Topic: Trading on your own vs social trading and copy trading - page 9. (Read 1336 times)

The option is that you can gain or lose from trading signals from other professional traders. But it would be better if you could analyze the market rather than rely on other trader's signals. That's why you must learn about trading to analyze it.

But if you want to compare signals from traders on several channels, you have to try them one by one to find out which signal works best. But they won't be able to provide the signal forever because later they will offer you to join their private group.

Those who share their signal in their group may not work for all their members. So you have to be careful if you want to use signals from other traders. You should learn to analyze to trade better and not depend on other people.

If you want to understand for yourself how good an idea it is to trade based on someone’s signals, then you shouldn’t rush to lose your money on it. Take for example a few telegram channels that share such signals, and just try to repeat transactions after them, just not real ones, but on paper. See what you can do, whether you will have any profit or whether you will have losses.

Just don’t look at their screenshots and postswith profit, but write down your data when you would like to buy and sell, this will give you at least an approximate picture of what you can get from such channels. But if you are interested in my advice, then learn to trade yourself, without any dubious advice and channels, this will not help you grow as a trader and most likely will not bring any profit.

This depends on your preference and time as a trader.

Generally, people tend to dedicate most of their time in trading in order to have their respective indicators. They apply various techniques, analysis, and other skills to arrive at a certain indication which would definitely give them an insight on what cryptocurrencies to trade at a given period.

For people who only have a relatively quick time in trading, they may opt to copy trade but this only leads to most falling and losing their trading journey. If you were to trade and this is the technique that you will employ, might as well to NOT trade at all.

Recalling my own past even before knowing trading so deeply and learning analysis.
I was also in the VIP group of trading signals and there were many entry and exit numbers given without any chart analysis or explanation.

Subscribed about $200 for live time and got about 5 or more pair trading signals every day.
But in the end, the signals don't work well because the market is volatile and it takes months to make a return.

Even I followed more than one trading signal, and among them turned out to be trading signals copied from other groups which means they resell signals provided by others.

Learning from that experience, I never touched such groups again and focused on developing myself, learning technical analysis and fundamentals, it's better.

It's so hard to trade on your own if you're wanted to analyze your trade with your own ideas get from the chart. It's better to get ideas from traders who are already profitable out there by joining their mentorship program. This will help you to have a strategy in trading that you must have to follow. If you're not satisfied and you're consistently losing, you can modified your strategy by adding more confluences in your trade. You have to test the strat in your demo account first to determine the winning rate of this strategy before using it in the live account. It's way more better to trade on your own that let others trade for you.

If you already have the knowledge on trading and you have a mentor that gives you guidelines on trading is best for you than searching for trading ideas and signals if you not careful and if you don't Lose your money then its better you rely on your own instincts  when it comes to trading. Rely on channels to trade is not advisable and that is why they always say you should go for the knowledge first. At least you will know some certain principles and secrets to trading. And if its about using other people's idea has example not a bad idea. But trading with other people's analysis i will rather be on my own. And its not a difficult matter when I can buy and hold as simple has that.

Many trader think that signals will help them to earn some good money in the short term period of time.The trader should build their own strategy,So the same strategy will help the trader become a millionaire.But the trader should ready to spend time in the trading,if the trader so the random trade by little analysis.It never help the trader to successful in the trading,the trading also need of the dedication as like the other business.So if the trader spend time to analysis of the price variation it help the trader in long period.

If you do take shortcuts then it would really be normal that you would really be ending up with these kind of considerations or things that you would really be having in mind on which instead on bring up some usefulness
into you which it would really be rather be putting you up on harm instead and this is something that we should really be that minding because if you are really that having that kind of desperation on trying out to speed things up then this is where error and mistakes do usually happen and this is something that we must avoid in the first place. Nothing beats out if you do really make your own trades rather than on following someones
because we are all speculators on here on this market.

Yes, they are really that sharing up those trading tips just for having that kind of possible benefit on which it would really be gained by them which turns out to be an
extra income for them specially if there would really be some sub fees. We do know that there would really be those VIP fees or whatsoever if you do really tend to join up
on a particular group.Somewhat if you do see about being profitable type of trader then making some following wont be bad but i should say that spending some bucks
for that kind of opportunity is never been worth. Better to trade with your own and never consider out this stuff.

Instead of seeking for shortcuts to make money in trading, why not try investing in Bitcoin for the time being and then taking your time learning how to trade on your own?

Some trading professionals who provide trading signals are very good and are worth following for good trading tips and ideas, but keep in mind that they also took their time to learn and become this successful; you can start learning from them and getting some ideas to add to your own initial idea so that you do not copy their trading, but instead use the idea to get a good trading strategy for yourself.

There really only is one way to trade and that is to learn to trade yourself. I understand that social and copy trading are extremely profitable but at the end of the day, it means you are putting your own financial future into the hands of someone else. You have almost no control over that. Take the longer road, learn, make mistakes but ultimately improve.

I would go even further and say that proper management of one's trades is the deciding factor to be successful or not - at least in day trading.

This includes:

• setting amounts correctly for each trade
  
• setting and using stop losses/take profits correctly
• not overstretching trades
• and above all: not to break your own rules ("I am sure the trade will recover, ...")

If you master this basic rule, it is much more likely to leave the trading field as a winner.

If you trade a lot of positions at the same time, the steps not only have to be automated, but it also becomes a lot of work to keep track of everything.

I pretty much do the same but that's not from time to time and I've done it before to analyze and learn how others trade. I often follow those who doesn't have any idea on how they came up with that analysis or chart. I follow those traders on Twitter that hasn't really have much followers but keep on sharing their charts, for me, they are the traders that has pure hustle and they don't care how much follow they have.

Even trading signals do not care about anyone, they are only made to benefit the signal maker.
A signal that is just a number without any chart analysis is just a fake signal, no one can be trusted.

Then tarding yourself by analyzing independently will be better.
It makes us learn how to analyze, and predict prices that will occur.

Trading is not only about analysis but also about management.
Without doing good management, the trading plan that was originally a good plan will turn into a bad plan.

If you are thinking that you are overtrading, then it’s better to set a limit for each day and trade in that limit. Like this you can control the losses and can regulate the profits. The types of trading you mentioned in the OP are good, but the one which is reliable, when you trade of your own. Copy trading is good sometimes, but if you by mistake get into losses, then you will make the person liable for the losses from whom you are copying the trades. It’s better to do your own research and trade with your analysis.

Trading is something where you would want to have control on your funds and decisions. So copy or social trading is something I personally would like to avoid. Also I have indeed tried copy trading earlier and lost money every single time. I don't know but when I checked their trades, I could not match it with mine. I just don't understand how they maintain proportion based on the fund.

So I took back the charge of my own trading and never looked back. Even though I don't trade anymore due to time constraints but I start again, I would stick with my own decisions.

It is better to do trading by yourself. But you can't know anything by yourself.  You must take the help of experts I mean you must know the analysis like technical analysis fundamental analysis in case If you want to do trading alone, it takes a lot of time and afford. You need to learn the right way.  And copy trading is very risky.  The risk of loss is very high in gis case. You should never do copy trading. You can do social trading but it should not be done too much. If you are good about trading, you can do it.

I wouldn't say you should rely on trading signal or waiting for someone to give you signal before entering your market, that's to copy trade or something similar. As a beginner you are you don't need to be too haste and worrisome to use any tools to trade, what you need now is fundamental and technical analysis to build you properly as well as equipped you the more to be able to determine the market and the kinds of currency (coin) you should be trading than relying on someone knowledge to enter trade. The best is your personal idea and skill to trade because the next person signal or whatever may not favors you, so developing yourself is the basic things you need to do.

Trading signals don't take each subsciber's risk tolerance into account, it simply takes an average of the values that everyone considers they can afford to lose.
Trading isn't just about near-accurate analysis, it is also about management. Sometimes, excessive trading signals can throw you off your trading plan.

And to determine the best choice, you must know the advantages and disadvantages of each first. If you want to trade yourself, this means you must have your own analytical skills, and must have knowledge about the world of trading and you must also have sufficient ability and knowledge in analyzing the market.
If you want to use signals, it means you are using someone else's analysis to follow them and whatever the results, even if they don't meet your expectations, you have to accept them.

And my advice, the best option is to do trading yourself and you have to learn everything well and continue to learn everything related to trading until you really understand it completely and can do it. And if your trading is successful and always produces profits then you will feel proud of yourself. If you haven't succeeded, don't give up and keep trying and improving your skills with small capital until you really master it and become an expert, and you are ready to use large capital.

The place where you are getting this data, is there is a guarantee that the stuff posted is legit and real? Cooked up signals are no sweat. Getting misled by those fake signals is also easy and many wannabe traders end up falling for that trap.

If you ask me, copy trading is a scam, from my perspective and so is any signal group. I trust myself and I would always trade based on my knowledge and prediction. For that I might have to work a bit on fundamentals and technicals and a bit of luck but end of the day if I lose money, I would know whom to blame and that is better than trusting some weirdo on the net with their pipe dreams.