Copy trade - New trend of cryptocurrency exchanges?

[Mia44]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

[mk4]

Copy trading has been a thing for a while now; as far as I remember, eToro was one of the first(or at least one of the first successful ones) to have this feature on their platform. Can people make money through this feature? Sure, but they definitely could also lose money. Would I suggest people to use such feature? Hell no.

If you're lazy to trade crypto and just want to leave money, then just go with bitcoin. If you're lazy to do research on stocks and be updated on the daily, then just go with index funds or ETFs like the Vanguard Total Stock Market ETF(VTI/VOO).

[Strongkored]

I will answer question number two because this is based on my experience doing copytrades on the forex market, the answer is NO.
In my opinion copytrade is dangerous compared traders who don't or not yet understand the charts, because in copytrade they don't do any analysis which means their knowledge of the market will not increase.
When they lose they just wait for the next order and expect a very different result there is profit.
If they do the trading themselves even if they are not proficient by continuing to analyze will increase knowledge so as to minimize risk.
And you need to pay fee to still access the copytrade.

[Ucy]

I have not tried things like that before, though I have followed and learned from some interesting traders in the past.
Copy trade will probably work better in "social trading" like setting. In such settings, you could find top rated traders who are consistently successful, subscribe to their trading activities and possibly copy them. I have seen similar things posted on this forum. I wonder if they worked out for the owners.
It probably would work well on decentralized & immutable network.

[pawanjain]

According to me, one should only take the risk of investing in something new if he is planning out the strategy well by himself and has calculated the risk of loss of investment.
In this case, copy trading fails to achieve our goals. So the simple answer would be not to take the risk of trading via copy trading and instead plan your strategy well by yourself and then execute the trade.

[leowonderful]

I'd also say that this isn't a completely new trend given eToro's previous support for copytrading crypto on their platform starting at least several months ago, and I personally haven't noticed many other major platforms offering crypto copytrading, but I wouldn't be surprised if this did become more of a major trend in the future as I imagine this is something appealing to newer investors.

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

[mk4]

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

How? I really can't think of any way how copy trading can help people. Sure, there are definitely traders out there that you can copy that could earn you a profit, but it's pretty much a gamble as you wouldn't know how long a certain trader will keep on winning.

Again, BTC for crypto, or index funds and ETFs for the stock market. The best "lazy" solution imo.

[SquallLeonhart]

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?
- Does copy trade help new people? when they only need to copy professional people.

Why not? If copy trading is successful with the Forex market then we not we have that in crypto exchanges? I believe this will be a most welcoming trend in crypto currency trading space in 2020. I believe this will be providing better benefits for the people who are still lagging with their technical analyzing skills.

At the same time, I worry about the people who themselves calling professional traders but actually not having good skills for performing better in crypto trading. Because, copy trading will not be coming for free of cost. You need to pay some subscription charges every month but it will be for the right people then it is not a big problem. I'm just concerned about the other cases .

[btcholder]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:
- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

It's not a new thing may be it's a new way to scam yourself. Copying another people strategy or following trade bot isn't a new thing. Forex trading is not such a sensitive marketplace like crypto currency. So It's a bad idea to follow same strategy like that. In my thought those exchange you mentioned above is not much trust worthy to trade. So careful before start trade their.

- Does copy trade help new people? when they only need to copy professional people.

There are many people out there whom try to share their thought how can you profit from trading just because of following their steps. I can tell you that maximum people will use you for their own profit. So stay away from them and use your own method for trade.

[wozzek23]

This is not a new thing when it comes to forex trading, but as for cryptocurrency trading, this is the first time I’m seeing or hearing about this copy trading. The two exchanges you have mentioned here I don’t know about them, and this copy trading is a really good idea. It’s going to be of a really great help to newbies.

In forex sites like eToro, traders are able to copy the professionals and place trades the same time and the same way. Having that in cryptocurrency exchanges will allow traders to be able to do the same and copy professionals, instead of carrying out the wrong trades and losing their money.

[bitbunnny]

Copy trade isn't that new but as far I know don't many people trade like that. Maybe it's now becoming more popular and people are always searching for new techniques and methods, something that will bring them better profit.
Personaly I haven't tried it and I don't know what are the advantages but I don't think that only by copying.someone else you can become successful.

[rexxarofmoknathal]

As a matter of fact, copy trading which is a form of management trading has been around for years, and to be precise from ~ 2005. This type of trade where new traders copy the trading strategies of others, more advanced traders can be a great success for those who understand a little bit about the trading industry.

The pitfall of this type of trade, especially for the new traders is that without a basic understanding they can copy these strategies and without even knowing could potentially undergo a huge loss.

As such, I recommend copy trading as a resource for people who have trading experience, as otherwise in my opinion, their use may lead to catastrophic losses.

If any of you would like to read more about this topic, this is a easy to read article: https://www.cmcmarkets.com/en-gb/trading-guides/what-is-copy-trading

[exstasie]

Copy trading can definitely help people, but you don't learn anything at all from it and it's unrealistic to expect that copying someone else's actions will make you rich. At least have some basic understanding of trading.

How? I really can't think of any way how copy trading can help people. Sure, there are definitely traders out there that you can copy that could earn you a profit, but it's pretty much a gamble as you wouldn't know how long a certain trader will keep on winning.

Betting on a winning fighter, or a winning horse, or a growing company makes perfect sense. It's probability, not pure gambling. As long as they keep performing, people should keep betting on them. Nothing is guaranteed but that's not a reason to abstain from profitable trades or bets.

I have actually learned a few new tricks watching top copy traders too. Granted, I wouldn't have picked anything up if I were a novice and didn't already know what I was doing. Just saying, I did find some value in observing the trades of high performing traders.

[Yamifoud]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

[Assface16678]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

Many people today are struggling about trading and most of them lose their money because of having a wrong decision for investment or prediction of the market price. One of the best things to do by the market and platform because they created the copy trading platform today with the use of it many people now will easily trade because they can now copy the market trade of the other people. But still, we need to monitor the market price of the coins because even we have a trusted copy trader still there is a chance that they have a mistake of having trading. Still, you can follow the trade of other people and make changes if you think you are not confident by that market prediction.

[MWesterweele]

No wonder why it comes into like this. Because they saw the others that this kind of artwork has an amazing result in attracting them to copy their works and mirroring with them will actually it works. This kind of scenario isn't new to everyone, people will always do the same if they saw the others being successful in one thing. I'm not sure if that falls into greediness (maybe) but for sure it is because of jealousy.

That is why some mentors won't teach everything they know to their trainees because they also think that these trainees could copy everything they have in the future. And possible they can be of its big competitor in the future.

Many people today are struggling about trading and most of them lose their money because of having a wrong decision for investment or prediction of the market price. One of the best things to do by the market and platform because they created the copy trading platform today with the use of it many people now will easily trade because they can now copy the market trade of the other people. But still, we need to monitor the market price of the coins because even we have a trusted copy trader still there is a chance that they have a mistake of having trading. Still, you can follow the trade of other people and make changes if you think you are not confident by that market prediction.

I agree, most of player encounter a hard time in trading particularly those newbie because not all have ability to know when the good time to trade or not. Sometimes those who fail are the one who easily get distracted like when a little pump or dump  of the market, also another reason why they failed is they trade without checking the status of the market. I think traders should be more learning to know and more knowledge to avoid mistake trading.

[TravelMug]

Recently I have heard a lot about copy trading on two cryptocurrency exchanges Bingbon and LetMeTrade. With the Forex market, copy trade is not new, but with the cryto market, the trade is just beginning. The question is:

As others have said, etoro has been in this kind of "game" - https://www.etoro.com/en-us/copytrader/

- Is copy trade a new trend in 2020 of cryptocurrency exchanges?

No, it's been in the market as I have said, perhaps it was not well known though.

- Does copy trade help new people? when they only need to copy professional people.

On the contrary, new traders should stick to the old and traditional way. What I mean by that is that they should learn from scratch because it is more fun and rewarding, instead of just being lazy, by copy-trading someone's success. So where is the adrenaline rush there? Not very challenging for majority of us. Let to trade by yourself in the beginning, I know that there could be challenges, but treat it as a journey, and I'm sure that once you find success it is going to be very rewarding in your end.

[iv4n]

Copy trading has been a thing for a while now; as far as I remember, eToro was one of the first(or at least one of the first successful ones) to have this feature on their platform. Can people make money through this feature? Sure, but they definitely could also lose money. Would I suggest people to use such feature? Hell no.

If you're lazy to trade crypto and just want to leave money, then just go with bitcoin. If you're lazy to do research on stocks and be updated on the daily, then just go with index funds or ETFs like the Vanguard Total Stock Market ETF(VTI/VOO).

Probably the best answer he will get! If he is too lazy to do research, to lazy to have his own plan, than he shouldn't do it, end of story! There is just one case when you should consider copy trading, it's when you know that trader very good, if he is your close friends, and he shares secrets with you.
People will try everything to make profit with little or no work. Copy trading is one of those ways where you can easily make and lose money!

[Wexnident]

Answer to first question, Hell no. Copy trading has been a thing for quite a while already. Idk which cave you actually came out from to not even know that. Answer to the second, well, technically it doesn't help them in terms of learning how to trade. Nvm, there actually isn't any type or form of learning happening with copy trading, just like how Copying the answers of your friends in assignments and exams in school doesn't give out a learning vibe. Although, it does give them a higher chance of earning money compared to when they do it themselves, but it still depends on who you actually copy from.

[justdimin]

I still do not understand how people could trust other people when trading. I understand that now copy trading also has historical data and shows success rates and so forth which means you get to see those traders past trades as well and decide if they worth copying or not but even with that how could you know their past trades would reflect on their future trades as well?

I personally think that a persons historical success can't be copied into future because they could very well be a great trader until a point but then lose all of their money after a while as well. Maybe I am too paranoid and maybe this is a good way for newbies to learn how to trade from the veterans of the space while also not losing money but I still think it is quite risky.