Is copy trading a viable option for newcomers?

[Saint-loup]

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?

It can be interesting if the trader you copy has good results in the long run meaning he just hasn't got a recent lucky streak. But you have to be careful of the size of his bankroll. If his bankroll is bigger than your own you should adjust the amount of funds you are using in your trades proportionally, to avoid getting busted by the volatility despite his good long term results.

[1715081956]

1715081956

[1715081956]

1715081956

[sheenshane]

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?

Why I don't even know this name?
I didn't visit that but can you tell me in what year they implement that feature of copy trading?

AFAIK, eToro was the first trading platform that introduced this copy trading, correct me if I'm wrong.
This exchange eToro introduced the feature of copy trading in 2010 and in that year, they launched their CopyTrader platform.

To be honest, copy trading can be a helpful starting point for beginners to get acquainted with the markets and to gain knowledge on trading but it doesn't mean there's a guarantee of making a profit because even experts in trading may experience losses.

[Latviand]

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.

Was about to say the same thing, it's much better that you know the ways in trading and all the complexities that it offers because copy trading makes you reliant on how other people trade which isn't a fun thing because what would you do if suddenly you're experiencing losses, you don't know the answer to it because you don't have the knowledge even if you were to analyze what went wrong.

Regarding the viability? It depends on how you learn, if you learn by doing it yourself then copy trading isn't for you but otherwise go for it since you can see an expert trader in action do the magic, you're basically watching a tutorial on how to trade when you do copytrading, make sure that you're copy trading someone that's most likely to win their trades. And if you want to save time, copy trading might be good for you as you don't have to be active to make some profit.

Despite all that I've said above, you need to consider first that there's no guarantee of profit here, the trader that you follow is also a human and humans have a pretty good track record of making mistakes. And if you're aspiring to be a trader full-time, being too reliant on that might not help you develop your trading skills. To finally answer whether it's viable, I think it depends on who you're going to ask, there's a diverse experience from different people so their answer to that might be different.

[Yamifoud]

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,

That really matters in how you consider copy-trading on you. If you are doing this for just a while like just for less than a month, I didn't see any problem with it because that also gives you an idea. But if we become reliant on this, that was a problem because this won't lead us to success. Because as newbies, what we think is all about learning, not earning. And we gain ideas from our experience and being into copy-trading gives some light on what we gonna do next and to soon to become independent.

[Jatiluhung]

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 see this as an effective way for beginners who want to learn from the trading experience of others who are more pro at trading. But don't expect too much with copytrade we can have profits easily. Because I personally see that this method is only suitable for those of us who learn to trade. We can imitate and learn the steps of pro traders. And then we can analyze again and make our own formula in trading. So in this case I think there is a positive side and a negative side that we should know. On the positive side, we can learn from observing other people's trades. and the negative side is that we shouldn't depend too much on this method so that we forget about independent learning to become independent traders.

[cheezcarls]

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?

As the newcomers wanted to take shortcuts by just copy trading, it is still risky for them not knowing the moves of the pro trader that they have followed.

I’ve been there before using a couple of copy trading platforms like BitYard and Prime XBT, but I only get much lesser profits than expected.

Copy trading is the “kinda less riskier” version of futures trading where you cannot control the price movement. Instead of you declaring it long or short, it is the pro trader that you have copied.

Honestly, I think the safest for newbies is either to DCA with BTC and/or ETH, or do spot trading where they can just simply buy low and sell high.

[Litzki1990]

It is okay to get ideas about trading by following others but it is better not to direct a new member's trading activities according to someone else's trading. Because trading usually depends on one's own skills, how someone else is trading successfully may not be successful, so everyone should have their own trading skills. Those who are new to trading can try to learn about trading and build their own trading skills by learning from how others handled their trading to better understand. In trading you should never depend on others and always depend on yourself.

[LogitechMouse]

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?

Asking a question, and at the same time, promoting a scam exchange like Bitget. Good Luck with that.

Just to answer your question, it isn't effective especially if you have a small amount of money to be used for copy trading. I've seen some beginners in trading who prefer using the copy trading feature, and in the end they lose money. Well, I'm not saying that all of copy traders are losing money. It's just that, it's for lazy people, and even those experts who these lazy copy traders are copying don't always get profit. Copy trading gained popularity because it's like, you deposit a huge amount, select an expert trader, and copy all of his trades. Doings of a lazy trader.

I remember that this Bitget exchange has been promoted in Youtube by various Crypto influencers already. Well, they don't care if the one that they're promoting ended up as a scam because they only care for the money. As for the OP, you have negative trust already, so I would suggest to stop promoting that scam exchange.

[michellee]

Beginners just want a fast way to profit from trading so they will use other methods, including copy trading. I don't know how effective copy trading is for beginners because I never suggested it to my friends who just joined crypto.

They should at least learn basic trading to understand how to trade it. Copy trading may be effective for them in getting profits but it depends on the trader they are copying trades from. You can also try it to see how well it works for you to know if copy trading suits beginners.

Doing copy trading without equipping yourself with knowledge about trading, or at least knowledge about using copy trading, will not provide benefits. They can choose the wrong trader because they don't find out the trader's background and are only amazed by their stories that say they have succeeded in getting big profits or see the percentage of their trades. Be careful in choosing the traders.

[ScamViruS]

When someone comes into a business like trading why would he depend on someone else and risk his own funds instead of learning and gaining knowledge about trading? When a trader takes a trade depending on others without knowing about trading, it will be like taking a decision blindly. So I think most of the new traders want to take a shortcuts in trading, as a result of which the maximum trader is a loser in the market, there is no place to take a trading shortcuts here, no one can say for sure what the next move of the market will be. It is difficult to succeed in such an uncertain place without giving importance to your strategy.

I've never seen a trader who became successful without learning about trading, I've seen successful traders read and practice trading regularly. So before taking shortcuts by doing these copy trading newbies should acquire knowledge about trading so that they understand how the market works.

[Flexystar]

I think I would suggest simple learning and then earning methodology. If you are going to copy someone then you would be surviving on oxygen cylinder mate. What I mean is you can learn during that process and would end up nowhere in the trading ocean.

There are decisions to be made, trades to be opened and closed at the correct timing and all of this can come from the learning process and experience that is gained over the time. No way you can do from copying someone.

It’s like cheating in exam by copying someone and earning your degree. But you can’t even crack the entry level interview for a job.

[Mpamaegbu]

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

I don't think it's something beginners should embrace like that. It amounts to giving one fish instead of teaching one how to fish by themselves. Doing copy trading is like aiding someone to cheat in an exam. The point of concern for any beginner who's going into trading is to learn the rudiments of trading and acquire the set skills for it. No shortcut should be encouraged. Newbie traders should go for the knowledge first before thinking of how to fast track earnings.

[Issa56]

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 see no reason why a beginner should rely on copy trading, if you really want to be a trader as a beginner, then you should learn to do your analysis yourself, if you are planning to copy other people’s trade, then you are not ready to be a trader, if you really want to be a trader and you want to stay long in crypto space, then you should learn to do your analysis yourself. As a beginner I know it won’t really be easy, and their are lots of challenges which the person is going to face, you might end up losing lots of money in the process of learning, but it’s better you face all those challenges once and for all. I see no reason why anybody should depend on copy trading, if you really want to be a trader, then you learn to trade yourself, always depend on yourself and not anybody.

[Cryptomultiplier]

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

Bitget has dominated crypto trading with their copy trading features. It's one hot selling point with which have used to attract new customers and users who yearn for cheaper rates and fees for transactions and trade.

For beginners or newbies, it is important to learn the basics of crypto trading first, and just like the way one would learn a driving skill by observation and then practice, attempt trading with the mindset to make loss at the initial stage.
After losing more than once for sure, trying to use copy trading features for better insight would be more helpful than trying to use it without any basic tech-know-how of trading.

[chaoscoinz]

Don't fret brother, it's not a good option if you don't Really know what it is exactly that you're doing. It sounds like your experience F.O.M.O | FEAR Of Missing Out. Never FOMO into a trade.
You should learn the basics first. Soon I will be making threads in this section. I want to help newbs like you to trading, I build trading view indicators, and I'm working on a suite just for the Bitcointalk newbs!
I'd figure I'd give back to the community that has given me so much, and also I hope to increase my merit and rank, I've been here for a while and haven't put in enough work yet.

[ancafe]

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.

In the case of beginners it seems that copy trading is not the right choice, because they will not get used to the increased skills in trading and will also lose interest in learning technical matters, analysis and strategies.

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

Basically not a good choice when you are still a beginner and are too focused on trading using any pattern, but you need to think about how someone who is still a beginner understands the difference between trading and investing. Because the level of risk in trading will be much greater than investment, the choice must be at a comfortable point to run one of the two and when the direction of investment and trading is clearly understood then start from the level.

[Wexnident]

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?

It's effective if you want to trade, to learn to trade? Not so much imo. You'd be able to get things done, but you won't be able to branch yourself out, to take bigger risks for bigger profits with a reasonable assumption.

Even the idea of trading, which is buy low sell high can easily be understood but that doesn't mean that anyone can just simply do it. It takes a lot more to be able to apply it

[adaseb]

It depends who you follow.

One thing I noticed with many of the copy trader leaderboards is that usually the most profitable, is only profitable for a short period such as 1-3 months. It’s rare to find someone who is very profitable over a longer period.

Usually they take risky trades and their loses are rare because they don’t use stops. Which is fine lately when we are ranging but if we finally get some direction then many of those leaderboard holders are going to go bust due to their use of not using any stops.

[Negotiation]

Copy trading can be a viable option if you have a good understanding of the trade otherwise you are at risk. Risks are high for newbies, so do a good research about the trade first. Those who can't trade well even with a lot of time or haven't decided on a trading strategy for themselves but want to continue trading. This is basically the benefit of copy trading for them. Trading depends on your own skills and if you practice the market with your own knowledge, it will become easy to learn all the ways of trading. It is never right to depend on anyone in trading because no one can tell when the market will go in which direction.

[xSkylarx]

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?

It may be a good choice for the new trader to jump into copy trading as he has nothing to do but check his portfolio from time to time and spend his money, but in exchange you won't develop trading skills and mostly you won't be called a trader because you don't know the fundamentals of it. This is also why most of the newbies want a short cut, like they want to earn quickly and not want to learn. It is really best to learn trading on your own and start trading on your own, or you can try it out later if you are just curious and if it is profitable.