Bitcoin Forum

I have a question about trading, is there anyone here using metatrader and trading view to copy trade? How is it? Does this works because I heard all some do is copy pro traders trading in real time, what do you have to say about this?

Just a heads up: though I really don't recommend it, if you were to copy trade, at least use a platform that could show you the past performances of the traders. So at the very least you wouldn't need to trust a random trader with potentially fake screenshots of their past trades/statistics.

On top of what mk4 said, check they've been making continuous profits for a few years, if you can't find anyone who has you might be better off waiting and following an index fund...

This. But seriously, I would go and just skip copying traders entirely and just hold bitcoin and a low-cost index fund(just to diversify a bit. because just so you know OP, buying other cryptocurrencies is NOT "diversification").

I don't do trading because I still can't find the secret behind it but I've seen a video on tiktok talking about using metatrader, it says to follow and copy trade from the highest rated traders with zero trading predictions only, I don't think it's for free, you still have to spend 20$ or more to copy trade

Video from Tiktok? This should be red flag number 1
Why would someone have to pay 20$ to copy trade from a stranger?

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In my opinion. I think it's better one learns how to analyze and trade for themselves. If you feel you are too lazy to trade. Then don't trade at all. Try something else.

Don't be too quick in thinking that you're good to copy those trades from someone you don't even know. In social media, there are people that are posting charts and analysis and there is a likely that they've just copied that as well and not coming from them.

And that's the twist, they'll earn from the membership fee but they'll give you mere predictions or simple analysis which you can do when you've gained enough experience.

Not that I recommend copy-trading, but why pay $20 for a not-so-well-known software when copy-trading on platforms such as eToro are free[1] for the copier? It's a no brainer.

P.S. I'm obviously not affiliated with eToro. (I wish I was).

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[1] https://www.etoro.com/customer-service/help/499225/does-it-cost-me-to-copy-another-trader/

Personally, I trade for myself and would not follow anyone else. I use an algorithmic trading bot like Gunbot to execute my trades. It's reliable as long as you can check if your chosen strategy is on point. For copy trading, it's primarily reliable if you don't want to monitor the market most of the time. I haven't tried it, but I think it's better to learn with yourself. Any reason why you have thought about this in the first place?

Trading view is a really great tool because it's easy to use with lots of utility. I say you can profit from copying pro traders or listening to the alerts. You're a beginner, it's much better because you will learn more and as time goes by, you will eventually leave them and make your own predictions. It's okay to lose money, it's part of learning.

I'm not a pro trader yet but I know from experience that you can make money by listening to others and learning from them. Of course make your own judgement too eventually when you are experienced enough.

I think this topic is appropriate in trading discussion you can move it OP, in copy trading its not recommended to follow other peoples trade mostly if you don't have knowledge in trading, I didn't use that platform and I only know copy trading is the etoro. Its better to start trading at yourself so you can keep aware about the profit and loss you've got in trading. Better to choose a good sources to keep you conscious about the trading market.

To copy trade? No never. I'd argue that even after looking at the past performance of someone else you still should never copy what they are doing now. Success in trading is all about you knowing what you are doing and how to handle different scenarios specially when we are talking about  very volatile markets that could have sudden changes that can never be predicted.

Copy trade is for lazy people.

One copy trade strategy can not work forever. If you blindly and naively apply one copy trade strategy and don't know what you're doing, you will lose your money at the ends. You can get profit at start and in early days but as you don't have knowledge and plans, you will lose money.

Instead of copy trade, buy and hold is better.

If you love trading, give an allocation about 5 to 10 or 15 percent of your capital for trading. Begin with Spot trading. Check your portfolio with two parts: one for holding, one for Spot trading after 1 or 3 months. You can conclude that hold or trade can help you getting richer.

Cheers  :)

How would you learn if you keep copying trade of others? Even, trading is not for everyone especially when you can't do it right.
Becoming a successful trader is about embracing trial and errors and learning from it. If you can't stand the loss, just buy and hold not just any cryptocurrency but Bitcoin.

I recommend you to learn full technical analysis! Don't copy trades of others because this way you are not going to learn how to trade! Just start learning technical analysis and start paper trading! This way you are going to be on your own when trading and ultimately you are going to be a pro trader! Isn't it great bro?

Hello Daodex,
The best metatrader apps which you should check are:
-Good Crypto(Freemium)
-TqabTrader(free)
-ProTrader(free)
and
-Coinigy(paid)

when you look for some more information on their sites you will have your problem solved and find solutiont here.
thanks

I don`t like it at all, try something other

Ive heard that its not good at all, but never used it.

In my opinion if you don't know about technical analysis and fundamental analysis then it is better not to trade. These two issues are more important. Because don't waste your precious money. Thank you

If you could follow/copy someone else trade and make huge profits with it then everybody would be doing the same but it's not the case as you have to develop your own trading skills which comes with time, knowledge, skills and experience not by simply copying the trade from some software.There is always surprising element in the market in which you need to make some quick decision with precision and that could be entirely different from others so what would you do in that case? It's better to make your own way rather than following road built by others which could take you away from your destination.

I have not used metatrader to trade before, I am only oynto crypto trading while metatrader is about forex. But this is what I can recommend, copy trading can be easy as heard but if you do not have the knowledge and experience required for trading, you have high chance of losing your money. I will advise you to do all and experience all about them for months before putting any good amount. Also know that traders are more exposed to losses than winning, while most traders are losing. Learning trading is the key of making profit and only very few traders make profit.

I do not know if that is works or not but that will depend on your budget because the trader that you want to copy used a big money.
If you do not use the same amount as them, I am not sure you can make a profit like them because the result will be different.
I do not suggest you copy trade because you do not even know the trader and you do not analyze the coin he use to trade so that only give you a risk in the middle of trading.
I still recommended you use manual trading while you learn trading by yourself.

Bro i think in trading you have not to mimics or emulates someone kinds of trading strategies, i over heard you op pointing fingers at copy trade, which i know vividly that it will not render a support measures to someone who is just kicking off of a trade, the best options is to devote our time to learn on your own so that you will be able to know when the needs arises, following copy traders it will make you to backslide or involve in lost aspect of trading without detecting the errors.

I never recommend that because I have an experience about this. When you copy one they make good trades but they can't survive in big movement. So I will recommend that first learn and than come into the market trade safely and go out.

The best way to go about it if you want to entrust your hard earned cash to someone else to do the trading would be to ask them for "investor's password" to the account they're trading. That way you get to follow the account real time and know their ability. You can also place your trades too looking at what they're doing on the platform, and choosing lot size appropriate for you by yourself. Trading isn't as easy as those so called professional traders make it sound. A lot of these traders are losers who only get to advertise their few wins and make it look like they always hit the spot. However, I suggest you learn the act of trading yourself rather than solely depend on someone to do it for you.

Trading is a function of buying and selling decision taken base on your analysis of a particular trade you want to trade on.