The Power of Social Trading: Can It Improve Decision-Making for New Traders?

[wiss19]

Following up someone else trading signal as a newbie trader is not always advisable because when you keep following that person in form of copy trade whenever such person make seriously makes it surely affects you that is following up the person. What do you do then is better to develop yourself and have your personal trading guides and techniques for a better trading experience, for instance you can learn from various people and create your own methods that could suits you more better than following up others on how they trading.

Anything fun to learn by yourself should not be copied from someone else and the same is true in trading. If you find a good expert who you are copying. If the signals all sound right and he is a successful trader, then you can make a good profit, but if you are following someone who is self-destructive or who does not understand the market very well, you lose a good amount of money.

It is also worth noting that when we are copying someone else, we are not learning anything from ourselves, our minds become dependent on others, and the ability to think for ourselves is not enough. Our self-confidence also decreases, so a person should learn and trade by himself.

This is the reason why I'm against copy-trading.

[$weetne$$]

These are the features let their community to make a decision what's up in that trade but it's not a the tool to make you more lazy people now want to learn in crypto with the use of other people and one of this is the copy trading you are letting other people make trade with your money. For some people yes it's convenient but if you are more conscious with your money you want to learn it from your self of course people want to make trade on their own it's part of their growth too so they don't become dependent with other peoples signal they can now decide on their own and make a come up strategy.

Social trading can be both beneficial and dangerous if you misuse it. Social trading should be used to improve your skills as a trader and not be used to be depending on other people to do the analysis of the market then you wait to profit from them. You are going to be dependent on other people and you soon would not be able to make your own trades because you have lost touch of how to analyzed the market. You would not also have experience to depend on to improve your trades because the only thing that you now rely on is  what other have predicted about the market. You do not know if their predictions will be correct or not therefore you are taking more risk and not different from a beginner that carries a gambling mindset to join the market with the hopes of being lucky.