Is copy trading a legit way of income for beginners or just a marketing tactic?

[ananyabushra]

We can just skip market analysis, not put in any effort or time, and have someone else handle our trading. It sounds almost too good to be true, doesn't it? That's what copy trading offers us, but can we really trust it?

There are a few things to consider when evaluating the legitimacy of copy trading.
 First, you need to make sure that the platform you're using is regulated and has a good reputation. There are a number of scams out there, so it's important to do your research.

Second, you need to carefully select the traders you want to copy. Some traders have a better track record than others. Make sure you look at their performance history and read their reviews before you commit any money.

Finally, you need to remember that copy trading is still an investment, and there is always the risk of losing money. Even if you're copying a successful trader, there's no guarantee that they will continue to be successful in the future.

So, is copy trading legitimate? Yes, it can be a legitimate way to invest if you do your research and select the right traders. However, it's important to remember that there is always the risk of losing money, even with copy trading.

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[EarnOnVictor]

We can just skip market analysis, not put in any effort or time, and have someone else handle our trading. It sounds almost too good to be true, doesn't it? That's what copy trading offers us, but can we really trust it?

It's not a must that we go through analysis efforts, once the copy trade could do it for us, I see no reason why we don't utilize it, especially when we don't know how to trade or have busy schedules. But the issue is how to get the right strategy provider, and what I've seen in my long years of trading even before the dominance of cryptocurrency is that they don't often work, and those who work well do not last, and those that last without ruining copier's account do not have a convincing record to quantify the number of years they use in achieving their tiny success.

For this, my conclusion is that copy trade could be good only if traders could do their due diligence. But they still have to be sure that they are monitoring the provider actively after initially certifying it as a trusted one. This could limit the damage the provider could do to the account because, after some good records, they don't often replicate it.

[mk4]

Copy trading is a way for a lot of bad traders to earn money off fees(they take a small cut). They might look like good traders because of their less-than-2-years-long track record, but a huge majority of them end up losing money in the end.

I’d say only do copytrading if you want to have a little bit of “fun” with some of your spare cash.

[Findingnemo]

We can just skip market analysis, not put in any effort or time, and have someone else handle our trading. It sounds almost too good to be true, doesn't it? That's what copy trading offers us, but can we really trust it?

It is legit but it's not just the same as they are marketing because they are only telling what people wanted to hear not everything.

There are several copy trading platforms with some great names too and you can trust them but, are you really going to trust them?

To make you rich.

If you think you can make your first million by doing nothing and letting your thousands work based on someone's strategy then it won't be too long to realize that you actually lost thousand instead of making millions.

Still looking for a good copy trading platform then here it is: https://www.etoro.com/

[palle11]

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If you think you can make your first million by doing nothing and letting your thousands work based on someone's strategy then it won't be too long to realize that you actually lost thousand instead of making millions.

Self trading itself is not easy and some who have failed in trading have found themselves to run those copy trading strategy and as you said it is not a cash bag with copy trading. Those who you want to copy are still under some losses as self trader but they learnt the copy trading technique to market to people that don't want to learn. If someone has a better trading technique, he is likely going to use it for himself and family, this is suppose to be a right thinking way for users of bot traders and copy followers

[bitzizzix]

In my opinion, copy trading can be a useful and useful tool for beginners who are new to the industry, on the grounds that they are new and do not yet have the knowledge or experience to make good trades.
but you should also do some research on the trading copy you are going to use, particularly its track record and popularity. And besides that it is important for beginners to do their own research before choosing a copy trading platform. And it is also important for beginners to remember that profits are not guaranteed for copy trading, and don't make copy trading your permanent method and you also have to learn the knowledge related to trading and it is also very important to manage risk well and always use money that you can afford to lose .

[el kaka22]

I do not think that it is a marketing tactic, it's actually a good way of making profit if you pick the right people. What the beginners should realize is that copy trading is the name of the way you are trading, but who you copy matters the most. If you copy someone that does amazingly great profits then you are going to make the same profits, if you follow someone who loses too many times in a row then you are going to end up with no profit and no money left.

This means that copy trading doesn't mean that you will profit or lose, just the name itself doesn't give anything, you should be trading based on what you have and if you have something that benefits you then you are going to end up with a profit eventually for sure.

[mu_enrico]

It's not a sure way to make profits, and it's not a marketing tactic since you really copy the person's trading activity. So the question is basically saying "Is an apple an orange?"
If you are tempted to use copy trading because you think you'll get profit if you copy Person A activity because he has a good history, you'll be disappointed. You'll find that anything can happen in the future as it's unpredictable/random. What you're doing is like reading the recent year's performance of Mutual Fund X, which is great, and thinking that it will yield the same profit in the future.

[Aanuoluwatofunmi]

We can just skip market analysis, not put in any effort or time, and have someone else handle our trading. It sounds almost too good to be true, doesn't it? That's what copy trading offers us, but can we really trust it?

You can make use of a copy trade for beginners in most cases who don't know how to go about it, there's no amount of usage one can give it to get maximum result, trading should be taught using many trading materials together with the analytic Indicators, if it has been that productive, many would have been using it for their trading and have less trading requirements to learn on how to engage other needed applications for trading.

[mirakal]

Copy trading is legit if it comes from a reputable source. However, relying on it solely will never guarantee consistent earnings and can never secure a consistent income most especially for beginners. Although it’s one way to make trading quite easier and less hassle but when it comes to profitability, I cannot attest to that knowing it’s still best to trade based on your own knowledge and skills.

[Natalim]

Yes, I did copy trading before and it works at the start but getting surprised that after a few days of doing this, everything went wrong. What I mean is that they will ask you for more money if you wanted to increase your learning.

I know it would be helpful for newbies to at least have an idea but thinking in a situation where you have to spend a huge amount just to acquire additional trading knowledge, I don't think it was a good idea since there are a lot of resources available online that we can use to learn freely.

[TimeTeller]

Yes, I did copy trading before and it works at the start but getting surprised that after a few days of doing this, everything went wrong. What I mean is that they will ask you for more money if you wanted to increase your learning.

I know it would be helpful for newbies to at least have an idea but thinking in a situation where you have to spend a huge amount just to acquire additional trading knowledge, I don't think it was a good idea since there are a lot of resources available online that we can use to learn freely.

It would be better if you will do your own trading and learn it from scratch.
Anyway, there's no guarantee that these traders will always be successful with their trades.
They are also humans, and they are also prone to mistakes. They are also speculating on this market.
The better route is to learn your own strategies as each coin or token have their own features that you can use in trading.
As time goes by, you will learn the tricks and one look, you can easily spot potential coins.

[jeraldskie11]

If you're beginners in trading and want to do a copy trade, you should have the criteria how to pick the right master trader. You just don't have to pick the traders who have a good pnl because others are only for this month. You should check those traders who are really consistent in their trades which the chart is upward sloping and not drastically increased of their previous months. Copy trading is not a guarantee that you will become rich but if you have a criteria of choosing the right trader I assure you that the probability of being profitable is high.

[Vaculin]

It’s legit but it’s a never a reliable source to create an income especially if you are copy trading from a non-reputable trader or let’s say never become a real trader in the market. With all the scams happening over the internet, a beginner trader may easily believe on the self-claimed traders online and believe like they were your only hope so you can trade and expect sustainable profits. This is the reason why copy trading may not create a positive image at some point due to those unreliable sources for copy trading.

[Quidat]

If you are that curious as a newbie about copy trades then you could actually test it but if you are just basically trying out to see those numbers  and charts without even knowing on what it is then
its pointless because you are just basically relying on someone.Take note that not all the time you would really be profitable with copy trading and this is why its never been that recommended.

If you are completely newbie and have the plans on knowing on whats trading then it would be always recommendable that you should really be sticking with manual trades and stick with spot trading.
Trading could really be a source of income but its not something that could really be achieved in short time and not all would really be that successful on this field.
This is why its really that wise that you shouldn't really make yourself that too desperate or rushing up yourself on learning everything because its not something that could achieve in short time
and this should bare on mind.

[Zee27]

It’s legit but it’s a never a reliable source to create an income especially if you are copy trading from a non-reputable trader or let’s say never become a real trader in the market. With all the scams happening over the internet, a beginner trader may easily believe on the self-claimed traders online and believe like they were your only hope so you can trade and expect sustainable profits. This is the reason why copy trading may not create a positive image at some point due to those unreliable sources for copy trading.

  Thank you for highlighting that copytrading is not a foolproof trading strategy with a guaranteed 100% success rate. Please understand, copytrading is an extremely effective and useful strategy, especially for beginners and busy investors who don't have much time to devote to trade setups. I also utilize copytrading occasionally, but it frustrates me when certain platforms promote it as an infallible method, leading people to blindly rely on it in hopes of guaranteed success. There are valid reasons why reputable copy trading platforms like Bitget allow users to review the track records of traders they intend to copy and why they have a wide selection of skilled traders available. This is to ensure that users conduct proper research, make careful selections, and have multiple options to consider before investing. Else, you can end up losing your funds alongside the trader you copied. It is in this light I am saying that it shouldn't be perceived as a 100% success guarantee strategy but of course, a useful and legitimate strategy.

[Kasabus]

Copy trading can lead us into profits at some point, but it can never ultimately provide us a consistent flow of income. Nevertheless, even trading itself cannot ensure beginner traders to earn from it because of the high risks that are involved in trading. Furthermore, what makes it more dangerous to use is that you are copy trading from a very unreliable trading provider. You will not only lose your capital and future profits, but the time you put into it will only go into waste.

[WannaCry]

Copy trading can lead us into profits at some point, but it can never ultimately provide us a consistent flow of income. Nevertheless, even trading itself cannot ensure beginner traders to earn from it because of the high risks that are involved in trading. Furthermore, what makes it more dangerous to use is that you are copy trading from a very unreliable trading provider. You will not only lose your capital and future profits, but the time you put into it will only go into waste.

This also shows how people lazy are to learn but wants to earn money. I've known copy trading for so long and I had not planned to put my money into it. The risk to reward ratio that those copy trader offers are not worth it, a single loss can wipeout your profits. These newbies should realize that they don't need to rush to earn through trading. They will be just like gambling if they do it with not enough fundamentals.

[xSkylarx]

I'm not sure about it, but I haven't seen anyone that is profitable on it, i.e., those who copy tradetraders , unless they just become thenes who have  been copied on the platform because there are tons of fees I've seen and also again your profit on it will be cut and you  onlyet  tons of profits There  are those who have been copied and again for sure those traders only have ffew years of track record andre nnot that established which  is why they are joining the platform to earn more.

[Johnyz]

Trading is a good way to make money but for beginners, it is advisable to invest on your knowledge first before anything else.
Copy trading should not be your long term strategy, this is ok for short term but still you have to lower your expectation because there is no easy money in trading.
TA is the key and learning how the indicators works can make you more profitable in trading, try to focus on this first.