Is copy trading a viable option for newcomers?

[GeorgeJohn]

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 seen numerous kind of this thread and many of forum members have discussed this before now, so therefore i believe that this will look like repeating of previous suggestions rendered in same thread. Nevertheless I will like you to know that copying a trade is good but it will deprived you a lot and that alot it will deprived you is something alot that you suppose to know on your own without using another person methods of trading. From my perspective it's acknowledging to learn on your own on how to trade because trading without knowledge will make you to lose, it's encouraging that whosoever that wants to engage itself in trading have to advocate time to acquire the knowledge of trading without depending on another person knowledge. A beginner can learn trading through YouTube video and accomplish it with manual learning and with consistent practice of trading with small amount of capital's so that when a loss manifest or occurs it will not affect the trader, but newbies tries their luck and go into trading with surplus amount of capital and when they lose they will start castigations in trading.

In summary: it's good to learn and understand trading before venturing into trading, so therefore trading is something that deals with understanding and carefulness.

[@sriyan]

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?

There are some advantages of copy trading for newcomers. You can check the below points.

Advantages :

1. Time-saving

They can reduce the time on researching and monitoring the markets.

2. Learning opportunity

They can observe and analyze the strategies of successful traders.

3. Simplicity
They can replicate the trades of good traders.

 

[Distinctin]

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.

Copy trading will always be useful unless if you’re copying from a loser point if view. Because if that happens, you will never come to benefit copy trading but will only experience consistent losing. That is why I never encourage newbies to rely from copy trading not only because  they don’t hold guarantees as to whom the trades came from but if those copy trading owners will suddenly disappear, then they will have no longer someone to depend when trading because they chose to copy trade than to trade on their own so they can learn from all their flaws in trading.

[tjtonmoy]

I am against copy trading. I don't see any fun in it. You can't learn anything from it either. In hopes for short-time profits, why ruin the future? As you keep copying and trading based on that, what happens when it is gone? What happens when you have no one to copy from? Also, it is not always guaranteed that you will make profits. Even the pro-level traders make mistakes.
If you are losing either way, why not learn it first and then do it on your own? Trading is not for everyone, and that's true. You should not copy just because of this. If it's not for you, then move on to something else. Try different things. But if you really want to take it seriously and make it a part of your life, then there's no choice rather than to learn it on your own.

[SamReomo]

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?

Nah, copy trading is the worst form of trading for new comers in fact it isn't even trading to be exact. The ones who fall into the trap of copy trading often lose a lot of money because they are trusting others with their trades and that's the stupidest thing that anyone can do. Copy trading is mostly similar to the type of trading some traders do who follow many Telegram groups and when they receive any signals they place their trades without even caring about the results because they trust those signals blindly.

I recommend everyone to avoid copy trading because such type of trading won't be helpful to improve their trading skills and it could cause so many problems for them in future. It's far better to learn trading your own self rather than relying on a type of trading named copy trading, and yes, copy trading is one of the worst scams that the exchanges do with their users. I highly suggest you and other to avoid copy trading at any cost.

[Ziskinberg]

I am against copy trading. I don't see any fun in it. You can't learn anything from it either. In hopes for short-time profits, why ruin the future? As you keep copying and trading based on that, what happens when it is gone? What happens when you have no one to copy from? Also, it is not always guaranteed that you will make profits. Even the pro-level traders make mistakes.
If you are losing either way, why not learn it first and then do it on your own? Trading is not for everyone, and that's true. You should not copy just because of this. If it's not for you, then move on to something else. Try different things. But if you really want to take it seriously and make it a part of your life, then there's no choice rather than to learn it on your own.

I'd never see it was wrong but if you are reliant on it for your whole life, yes, you never learn and never succeed. Well, honestly, I've been doing this during my early days in trading but of course, I'd never expect to earn a profit from doing it because my intention is to gain ideas on how they did it as I compared to my personal market analysis. Yes, it is to find out that there is a big difference but as I beginner, I don't think I was even better from them.

Learning to trade is not instant and I consider copy-trading as a step to consider upon learning. But of course, if we aim to success, we must carry ourselves alone, not to become reliant on others.

[Vaculin]

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?

In my personal opinion, I would say it’s not. It will only destruct their focus from learning trading on their own and the possible learnings that they can get from their personal trading experience. While it works for others, but I don’t see it’s a great idea to copy trade when you are not sure exactly if those you copy trade are the products of a professional and profitable trader. Maybe this is one of the reasons why beginners never stop from failing, because they always chose to follow shortcuts when they know trading in the first place is certainly hard and even risky.

[Finestream]

It could be viable for short term but it will never be reliable in the long run. Simply because trading has its own learning process so you should do it step by step and not just abruptly follow and copy trade. While it’s a choice for every trader, but as a beginner, you should always put a lot of efforts and hardwork if you want to learn seriously about trading. Do not too obsessed with quick money and profits, that will never guarantee your worth in trading. But if you will learn it the hard way and experience more losses at first, then expect that you will gain a lot in the future by trusting your own knowledge and experience in trading, and not by copy trading from other unknown traders.

[Lanatsa]

I am against copy trading. I don't see any fun in it. You can't learn anything from it either. In hopes for short-time profits, why ruin the future? As you keep copying and trading based on that, what happens when it is gone? What happens when you have no one to copy from? Also, it is not always guaranteed that you will make profits. Even the pro-level traders make mistakes.
If you are losing either way, why not learn it first and then do it on your own? Trading is not for everyone, and that's true. You should not copy just because of this. If it's not for you, then move on to something else. Try different things. But if you really want to take it seriously and make it a part of your life, then there's no choice rather than to learn it on your own.

I'd never see it was wrong but if you are reliant on it for your whole life, yes, you never learn and never succeed. Well, honestly, I've been doing this during my early days in trading but of course, I'd never expect to earn a profit from doing it because my intention is to gain ideas on how they did it as I compared to my personal market analysis. Yes, it is to find out that there is a big difference but as I beginner, I don't think I was even better from them.

Learning to trade is not instant and I consider copy-trading as a step to consider upon learning. But of course, if we aim to success, we must carry ourselves alone, not to become reliant on others.

You cant really be that reliant forever on someone on whose you are following, you wont really be seeing yourself to be that progressive on the time that you would really be dealing with trading.Yes, you do have the

interest on doing trades and trying out to learn but in the sense that you are simply copying or following someone then there's no learning from that. Also, there's no assurance that you would really be that profitable
on this kind of set-up when following trades since not all those traders who you do follow always end up on profits or making sure or guarantees that it would sustain on long time. On the time that it would be making up some loss of your capital or trading balance then for sure you would really be blaming out highly on that someone and something that will really be giving off that kind of heavy regret feeling that its better to
make your own trading decisions rather than on letting others dothe work.

Sooner or later you would be able to realize these things along the way on the time that you would be seeing that its not really that ideal on heavily relying with those people just for the sake of profit in trading.
Nothing beats out if you do able to make it manually and on the sense that you do already have the knowledge and skills on doing so.

[JeffBrad12]

I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.
after all, its always better making our own decision if we have sufficient knowledge, resources and ability to analyze the coin we gonna invest in.
just wonder if anyone out there has been successful in their trading career by just using this feature.

[Xampeuu]

I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.
after all, its always better making our own decision if we have sufficient knowledge, resources and ability to analyze the coin we gonna invest in.
just wonder if anyone out there has been successful in their trading career by just using this feature.

I am also oriented to the future as you are doing right now, and I crave it. however, for beginners that I have experienced, it is difficult to read the market even though I have learned from various sources. by looking at the way other people transact, at least I understand how they trade, so at least now I have progressed in understanding the market, so copy trading can be useful if we can use it properly, considering that currently there are many beginners who want instant income, and they don't want to develop to do personal trading

[rozak]

I am also oriented to the future as you are doing right now, and I crave it. however, for beginners that I have experienced, it is difficult to read the market even though I have learned from various sources. by looking at the way other people transact, at least I understand how they trade, so at least now I have progressed in understanding the market, so copy trading can be useful if we can use it properly, considering that currently there are many beginners who want instant income, and they don't want to develop to do personal trading

everyone has their choice. If novice traders don't want to develop their own trading skills, maybe copying other people's trades is their quick way to make instant profits.
I have also used copy trading, but I personally am not comfortable using it. just to gain new experience in trading. but more comfortable when we do everything ourselves, with our own analysis and abilities.

[GreatArkansas]

(....)
2. Learning opportunity

They can observe and analyze the strategies of successful traders.

3. Simplicity
They can replicate the trades of good traders.

You have point here. But there are some lapses here or what people who do copy traders missed.
The reason or the analysis of the master traders why they came up for the trade which for me that is the best thing if you are learning, you need to learn the basics first or core.
For me, if you want to learn, don't rely on copy traders only. You need to trade by your own also.

[SquirrelJulietGarden]

It could be viable for short term but it will never be reliable in the long run.

When market makers change their games, the market trends will be changed and if you fail to exit your position, you will lose money.

Simply because trading has its own learning process so you should do it step by step and not just abruptly follow and copy trade. While it’s a choice for every trader, but as a beginner, you should always put a lot of efforts and hardwork if you want to learn seriously about trading.

Learning is very important but practice makes perfect. However, new traders must start with learning, not with practicing. Without knowledge, their practices will only bring pain and loss.

I honestly never tried these copy trading feature by simply copying of what other traders did, I wonder whether it really gives meaningful profits, but I just concerned with the fact that if we just set our own money to automatically follows what the other party decisions are doesn't that mean we could be used as a tool for them to make exit liquidity i think it should be of concern.

They are lazy to learn and to filter market to find chances for trading so they choose the easy way, relying on Copy Trade from someone to get profit and to save their time. I am not sure how many lazy and unknowledgeable traders can get profit from Copy Trade but I myself see it very risky.

If novice traders don't want to develop their own trading skills, maybe copying other people's trades is their quick way to make instant profits.

They want profit but don't want to learn, don't want to pay money for learning from good trading courses or books so they have to pay more expensive cost for their loss in the market. It is more painful than spending money to enrich their trading knowledge but it's their choices, like you said, and we can not change their minds.

[Davidvictorson]

I totally advice newbies and even intermediate traders against copy trading. Have strategy, stick to it and follow religiously your rules and as much as possible, please trade for yourself. During the times you are not actively trading, you can then go head to do some trading experiments like bending your rules on a demo account to find ways to improve your strategy. Aside this, you are basically giving your money to someone you don't even know and hoping they don't blow it.

[Strongkored]

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 means that you only need to follow all the steps of the trading leader you choose, what new traders have to do is pay close attention to the win rate of the trading leader because each trading leader has a different win rate, novice traders will be greatly helped because he no need to learn about trading other than the basics, but that doesn't guarantee trading success, I've done it in forex and it just looks easy because you don't need to do analysis but it doesn't guarantee profit, opportunities for losses remain open.

[lienfaye]

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 their strategy is working, I don't see any problem if a beginner will copy it for his/her own benefit. What matter is they're able to profit (since that's our goal) and somehow get an idea from that experience.

However, it's not right to just rely on this as a trader. It is still best to gain knowledge to learn trading using your own strategy (a basic thing to do before engaging ourselves). So don't be used to copying what other traders do, because if you gain using your own analysis, strategy and knowledge that's the start of your journey to improve yourself as a trader and become a pro in the future.

[tjtonmoy]

Learning to trade is not instant and I consider copy-trading as a step to consider upon learning. But of course, if we aim to success, we must carry ourselves alone, not to become reliant on others.

I am really curious about what you can learn from copy trading. I have tried it in the past and I don't think I have learned anything from it. If you could explain it to me, maybe I will change my mind about it. It will be helpful for me to understand. But as far as I know, in copy trading, we just see what others are doing and open a position based on that. No market analysis is needed and no possible way you can learn from it. If they are going long, you just go long. If they are going short, you go short. If everyone just follows others like this, I have no idea where they are learning and what they are learning from.

But when you take this "copy trading" as a means to verify or compare your work, then this could be somewhat helpful. But not entirely tho. As everyone makes mistakes, they are not any exceptions. They could make mistakes too and maybe your analysis is correct. So don't get carried away. There are other methods to learn to trade. This will give you more freedom of learning and maybe you can be better than them. So do it yourself rather than relying on someone else.

[WatChe]

Copy trading will always be useful unless if you’re copying from a loser point if view. Because if that happens, you will never come to benefit copy trading but will only experience consistent losing. That is why I never encourage newbies to rely from copy trading not only because  they don’t hold guarantees as to whom the trades came from but if those copy trading owners will suddenly disappear, then they will have no longer someone to depend when trading because they chose to copy trade than to trade on their own so they can learn from all their flaws in trading.

It's always advisable not to do copy trading whether you are new or experienced trader. Experienced trader won't go near this strategy as because of what they learned via there experience. Always do trade with your own strategy since that will teach you how to trade in future. If copy trading is a successful strategy then every one of us will be a millionaire by following what works for others.

[jeraldskie11]

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 believe that copy trading is good for new comers who don't know how to trade. Copy trading are consisted of real traders that's why you can guarantee that all the trades were analyze technically and fundamentally. Some people want to trade on their own even if they are only beginners because they think that trading is easy. But in reality, if it's your first time using your strategy in live trading it's difficult to be profitable and it required trust. To gain trust with your strategy you must backtested it. So if ever you don't get the best strategy with a high winning rate, it's a good choice to copy trade.