Topic: Trading on your own vs social trading and copy trading - page 3. (Read 1434 times)

I'm trading on my researched because now i'm not a newbie traders, so i don't like to follow signal or copy trading, i don't need to depend on paid signals but i'm following some expert traders opinion to increase my trading knowledge then i think if it's good strategy then i try to follow.

Almost the majority of the answers given by those who gave their respective opinions on this topic are that we ourselves are doing trading to get a profit. Of course, knowledge is still needed, not just the idea.

It's difficult in copy trading because if you copy from the beginning, it's wrong, and you'll lose right away. Also, what I know about copy trading is that it still has pros and cons, and that's what newbies who enter or try it should also know.

Every approach to trading is good and there are traders out there who are using any of them to their advantage, it's all about the information you get and the source at which you derive your trading resources. I must say that it's a gradual process, not something one could decide at once. Fine, the vision might be to be self-sufficient in trading and be totally independent, but at first, if you must make money, you must follow the guides, signals and mentorship of some expert traders. But if you do not mind waiting for years before you can make money in the market, why not? You can avoid using any signal provider and advice, you will continue to learn and train until you eventually get to your promised land.

However, it's not a curse, most traders will "never" get to this promised land in trading, this is regardless of how they try/prepare, trading is risky and tricky at the same time, and it takes wisdom to overcome. For this, trading is not for everybody and never will it be, but for those who can really get there, if you are privileged to use their signals and advice, then you can't still miss out Entirely.

And frankly, when I was reading what you wrote, you were writing it as if it's that easy, but in practice, trading is not that easy, or you are consistently earning now? I asked the question because you will hardly see a trader who is consistently earning yet all are giving advice. All the various statistical sources point towards the same fact that it's not easy as well. This, I know from experience even as I'm now a consistent winner, most will never get there, it's a fact. Therefore, if a trader is lucky enough to locate an external source of good analysis, signal/service provider or daily technical advice, I urge the person to go for it. Such might be doing this and be learning alongside as well, it doesn't matter.

Trading is not easy at all and most traders will never be successful in it.

If you don't have enough trading knowledge to determine how good a trade is, how will you determine which trader to copy from? I’m not sure that copy trading is good at any stage of your learning to trade, I would evaluate it not as an opportunity to earn something while you are learning, but as a danger of losing your trading deposit until you have the necessary knowledge for independent trading.

As long as someone isn't confident in their trading skills, using trading signals from others isn't a bad option. We can all evaluate the reasons and ideas behind the signal provider as additional material to hone our trading skills. Starting with copy trading isn't a bad idea initially, as long as we continuously modify the way from others to fit our trading profile.

Even if you're just doing copy trading, it adds to your experience and flight hours in the trading world. So, in my opinion, there's nothing wrong with subscribing to signals, as long as we don't blindly copy without making modifications or evaluations based on what we believe.

For me personally, I am more comfortable trading on my own, the reason is because by trading alone I can do my own fundamental and technical analysis and determine my own trading decisions, whether I want to enter the market or not, all control is with me. And when there is a loss or profit, I can learn from that experience and build my own portfolio.
Yeah for some people they are more comfortable doing social trading or using signals, because they can trade by just copying other people's analysis/trading which is easier than doing their own analysis, but the risk is that all trading decisions rest with other people.

Well from the sounds of it the OP is an experienced trader or maybe know how to trade and can earn, what he meant is an another option for him to follow like trading signals or trading groups that could give him an idea or analysis in trading so he doesn't need to always think and over exert his self, admit it trading on your own in exhausting, even if trading on your own accord and earning from it is good or rewarding but we can't ignore that it is also exhausting, not just for our body but for our minds, so sometimes we need to rely on something to have time to rest our minds to think straight, that's when the trading signals and analysis comes help, we can only use those as guide and reference not for us to fully rely on it, in short it's not bad to see trading signals what's bad is fully relying on it.

Yeah that's the point, what if the person you are copying decides not to continue, what will happen to you? things will not be the same and chances that you will also end your career or you'll risk another trader and try to copy again, but the knowledge that you supposedly learn will be nowhere to be found.

Though we really can't push someone to whatever desire they've got in mind, it's their money and it's their obligation to protect.

You are on point but I will not agree with this opinion despite I know it has its advantages but without doubt, the disadvantages are more than its advantages. Aside that the of the person you are copying their trade is also your lose, it also makes you to become too lazy to do your own analysis. I mean when you are addicted to copy trade, you'll become too comfortable with it and solely rely on it to trade and when you don't have someone to copy again, your trading career comes to an end. Of course, copy trade can help you to compare and come up with more reliable analysis but I advise one to learn and focus on making trade on their own without being reliant on someone.

Trading on your own would prevent unnecessary distractions from trading signals, firstly you devise your trading strategy obtained from any source mostly from YouTube practice it with demo or stimulated trading until you become consistent in making profit, personally I only visit twitter to learn from professional traders to learn and follow their chart analysis and how I can improve it on my own trading strategy if possible make some amendment if necessary, however it's not about changing the strategy everytime if in losses are incurred thus I am trading on my own I knew isn't is a smooth journey without a mentor however I believe with time I would gain more experience towards becoming a professional traders.

I think both your own trading and social trading/copy trading have their pros and cons and the choice ultimately depends on your personal preference and trading goals. It is important to develop your own trading style and strategy based on your own analysis and research. This will help you understand the markets better and make more informed decisions. While it is okay to learn and seek guidance from other traders, ultimately, your success in trading will depend on your own abilities and understanding of the market. So, focus on developing your own skills and strategies instead of relying solely on others for trading signals. Whether you choose to trade yourself or use signals, constantly educate yourself and stay informed about the market to make successful trading decisions.

Yes and if the trader will make a mistake he can adjust and try to recover while new trader who copy his position will be left alone and lose everything, that's the risk copytrader can take when positioning without any knowledge, as there are always changes inside the market and with that change experienced traders always have alternative and back plans in case their position got burned they need to work on it or need to make some decision that affects thier trades.

I suggest you learn to control your emotions and avoid overtrading cause to me it is better for one learn to trade on his own than doing either copy or socials trading. Though it will takes more time for one to become an experienced and profitable trader but on other hand you will always have more guaranteed than copying it from others.

It is a very effective method for traders through which a new trader can earn money and learn trading. Normally in Copy Trading a trader can learn a lot by following an experienced trader. Copy trading provides a good opportunity to know how and when a trader should take trades and what his expectations should be. But trading must take risks. Since a new trader trades by copying others through copy trading, if that trader makes a mistake, he will also face mistake, his loss means your loss.

Sometimes if you busy, or if we have other work that can't be put off, why not. I think, for me you can try Tradingview. it's like a social network for traders where people share insights and ideas in real-time. You can take a peek at other people's strategies, pick up their ideas, and then choose whatever suits your fancy. Alternatively, consider a trading alert service that sends you trading signals directly for example WallStreetzen.

Gaining trading ideas from other traders can be done through social trading platforms such as eToro and ZuluTrade, where you can copy the trades of successful participants. Also, in the Forex market and in the cryptosphere, there are many services providing trading signals. Financial news portals can also provide analytical reviews and recommendations from experts. But it is still necessary to develop your own trading strategy, without this there is no way, constantly copying someone is not always a good idea.

Yeah, time is crucial on the time that you are following someone. Every tips and signals that been given then you would really be that needing to be that fast because even if you do miss out on
few seconds that you would really be getting left behind. So result? You would really be instead earning less or might even lose. I agree that you should really be fast or quick
because signals given might really be that resulting into those fast pumps and dumps but just like as said, i dont really see for it to be that too interesting for someone
to make some signals and follow it completely. You are really that much better on going solo.

The difficulty may not only be that the trader whose transactions you are copying will leave, but that sometimes you need to react very quickly when there are rapid movements in the market and the trader will have time to exit the position, but you will not have time to copy his action. Actually, there are a lot of negative aspects in copy trading, and perhaps there is nothing wrong with this if you combine it with your own analysis, in which case you may not repeat all his actions after someone, but in this case you will be able to control all your transactions.

Your point of view is accurate but a person with zero experience when entering into crypto market then it is obvious that he will do what others are doing because at start no one knows what to do and if one get accurate Knowledge and experience then he start trading by himself without taking help of others but at start taking help from fellows, YouTubers and other sources are necessary.

Every person wants to trust himself but I think trading alone without sharing with others is also not profitable because sharing can increase your knowledge and through visualising others activities you can choose better option for yourself. I don't say that always work according to others analysis but use it until you don't have developed experience.

Market is something a tug-of-war in between buyers and sellers on which there would really be winners and losers in the other side of the market. This is why as a trader then you would really be doing your very best on trying out to sustain or survive this market or else you would really be ending up on losing that much money. Trading on your own? This is always been that recommended because trying out to copy or trying out to get or follow those signals wont really be making yourself that way more better as a trader. Yes, you could still possibly be able to make winning trades but on the time that those people or trader that you are following into
would be gone, then what would you gonna do?

This is why as early as you could, learning up trading on your own would be the best option or path to take. It might take long but its something that would really be beneficial for long term.
You cant really be able to make yourself something good or better if you wont really be taking on your own.