Should I Try Copy Trading?

[Cookdata]

Crypto can be a thrilling ride, but navigating the market waters can be tricky, especially for beginners.  Who knew there was a way to learn from seasoned traders and potentially score some sweet returns at the same time?

Lately, I've been using a feature that lets me copy the trades of experienced investors. It's been a game-changer! My portfolio's looking good, and I'm gaining valuable insights into different trading strategies along the way.  This has me curious - what are your thoughts on copy trading?  Have you tried it? What's been your experience?

Lately, it's not like I have seen all coins make big moves, doing what other people are doing can be very risky you know. I have one guy who was trying to do this copy trading of a thing during the bull run we had just before the bear market hit us and what later was that he was making some gains but the day market collapse, they loss money because he even forgot to use stop loss thinking it's not useful and never close their trade because the original trader forgot to even give them update.

If you have the time to learn about trade, why not use the time and trading resources and do it by yourself, it's better that way, your decision will be final and you don't have to depend on anybody when you need help the most and who knows if this bull market may last more than we anticipate, you will have time to learn everything that you need right now.

[Dzwaafu11]

Crypto can be a thrilling ride, but navigating the market waters can be tricky, especially for beginners.  Who knew there was a way to learn from seasoned traders and potentially score some sweet returns at the same time?

Lately, I've been using a feature that lets me copy the trades of experienced investors. It's been a game-changer! My portfolio's looking good, and I'm gaining valuable insights into different trading strategies along the way.  This has me curious - what are your thoughts on copy trading?  Have you tried it? What's been your experience?

Copy trading can be risky sometimes because if you copy trade and the trader you are copying is losing, you know what that means. The best way to enjoy trading is to learn and get your own strategy of trading before you start trading, but this one you are copy trading is more risky than the one you will do yourself, and if you copy other traders strategies,

 you won't get your own strategy of trading because if you think through copy trading you will adapt to one of the other traders strategies, then definitely it will be hard for you. The best thing is to learn your own trading strategy. Another person's strategy may not favour you as much as you do. That is why, in trading, you need to learn and do it by yourself. 

[Stepstowealth]

what are your thoughts on copy trading?  Have you tried it? What's been your experience?

If you're a new trader and your focus in trading is to strictly copy the moves of other traders, you're not doing yourself well because you may be learning but not learning properly and quickly enough to becoming independent on your own. If a trader starts to copy trade and maybe having some little profits from copying the moves of other traders, they may never see reason to want to start trading on their own and may remain dependent forever. I have the same view concerning signal groups as I do to copy trading. They will not encourage you to learn to trade on your own.

[justdimin]

It will be better, if you can create a good time to learn trading than copy trading from other experienced traders, because those traders created a good time to learn from their mentor in the past, that is making many traders to be like them in the community. I have never copy trading since I started crypto trading, because I have different strategies am using to trade my coins to make a passive income from the market, and am very comfortable with the strategy and it is reliable in income making during the bullish season. Well, am not against those traders that copy trading, but it will be good if they can have another alternative strategy in trading their coins in case they are not profiting in the copy trading the way they want, so that they can make use of another alternative strategy to maximize their income.

Yes its really better, but nothing beat if he try to get experience from that option since there's still a learning to get especially if he could able to compare the possible result he try those things. But for sure once he find that its boring to avail such thing then for sure that he will do manual trading and he will use what they experience for following those traders they are copying and do something base on what knowledge they learn from it. Although the learnings we can get with that is minimal but at least it open up some opportunity for us to dig more deeper knowledge about crypto trading.

Nothing really against that copy trading but people need to learn so that there's no confusion will happen and they could able to decide well on what best thing to do regarding on this options.

I do agree that people who are into copy trading should also try to learn about trading themselves as well. That way, they can combine those two things together and could make some good returns as well. It would allow people to make sure that they are dealing with something that could benefit them.

Not going to be easy at all, it just means that we are talking about a good return, wouldn't be all that complicated, could help very well. I am not saying that we are going to end up with a good return, it just means that we are going to end up with realizing WHY part of it. If you do copy trading, and if you also learned, then that means when someone picks a coin, you will know why they did, you will check it, see the chart, check the indicators, and see why that person picked it.

[retreat]

Navigating in any market is very tricky, not just crypto. And if you think that you can make a profit by using copy-trading, then you could be wrong about that, because copy trading will only help you to trade more easily since you don't need to think about strategy. Because you rely on other people's trades, if the trader loses, you can also lose. So think again about the risks, if you are unable to withstand losses from your trades, you should not need to use the copy trade feature.

[Wind_FURY]

Navigating in any market is very tricky, not just crypto. And if you think that you can make a profit by using copy-trading, then you could be wrong about that, because copy trading will only help you to trade more easily since you don't need to think about strategy. Because you rely on other people's trades, if the trader loses, you can also lose. So think again about the risks, if you are unable to withstand losses from your trades, you should not need to use the copy trade feature.

Plus navigating the cryptocurrency market could also be tricky to the person you're copy-trading. Haha.

And why would a profitable trader want plebs to copy-trade him/her?  I believe it would only cause more issues for the profitable trader like exposing his/her winning strategy, making it less effective.

For the lazy, merely denominate your capital in Bitcoin and HODL.

[jaberwock]

You can try copy trading but needs to strict with the rules only use the money you can afford to lose. You never know if the trader have much experienced and skills in trading because you only see his portfolio and do not know how he trades. That can indeed gives you some returns but we also have a chance to lose if the market is change the direction.

I tried copy trading but not gives a good profit for me as I just follow that trader and the curiosity. Luckily, the market moves is at a good condition so I can make some profit. I realizes that it is better if we trade by ourselves while we can improve our skills in analyzing the market.

Does copy trading actually has that rule? Though it's a general rule for everything where there are risks and money involved. Even though we are only copying some pro traders in copy trading, it's indeed that we must still use the amounts that we can afford to lose because pro traders are no god to not experience a loss, however for them, losing can be fine because they might still get a commission in the copy trading platform and they already build a good wealth for the long years that they got involved in trading.

If there is someone that we can feel sorry with, that would be our selves (common individuals). With what I've said earlier, that we can copy pro traders, that means that we are able to tell if they are pro or not. Seeing their portfolio alone might be enough like if it's full packed, then it means they are confident with their ability. I know there must also be some kind of a winning rate which are measured in percentage, for us to decide if which traders are the ones that we should follow. Market is volatile.

Sometimes it is down and sometimes it is up. You are only unlucky that the trader whom you copy with has a bad performance because maybe the market is down that time but if you continue trying again, I'm sure that you can also recover your loss and maybe make a profit this time.

[Webetcoins]

Copy trading has to be seen what it acutally is: a fun way to gamble (which often fails, of course)

Yes, your are correct.

But anyone that is going into trading should know also that losses can be what he would have. Many traders are losing just like gamblers. But I will not encourage mirror trading which you people are calling copy trading. It is just like paying and later you might lose. It is good about trading for yourself and trade for yourself is better but it is good to know that not good to use amount that you can not afford to lose because trading is very risky.

The idea of copy trading was to make sure that people who are not that great it, could follow what the people who are great at it does, and make profit with them. After all, there are many great traders that make a lot of profit, and there are even more newbies who have no idea how trading works, so we could just have people who have no idea, end up doing something that will make them like the situation, which could have been a possibility.

However, we are seeing the situation a little differently now, we are seeing something that will take a while, and because of that I think it should be noted that we are going to face some issues without a doubt. I think the clearest situation should be people not realizing their own mistakes, and because of that I believe that copy trading became a gambling. If you just follow good traders that's fine, but in most cases even good traders may "have fun" with their trading when they are dealing with something like this. Binance even made it a business thing, like if people follow you, then you make a certain % of their profit, meaning that you are going to profit if you have a lot of followers who make a lot of money from your profitable trades, so it could have been a good thing.

[topbitcoin]

Navigating in any market is very tricky, not just crypto. And if you think that you can make a profit by using copy-trading, then you could be wrong about that, because copy trading will only help you to trade more easily since you don't need to think about strategy. Because you rely on other people's trades, if the trader loses, you can also lose. So think again about the risks, if you are unable to withstand losses from your trades, you should not need to use the copy trade feature.

The risk is quite a lot of indeed especially if we do not understand about managing finances, managing risks, managing our mentality, because the profit and loss will always overshadow us in the market, and can make us impulsive in trading, which can end up scary.

I think it is not a problem to try for beginners who do not understand their own trading, but the problem is if they rely too much on them for our trading activities, because at any time they are also not always right and it is impossible for us to continue to follow other people's strategies in trading, because it will harm ourselves, we will not get learning and knowledge in trading actually if we continue to use other people's results to do our own trading.

That is what is dangerous in my opinion, but to try and to learn in my opinion is not wrong.

[DarkState]

You can try copy trading but it is very risky. Many have faced loss by trying copy trading. You can try but you must understand what you are doing. In my opinion you should create your own trading strategy instead of copy trading. Trade as you like. That will be good for you.

[nelson4lov]

If copy trading were indeed a breakthrough in the trading industry, we would've had several thousands of new millionaires from copy trading alone in the last decade but we don't. It's the same as people saying AI can make people become millionaires by successfully creating winning trades. These kind of things are very much enticing in theory but in practice, the results are always subpar. Back in 2017, there was a "decentralized" copy trading platform that had an ICO on the forum. The project has since gone extinct. Why am I bringing this up? It's simple. Copytrading was thought to be the next best thing then and almost 6 years later, we are having this discussion.