Topic: Is copy trading a viable option for newcomers? - page 5. (Read 838 times)

You cant really be that reliant forever on someone on whose you are following, you wont really be seeing yourself to be that progressive on the time that you would really be dealing with trading.Yes, you do have the

interest on doing trades and trying out to learn but in the sense that you are simply copying or following someone then there's no learning from that. Also, there's no assurance that you would really be that profitable
on this kind of set-up when following trades since not all those traders who you do follow always end up on profits or making sure or guarantees that it would sustain on long time. On the time that it would be making up some loss of your capital or trading balance then for sure you would really be blaming out highly on that someone and something that will really be giving off that kind of heavy regret feeling that its better to
make your own trading decisions rather than on letting others dothe work.

Sooner or later you would be able to realize these things along the way on the time that you would be seeing that its not really that ideal on heavily relying with those people just for the sake of profit in trading.
Nothing beats out if you do able to make it manually and on the sense that you do already have the knowledge and skills on doing so.

It could be viable for short term but it will never be reliable in the long run. Simply because trading has its own learning process so you should do it step by step and not just abruptly follow and copy trade. While it’s a choice for every trader, but as a beginner, you should always put a lot of efforts and hardwork if you want to learn seriously about trading. Do not too obsessed with quick money and profits, that will never guarantee your worth in trading. But if you will learn it the hard way and experience more losses at first, then expect that you will gain a lot in the future by trusting your own knowledge and experience in trading, and not by copy trading from other unknown traders.

In my personal opinion, I would say it’s not. It will only destruct their focus from learning trading on their own and the possible learnings that they can get from their personal trading experience. While it works for others, but I don’t see it’s a great idea to copy trade when you are not sure exactly if those you copy trade are the products of a professional and profitable trader. Maybe this is one of the reasons why beginners never stop from failing, because they always chose to follow shortcuts when they know trading in the first place is certainly hard and even risky.

I'd never see it was wrong but if you are reliant on it for your whole life, yes, you never learn and never succeed. Well, honestly, I've been doing this during my early days in trading but of course, I'd never expect to earn a profit from doing it because my intention is to gain ideas on how they did it as I compared to my personal market analysis. Yes, it is to find out that there is a big difference but as I beginner, I don't think I was even better from them.

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.

Nah, copy trading is the worst form of trading for new comers in fact it isn't even trading to be exact. The ones who fall into the trap of copy trading often lose a lot of money because they are trusting others with their trades and that's the stupidest thing that anyone can do. Copy trading is mostly similar to the type of trading some traders do who follow many Telegram groups and when they receive any signals they place their trades without even caring about the results because they trust those signals blindly.

I recommend everyone to avoid copy trading because such type of trading won't be helpful to improve their trading skills and it could cause so many problems for them in future. It's far better to learn trading your own self rather than relying on a type of trading named copy trading, and yes, copy trading is one of the worst scams that the exchanges do with their users. I highly suggest you and other to avoid copy trading at any cost.

I am against copy trading. I don't see any fun in it. You can't learn anything from it either. In hopes for short-time profits, why ruin the future? As you keep copying and trading based on that, what happens when it is gone? What happens when you have no one to copy from? Also, it is not always guaranteed that you will make profits. Even the pro-level traders make mistakes.
If you are losing either way, why not learn it first and then do it on your own? Trading is not for everyone, and that's true. You should not copy just because of this. If it's not for you, then move on to something else. Try different things. But if you really want to take it seriously and make it a part of your life, then there's no choice rather than to learn it on your own.

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.

There are some advantages of copy trading for newcomers. You can check the below points.

Advantages :

1. Time-saving

They can reduce the time on researching and monitoring the markets.

2. Learning opportunity

They can observe and analyze the strategies of successful traders.

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

 

I have seen numerous kind of this thread and many of forum members have discussed this before now, so therefore i believe that this will look like repeating of previous suggestions rendered in same thread. Nevertheless I will like you to know that copying a trade is good but it will deprived you a lot and that alot it will deprived you is something alot that you suppose to know on your own without using another person methods of trading. From my perspective it's acknowledging to learn on your own on how to trade because trading without knowledge will make you to lose, it's encouraging that whosoever that wants to engage itself in trading have to advocate time to acquire the knowledge of trading without depending on another person knowledge. A beginner can learn trading through YouTube video and accomplish it with manual learning and with consistent practice of trading with small amount of capital's so that when a loss manifest or occurs it will not affect the trader, but newbies tries their luck and go into trading with surplus amount of capital and when they lose they will start castigations in trading.

In summary: it's good to learn and understand trading before venturing into trading, so therefore trading is something that deals with understanding and carefulness.

It may be a good choice for the new trader to jump into copy trading as he has nothing to do but check his portfolio from time to time and spend his money, but in exchange you won't develop trading skills and mostly you won't be called a trader because you don't know the fundamentals of it. This is also why most of the newbies want a short cut, like they want to earn quickly and not want to learn. It is really best to learn trading on your own and start trading on your own, or you can try it out later if you are just curious and if it is profitable.

Copy trading can be a viable option if you have a good understanding of the trade otherwise you are at risk. Risks are high for newbies, so do a good research about the trade first. Those who can't trade well even with a lot of time or haven't decided on a trading strategy for themselves but want to continue trading. This is basically the benefit of copy trading for them. Trading depends on your own skills and if you practice the market with your own knowledge, it will become easy to learn all the ways of trading. It is never right to depend on anyone in trading because no one can tell when the market will go in which direction.

It depends who you follow.

One thing I noticed with many of the copy trader leaderboards is that usually the most profitable, is only profitable for a short period such as 1-3 months. It’s rare to find someone who is very profitable over a longer period.

Usually they take risky trades and their loses are rare because they don’t use stops. Which is fine lately when we are ranging but if we finally get some direction then many of those leaderboard holders are going to go bust due to their use of not using any stops.

It's effective if you want to trade, to learn to trade? Not so much imo. You'd be able to get things done, but you won't be able to branch yourself out, to take bigger risks for bigger profits with a reasonable assumption.

Even the idea of trading, which is buy low sell high can easily be understood but that doesn't mean that anyone can just simply do it. It takes a lot more to be able to apply it

In the case of beginners it seems that copy trading is not the right choice, because they will not get used to the increased skills in trading and will also lose interest in learning technical matters, analysis and strategies.

Basically not a good choice when you are still a beginner and are too focused on trading using any pattern, but you need to think about how someone who is still a beginner understands the difference between trading and investing. Because the level of risk in trading will be much greater than investment, the choice must be at a comfortable point to run one of the two and when the direction of investment and trading is clearly understood then start from the level.

Don't fret brother, it's not a good option if you don't Really know what it is exactly that you're doing. It sounds like your experience F.O.M.O | FEAR Of Missing Out. Never FOMO into a trade.
You should learn the basics first. Soon I will be making threads in this section. I want to help newbs like you to trading, I build trading view indicators, and I'm working on a suite just for the Bitcointalk newbs!
I'd figure I'd give back to the community that has given me so much, and also I hope to increase my merit and rank, I've been here for a while and haven't put in enough work yet.

Bitget has dominated crypto trading with their copy trading features. It's one hot selling point with which have used to attract new customers and users who yearn for cheaper rates and fees for transactions and trade.

For beginners or newbies, it is important to learn the basics of crypto trading first, and just like the way one would learn a driving skill by observation and then practice, attempt trading with the mindset to make loss at the initial stage.
After losing more than once for sure, trying to use copy trading features for better insight would be more helpful than trying to use it without any basic tech-know-how of trading.

I see no reason why a beginner should rely on copy trading, if you really want to be a trader as a beginner, then you should learn to do your analysis yourself, if you are planning to copy other people’s trade, then you are not ready to be a trader, if you really want to be a trader and you want to stay long in crypto space, then you should learn to do your analysis yourself. As a beginner I know it won’t really be easy, and their are lots of challenges which the person is going to face, you might end up losing lots of money in the process of learning, but it’s better you face all those challenges once and for all. I see no reason why anybody should depend on copy trading, if you really want to be a trader, then you learn to trade yourself, always depend on yourself and not anybody.

I don't think it's something beginners should embrace like that. It amounts to giving one fish instead of teaching one how to fish by themselves. Doing copy trading is like aiding someone to cheat in an exam. The point of concern for any beginner who's going into trading is to learn the rudiments of trading and acquire the set skills for it. No shortcut should be encouraged. Newbie traders should go for the knowledge first before thinking of how to fast track earnings.

I think I would suggest simple learning and then earning methodology. If you are going to copy someone then you would be surviving on oxygen cylinder mate. What I mean is you can learn during that process and would end up nowhere in the trading ocean.

There are decisions to be made, trades to be opened and closed at the correct timing and all of this can come from the learning process and experience that is gained over the time. No way you can do from copying someone.

It’s like cheating in exam by copying someone and earning your degree. But you can’t even crack the entry level interview for a job.

When someone comes into a business like trading why would he depend on someone else and risk his own funds instead of learning and gaining knowledge about trading? When a trader takes a trade depending on others without knowing about trading, it will be like taking a decision blindly. So I think most of the new traders want to take a shortcuts in trading, as a result of which the maximum trader is a loser in the market, there is no place to take a trading shortcuts here, no one can say for sure what the next move of the market will be. It is difficult to succeed in such an uncertain place without giving importance to your strategy.

I've never seen a trader who became successful without learning about trading, I've seen successful traders read and practice trading regularly. So before taking shortcuts by doing these copy trading newbies should acquire knowledge about trading so that they understand how the market works.