Is copy trading a viable option for newcomers?

[ananyabushra]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

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[Zaguru12]

Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

They have been various threads about this on the forum and many members have different opinion on it. But the main point centers on the fact that copy trading prevents or limits you from actually learning the trading it self and you place your trading decisions on a third party. No matter how good they may be it is always advice to actually do your own research on this crypto space so you get lure into your investing in pump and dump coins.

As a newbie the easiest way will first be to hodl your bitcoin not Alticoin and then learn about the trading fundamentals gradually, because it is even easier for a learned person to copy trade because they could Atleast dictate fake signals or scam projects. But blindly following other traders way is deemed very risky.

[348Judah]

Why will someone new to trading will only rely on that instead of taking their time to learn how to trade by themselves, the question is for how long will they keep depending on copy trading, there are many ways to learn trading and become a professional, i won't advise a newbie to go on this instead of taking their time to learn and make discovery on trading, your discussion will also best fit on the trading discussion board, you can move the thread there,

[BD Crypto]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

Some may thinks too but I don't think it's a viable  or an advisable option for newcomers. It may have some serious limitations which you can't ignore:

1. You may have struggle to find out the perfect trader to follow for copy trading. Also it will not be a cost effective way to trade because you may have to pay additional or higher fees than traditional trading.

2. You will have less opportunity to grow your skills or trading strategy. When you depend on others for your trading you will have less interest to learn about technical analysis, trading strategies so you will have limited learning possibilities.

Anyway Copy trading is legit and a popular way to start trading for newbies. But I will suggest you to learn by yourself and control your funds. That will give you best output from trading if you can be an expert on it.

[acroman08]

I am not an experienced trader but I am sure copy trading has risk involved too and I feel like if a newcomer to trading is going to do this, they should at least have a basic understanding(or preferably a deeper one before going into trading) of trading because if not, it could backfire to them and leave them at a loss in profit.

[Viscore]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

The first concept that we should consider in trading is that if a single strategy works for others, that does not mean that it will also work for you. The market is changeable so we can’t predict that the same strategies will be working the whole time. That’s why copy trading will never be reliable at times.

However, I don’t mean that it’s not useful in general. Some traders are still making some decent profits through copy trading, but I would not advise anyone to rely on it. It’s still best to trade on your own and learned from your own mistakes and losses, that way you can correct them after so you won’t have to suffer from committing the same mistake again.

[Hypnosis00]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

Copy trading and using Demo accounts are the best options for newbies as it was an opening idea that we can use in actual trading. But it doesn't mean that we just be confident enough about what we learn from them, we also have to dig deeper through reading books or online tutorials. But what is important is that we are not afraid to lose because losing would help us to educate and give us more learnings. The more we commit mistakes, the more we find ways how to avoid them. I suggest newbies do this but I have also to warn about joining signal groups that promotes copy trading.

[nelson4lov]

Why will someone new to trading will only rely on that instead of taking their time to learn how to trade by themselves, the question is for how long will they keep depending on copy trading, there are many ways to learn trading and become a professional, i won't advise a newbie to go on this instead of taking their time to learn and make discovery on trading, your discussion will also best fit on the trading discussion board, you can move the thread there,

Exchanges constantly coming up with clever tactics to win against traders. They know that if people don't spend their time to learn and Master the art of trading that they would most likely lose more than they can make. Anyway, the exchange driving the narrative of copytrading will still end up benefitting from fees anyway. Copytrading might have been a big deal in the past but not anymore because people realized that the best way to be profitable as a trader innthe long run is to master the art of trading.

[avp2306]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

If you can find legitimate platform doing that and you don't have time to make your own trades well that is fine but your profit is controlled and maybe you cannot expect to earn a lot their compare if you trade for your own. Also you cannot learn on how to trade for yourself if you just rely on copy trading so if you want to became a skilled trader much better if you seek for better information to enhance your knowledge and help yourself to learn about how to trade properly.

[mk4]

Why even immediately trade when you're a newcomer? Stop trying to rush immediately to making money especially if you don't have a firm grasp of this industry in the first place.

Also, those traders in copytrading platforms mostly don't know what they're doing. Copying them just looks attractive because of their short-mid term gains. Wait till you see their long-term performance(most likely red, or subpar gains compared to just holding BTC).

[Gallar]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

For beginners who are new to crypto trading, I don't think there's anything wrong with trying the copy trading service. Because by trying these services, at least there will be a few examples and descriptions from the experts that are followed, while trading in the crypto market. But even so, I suggest, don't use the copy trading service for too long. Because if you only continue to use these services to trade in crypto, the impact will not be good for progress in the deeper field of crypto trading. Because if you continue to rely on these services, you are afraid that you will get too carried away and forget the knowledge that must be learned in the world of crypto trading and only depend on these services.

Because basically, to enter or start into the realm of crypto trading. The first step that must be carried out is that you have to study the knowledge first, such as fundamental, sentimental and technical analysis and don't forget to know about risk factors too. Because in essence, if you want to get better at trading in crypto, you have to learn more first. In order to better understand and be able to become an independent trader.
So in conclusion, try copy trading services, it's fine, but don't take too long and don't forget to keep learning about the science that must be learned to trade in crypto.

[Oshosondy]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

I have been seeing copy trading on many big exchanges, like Binance, Kucoin, Huobi and many mother exchanges. It is something that is no more new in crypto again.

About your question, I will advice beginners to learn trading. Because a leader trading (the person you are copying) is winning today, that does not means he will not have losses tomorrow.

Another thing is that the leverage you use and the leverage the lead trader use may be different. Your trade may have higher leverage and riskier. But you can easy know the leverage the lead trader is using.

Learn how to trade yourself is the best approach for trading.

Know that copy trading or not, trading your self or not, trading is very risky.

[Poker Player]

Being a novice it is a bad idea to start trading, and copy trading even worse.

Also, those traders in copytrading platforms mostly don't know what they're doing. Copying them just looks attractive because of their short-mid term gains. Wait till you see their long-term performance(most likely red, or subpar gains compared to just holding BTC).

This. In the end you will be paying someone to copy a strategy, which will probably not only be focused on Bitcoin but also on crypto, and which in many cases will lead you to ruin. With stock trading in some chaos copy trading can have a certain reliability, with people with public long term results, and yet you never know when the streak is going to break.

The best thing for a newbie to do is to learn about Bitcoin and start doing DCA. But of course, this is much more boring than trading (although a safer way to get rich).

Another thing is that the leverage you use and the leverage the lead trader use may be different. Your trade may have higher leverage and riskier.

This is an important point to keep in mind as well.

[Dzwaafu11]

but is it truly effective for those who are new to trading?

I'm not a trader, but with the little knowledge I have about trading, I don't think, as a newbie, you should rush or think of trading the first time; instead, you should hodl bitcoin instead of using the money to trade. However, you need to calm down and understand the crypto space before you start talking about trading. copy trading will be worse for someone who wants to learn trading, especially a beginner. and those who you think are gaining profits from trading only show what they have gained and hide their losses. So you can see that if you learn the trading skills on your own, it will be more effective for you than copying them.

[Learn Bitcoin]

Also, those traders in copytrading platforms mostly don't know what they're doing. Copying them just looks attractive because of their short-mid term gains. Wait till you see their long-term performance(most likely red, or subpar gains compared to just holding BTC).

Moreover, there are some dumb traders with a handful of cash who made some profit accidentally now showing in the leaderboard. They don't even know how they profited that much, and they don't even know what to do next. Imagine some beginner trader already following that trader because he is on the leaderboard.

Some pro traders may have a good amount to back up their position, which will help them not get liquidated. But when others copy them and their strategy, they might not have enough balance to cover the position. In this case, getting liquidated is very much possible.

[Dr.Bitcoin_Strange]

 when you don't have any idea at all about trading and you enter an exchange like Bitget and copy a trade, and maybe you manage to secure like $5 or $10 in profit, and the next day you copy a trade and still lose the profit you made the other day. What do you call that? Trading is all about experience; even if you must copy trades, learn the basics of trading first. Trading requires one to develop some good skills (risk tolerance and asset management) before they can make a profit. So, I'd rather advise a beginner to learn the basics of trading first before copying trades.

[ImThour]

The one who copies trades is the biggest fool and should leave the market. No matter how much you made doing it, you simply don't deserve to be part of this market.
One should learn what exactly the price is saying and then take a trade, in the end, it will be just another gamble, just a calculated one. If you copy trade, you rely on someone and might also be forced to pay money if the one providing chooses to. Do not do that. You need to just analyze the charts and you will be good within a month or so, just stay with Bitcoin chart.

[Russlenat]

Copy trading has gained immense popularity in the crypto industry since its introduction. Bitget, being one of the pioneers in this field, remains one of the largest platforms for copy trading cryptocurrencies. Many consider it an appealing choice for beginners, but is it truly effective for those who are new to trading?

I would say it’s effective for those who only trade for fun, but for those who aim to be good and effective traders in the long run, it’s certainly not viable and unreliable.

Trading is not a game of chance and luck, but a game of knowledge and skills. And the only way to improve and promote them is to learn and experience trading on your own. Of course, there will be expected losses at first but hey, it’s not going to happen forever if you keep learning from all your losses. So never do copy trading, as it will never hone you into the best trader that you can be.

[Smartvirus]

There are a few things to human nature onesjojkd take cognisance of. One of those is that, it is easier to learn when you just joined up because your mind is open to accepting new knowledge than when you've been around for sometime. This is because, you've got to unlearn what you've learnt and this involves, unlearning a practice that might (and I repeat might because, it doesn't always favour everyone) have proved useful to you to learn something that requires you loosing good money for sometime before you get the hang of it.
It becomes a great discouragement to back away from the practice.

Also, with no prior knowledge to the trading environment, you might find yourself struggling on how to best use the signals or doing any positive evaluation of it when presented with it.

In many ways, copy tading could be bad and I don't advice beginner traders to walk that path but instead, practice trading and analysing on a demo.

[Adbitco]

As a newcomer what you basically need is knowledge and more time to devote yourself properly in your trading journey otherwise following a copy trade may not be a solution to you and may not add value to your life as it may fails at any point because, whenever the bots fails and malfunction  you funds automatically disappear from your account that is why it is best advisable to have some basic skills about trading and Technical analysis before engaging yourself with bot or copy trade.