. I know it's best to learn first on their own but what if they are lazy and they think it takes time for them to master it? So in order to skip that hassle, they will just copy someone else trade.

If the results favor them, I'm afraid they will keep doing the activity continuously or until they feel that they are not profitable anymore but if I were them, I wouldn't wait for that moment. I will try to learn in advance so that I will have a back-up and I can continue being profitable. I can also try to trade on my own along with my copy trading and see if that improves my earning potential.

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Quote from: Peanutswar on August 01, 2023, 06:21:29 PM

Influencers going to promote those copy trading because they want to offer a hassle free trades for the newbies using copy trade well quite ideal but of course ideal to have fundamental knowledge how trading works and what's the traders strategy so they identify if it's worth it to copy or not base on the win rate is a plus too.
If you are tired and have a lot of money you can do this even small but we know not all traders only make one position.

It happens because they don't want to learn to understand trading patterns and strategies correctly, so they decide to choose a fast pattern to make a profit and when they get a loss on a trade they say it's a fraud or something like that. For people who have experience adjusting copy trading options is not that much of a problem because they have the knowledge to change the strategy if it doesn't suit the trading journey.

The problem is how beginners can adjust the strategy if the trip doesn't match the copy trading because trading doesn't always work according to the same strategy. The mindset of making quick profits is one of the reasons why beginners choose this strategy and they will get nothing for doing it.

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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?

On the surface this would seem like the perfect way for newbies to make some money without the need to learn how to trade, however I am always against anything that defies common sense.

Why would any trader which is great at what they do and that can generate profits with their trades allow themselves to be copied by others? Why allow other people to reverse engineer your strategy when you have dedicated years to perfect it? Then I do not think anyone that is a good trader is allowing themselves to be copied and newbies are only copying losing traders, and in that case it may be a better idea for them to trade on their own, as even if they lose money at least they will learn something out of it.

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I think this has become a trend just because a lot of people want instantaneous results without waiting for too much or something related to that. They are not going to be learning anything and understanding why the trader is doing the specific thing.

Everything is geared up to the point where they want everything so fast and I hope that it doesn't change people's thinking.

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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?

This is not a good way to trade since this will not improve the traders and make them gain experience in trading with better understanding of the market. One thing I have noticed these days is that traders or let me use the word people are not ready to learn these days about what we give them money. Everyone is all ready to follow the short cut which is not a good method fro us. I have tried copy trading before and nothing profitable happens to my trading history since I started that so I will not advise anyone to copy trade.

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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?

Influencers going to promote those copy trading because they want to offer a hassle free trades for the newbies using copy trade well quite ideal but of course ideal to have fundamental knowledge how trading works and what's the traders strategy so they identify if it's worth it to copy or not base on the win rate is a plus too.
If you are tired and have a lot of money you can do this even small but we know not all traders only make one position.

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For some it could be but on my part, I always believe it’s better to trust your own experience in trading than to rely in copy trading which I think is not worth doing in the long run. Even if we say those trades are done by professional traders, that will never guarantee that whatever work for them will create the same impact on us. We all have different attacks in trading. That is why it’s still a great option to rely on your own self and trade the best way that you can, by not taking part in copy trading simply because it’s not for everyone. Our success will only be achieved only by our own hardwork and efforts in trading.

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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?

I believe that copy trading is good for new comers who don't know how to trade. Copy trading are consisted of real traders that's why you can guarantee that all the trades were analyze technically and fundamentally. Some people want to trade on their own even if they are only beginners because they think that trading is easy. But in reality, if it's your first time using your strategy in live trading it's difficult to be profitable and it required trust. To gain trust with your strategy you must backtested it. So if ever you don't get the best strategy with a high winning rate, it's a good choice to copy trade.

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Quote from: Distinctin on July 31, 2023, 10:09:48 AM

Copy trading will always be useful unless if you’re copying from a loser point if view. Because if that happens, you will never come to benefit copy trading but will only experience consistent losing. That is why I never encourage newbies to rely from copy trading not only because they don’t hold guarantees as to whom the trades came from but if those copy trading owners will suddenly disappear, then they will have no longer someone to depend when trading because they chose to copy trade than to trade on their own so they can learn from all their flaws in trading.

It's always advisable not to do copy trading whether you are new or experienced trader. Experienced trader won't go near this strategy as because of what they learned via there experience. Always do trade with your own strategy since that will teach you how to trade in future. If copy trading is a successful strategy then every one of us will be a millionaire by following what works for others.

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Quote from: Ziskinberg on July 31, 2023, 02:54:25 PM

Learning to trade is not instant and I consider copy-trading as a step to consider upon learning. But of course, if we aim to success, we must carry ourselves alone, not to become reliant on others.

I am really curious about what you can learn from copy trading. I have tried it in the past and I don't think I have learned anything from it. If you could explain it to me, maybe I will change my mind about it. It will be helpful for me to understand. But as far as I know, in copy trading, we just see what others are doing and open a position based on that. No market analysis is needed and no possible way you can learn from it. If they are going long, you just go long. If they are going short, you go short. If everyone just follows others like this, I have no idea where they are learning and what they are learning from.

But when you take this "copy trading" as a means to verify or compare your work, then this could be somewhat helpful. But not entirely tho. As everyone makes mistakes, they are not any exceptions. They could make mistakes too and maybe your analysis is correct. So don't get carried away. There are other methods to learn to trade. This will give you more freedom of learning and maybe you can be better than them. So do it yourself rather than relying on someone else.

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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?

If their strategy is working, I don't see any problem if a beginner will copy it for his/her own benefit. What matter is they're able to profit (since that's our goal) and somehow get an idea from that experience.

However, it's not right to just rely on this as a trader. It is still best to gain knowledge to learn trading using your own strategy (a basic thing to do before engaging ourselves). So don't be used to copying what other traders do, because if you gain using your own analysis, strategy and knowledge that's the start of your journey to improve yourself as a trader and become a pro in the future.

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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?

Copy trading means that you only need to follow all the steps of the trading leader you choose, what new traders have to do is pay close attention to the win rate of the trading leader because each trading leader has a different win rate, novice traders will be greatly helped because he no need to learn about trading other than the basics, but that doesn't guarantee trading success, I've done it in forex and it just looks easy because you don't need to do analysis but it doesn't guarantee profit, opportunities for losses remain open.

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I totally advice newbies and even intermediate traders against copy trading. Have strategy, stick to it and follow religiously your rules and as much as possible, please trade for yourself. During the times you are not actively trading, you can then go head to do some trading experiments like bending your rules on a demo account to find ways to improve your strategy. Aside this, you are basically giving your money to someone you don't even know and hoping they don't blow it.

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Quote from: Finestream on July 31, 2023, 04:42:19 PM

It could be viable for short term but it will never be reliable in the long run.

When market makers change their games, the market trends will be changed and if you fail to exit your position, you will lose money.

Quote from: JeffBrad12 on July 31, 2023, 06:36:53 PM

I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.

They are lazy to learn and to filter market to find chances for trading so they choose the easy way, relying on Copy Trade from someone to get profit and to save their time. I am not sure how many lazy and unknowledgeable traders can get profit from Copy Trade but I myself see it very risky.

Quote from: rozak on July 31, 2023, 09:11:04 PM

If novice traders don't want to develop their own trading skills, maybe copying other people's trades is their quick way to make instant profits.

They want profit but don't want to learn, don't want to pay money for learning from good trading courses or books so they have to pay more expensive cost for their loss in the market. It is more painful than spending money to enrich their trading knowledge but it's their choices, like you said, and we can not change their minds.

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Quote from: @sriyan on July 31, 2023, 05:00:53 AM

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

(....)
2. Learning opportunity

They can observe and analyze the strategies of successful traders.

3. Simplicity
They can replicate the trades of good traders.

You have point here. But there are some lapses here or what people who do copy traders missed.
The reason or the analysis of the master traders why they came up for the trade which for me that is the best thing if you are learning, you need to learn the basics first or core.
For me, if you want to learn, don't rely on copy traders only. You need to trade by your own also.

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Quote from: Xampeuu on July 31, 2023, 09:01:02 PM

I am also oriented to the future as you are doing right now, and I crave it. however, for beginners that I have experienced, it is difficult to read the market even though I have learned from various sources. by looking at the way other people transact, at least I understand how they trade, so at least now I have progressed in understanding the market, so copy trading can be useful if we can use it properly, considering that currently there are many beginners who want instant income, and they don't want to develop to do personal trading

everyone has their choice. If novice traders don't want to develop their own trading skills, maybe copying other people's trades is their quick way to make instant profits.
I have also used copy trading, but I personally am not comfortable using it. just to gain new experience in trading. but more comfortable when we do everything ourselves, with our own analysis and abilities.

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Quote from: JeffBrad12 on July 31, 2023, 06:36:53 PM

I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.
after all, its always better making our own decision if we have sufficient knowledge, resources and ability to analyze the coin we gonna invest in.
just wonder if anyone out there has been successful in their trading career by just using this feature.

I am also oriented to the future as you are doing right now, and I crave it. however, for beginners that I have experienced, it is difficult to read the market even though I have learned from various sources. by looking at the way other people transact, at least I understand how they trade, so at least now I have progressed in understanding the market, so copy trading can be useful if we can use it properly, considering that currently there are many beginners who want instant income, and they don't want to develop to do personal trading

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I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.
after all, its always better making our own decision if we have sufficient knowledge, resources and ability to analyze the coin we gonna invest in.
just wonder if anyone out there has been successful in their trading career by just using this feature.

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