Topic: Tips to Follow traders/scalpers (who use Stop Loss) - page 2. (Read 447 times)

Afaik, Stop loss feature is available on your own settings when you copy trade someone. I’m using Bybit copy trade feature before and it allows me to setup my own stop loss percentage as default to all my copy trades as safety precautions on copying someone.

Also, Most of the professional trader that available on copy trade use stop loss with their trade. I believe you only saw high risk trader on Bitget that’s why they don’t use stop loss but pro trader always use stop loss. Don’t even bother copy someone that doesn’t use stop loss no matter how good his portfolio.

Dear to some level I can agree with your point that trading is risky if you do not have proper stop loss and risk management, but the stop loss should not be random it should also be placed after a proper analysis and market scenario, even if you should consider the stop loss adjustment according to the market sentiments.

I have seen many new traders complaining about their stop loss that the market hit their stop loss price and bounced back, such type of cases happen when the stop loss is placed randomly, to make the stop losses more efficient a trader must focus on leaning about the market psychology to respond with market accordingly.

As a scalper it is a must for us to use stop lose or else we can end up losing big from the market. It is only position traders that don't use stop loses most time because they trade for a very long time. Position traders can be in the market for a very long time lasting upto 6 months or more. As a scalpers it is very important for us to stop trading without using a stop lose so that when we make loses we can be proud that we had a bad day than becoming greedy to the level of not using a stop lose which can prevent us from not making severe loses just like many traders in the market for long at learnt from the own mistakes.

The thing is, believe it or not, majority of trades don't use limits (that means not just stop loss but limit order for buy and sell either).

People start trading and calling themselves scalpers or day traders but then, they act like long term traders, they think of targets, but they don't put it in as limits.

Experienced traders only use limits.

Trading without stop loss is a very risk way of trading and not advisable, it can aswell be considered not been professional enough because without stop losses, your risk are not pre-defined and this will make you panic trade because you are not aware of how much you are risking and you may aswell loose your portfolio if there's high volatility in the opposite direction with your trade.

Some of those traders who trade without stop losses actually gamble, because they will have unpredefined risk and eventually get some losses which they sometimes don't bring to the public. sometimes it's also not very safe using signal providers because some of these people trade with different strategy that may not be suitable with you, while they profit, it's possible you loose because you didn't apply certain patterns which they use, it much more better and safer you study and become your own signal provider.

Trading without a stop loss put your portfolio at a risk of getting liquidated, those traders at bitget are very experienced that is probably why they traded without a stop loss they knew when to exit a trade when price reverses, I think you should aim for a higher timeframe trading signal provider where you can take a signal with a wide stop loss, however as it was mentioned it's very risky to follow signal provider service because it is not a guarantee to earn profit consistently, I advice you to take your time learn trading skills so as to acquire enough knowledge in the long run it would worth your efforts.

Use DCA and invest is easier for you and it's better for your capital. You will see your portfolio growth if you hold bitcoin and do DCA with time.

Today and coming months will be great time and chances for you to use DCA with Bitcoin and get profit. It's better to DCA in bear market and hold to wait for portfolio growth in a next bull run. The market started to warm up again with many good news about Bitcoin Spot ETFs.

If you are unsure about stop loss order, you can read One of best weapons in trading. Stop loss order can help you but you can use a better order type, Stop limit order.
What is a Stop-limit order?

They are definitely experienced players, meaning they are experienced traders who are used to it. There are several things that influence them not to use SL when trading. Because they are really active, and their strategy is to analyze the market. Indeed, this is quite risky if the market suddenly turns around quickly and they have to wait for the market to recover again. But of course they also have other tactics that can deal with this possible loss.

But when you follow their signals, is it possible that they will give you this second tactic? I think not many signal providers will give away all the secrets even to people who have paid them. So, this will still be detrimental to you, especially if you really don't really understand market analysis for trading, especially signals for future market trading. Wow, this will be very risky.

When you are copy trading, it is very important for us to compare your portfolio to the person you are copy trading so that we can settle the differences between you both. Since the persom is not using stop lose, it is very important for us to use stop lose since your Capital might not be as big as the person's capital. It is very important for us to have good knowledge about trading when we are copy trading so that we can always adjust the way we trade and allow the trade to suit us compared to the actual oerisn we are copy trading their strategies.

Don't do it. I say it again, don't do it. Never try to copy other people or follow what other people are doing if you don't have enough knowledge about it. Not every trader sharing their tradings on the platform are pro and not every pro trader only makes wins. When you follow others, you are not learning anything and if you make a loss, you can't blame any of them or ask for a refund. It was your mistake to follow them in the first place.

Make your own analysis and based on that you should learn how to use stop loss on your own. Just imagine you are copying other's work and one day they are gone. You have learned nothing by copying and when they are gone you are left with nothing. How will you plan to continue your journey? So it is better to learn it on your own. Even if it takes a lot of time, in the end you will be in the benefit.

I can second that 1st advice, signal providers often only benefits those at the higher level of pecking order in that signal group so better off not be the reason that they're going to make more money, especially those that ask you to pay for their signals, heinous thing to do for them. Copy traders are a pretty good way that you can make money without the worry that you have to think too much about how you will trade because you're hitching on the success of the trader that you're copying and most copytrading features help you identify the best traders to copy so you needn't worry too much which one you should copy trade.

You will have plenty of recommendations but I kid you not, that will not do you any good because you will not go far in trading. The reason is this: traders have different views and opinions on the market, how trader A will want to make his trade will be different from how trader B will want to make his own and even you that you are trying to follow a particular trader that gives signal will probably have a another opinion too. When you copy a signal of a trade and along the line, the trader change his views, they might not share it with you leaving you in darkness and loss.

I have noticed another criminal things signal groups do most of the time, they can share you signals all your time with them but a day will come that they will share you pump and dump scheme that if you are not smart about it, you might fall for it. What they do is, they tell you to buy a particular coin or token in an X time and before then, they will have stashed their bags with that coin and as soon as you all buy the coin, they secretly dump it and move on leaving you guys with garbage tokens.

You might not learn something good about trading when you rely on signals when you are supposed to be learning it by yourself. The traders you want to follow-up are not magians, they used their time to learn, understand the market and trading and they are enjoying the benefits of it, you also need to do the same as I have seen you understand what stop loss is about.

I do not see how anyone can be a good trader without using a stop loss, a stop loss is not really optional, I could understand if a trader had a wider stop loss as they were willing to take a higher risk on their trades and their accuracy on predicting the movements of the markets was higher than average, so it makes sense for you to stay away from them, however you are not being cautious enough as you should stay away completely from copy trading as well.

I won't do what you say; in fact, it's a bit risky when people who don't know anything about the crypto space do that. Why do you think there is no risk to participating in copy trading?

Don't you know that there are also pros and cons? For example, what traders do is show in their performance that the percentage of profit that joins them is still high, but the truth is that it is not really like that anymore, as if there is a trick, deception is still taking place in reality.

One of my friends who even introduced me to crypto is also a trader and scalper. But I haven't seen or communicated with him for a long time. But as a scalper, it seems he also often uses stop losses. Because he often tells me that it is important to always set a profit target and place a stop loss entry. Because fast-scale trading is usually carried out on trading pairs that have high volatility. Like coins with projects that are holding events or something like that. I personally am not a scalper. Because I once tried to become a Scalper but I didn't seem suitable or mentally ready. Because scalping looks easy, it turns out to be much more difficult than regular trading.

You are basically right here, stop-loss cascades have already led to several flash crashes on exchanges where the various coins were traded significantly (!) below market price. Everyone who had positioned their stop losses relatively low was thrown out and definitely lost money when the upswing occurred. I will certainly remember this flash crash from 2017 for a long time, but in a more positive sense. I had placed a very low order on BTC there and simply forgot about it. However, the order was triggered by the flash crash:


Source

On the other hand, stop losses have personally saved me many more trades or allowed me to take profits. For me, the use is therefore clearly positive and I would recommend sensibly placed (!) stop losses to every newcomer. It is and remains the only safety net when trades go wrong on longer time frames.

Signal providers who uses stop loss are still signal providers, and yes using stop loss is better and it's good idea to follow those then the ones who doesn't use it, but that's like comparing shit with shittier, I do not think that it would make sense. It would be smarter to arrange something that would be better, and for that to happen we are talking about something that could make a lot less sense.

I believe that the best thing to do at this case would be just let the personal trading that you do take care of it and you could use stop loss on them and you will get better results. I understand that life is not simple and you may not have the time, but you need to spend some time learning how to trade, and use stop loss while you are doing it.

Yes, everyone believes that. However, for me stoploss is very helpful, in every direction of market movement there is a trend, if price movements are impulsive during a trend, with the help of analysis we can apply stop loss and take profit. Of course, our trading also follows the trend, not the opposite.

However, it is up to each individual - there is no compulsion in using SL and TP. For me, SL and TP have brought me to the safety of my balance and increased my balance.

Do not follow signal providers. Do not even think about paying them for it. There is no easy to making money on crypto trading. You must learn the skills involved if you want to make money. You'll be lying to yourself if you think that you can make money by simply following am the trading signals provided by these guys. What you may not know is that things happen so fast and by the time you implement it, the move has already happened and you'll lose. Think bout the time and money that has been invested in paying these guys and putting in the trade which is already lost. If you have invested the amount in yourself in learning the skills, you'll not depend on anyone's analysis and making the money from a trade will be fast and easy.

Trading without stop loss and take profit is the same as gambling, the market can change at any time and in unexpected situations. This is very reckless especially for a copy trader class, even though they showed good performance before, following it for a long time is suicide. One day he and his followers will realize how important stop loss and TP are.

I'll skip the signal provider. There is no benefit, sometimes they give misleading directions.

Learning analysis yourself without following other people is the most appropriate choice. Change your dependence on other people and start being independent. Sometimes our own family can betray us, especially other people. We shouldn't trust other people in investing or trading. do it and determine it with your own efforts and analysis.

Good Luck