I had a friend who discovered a channel on social media and since he has been on.my neck to check it out how it works, thus, I am not that a fan of copy trade or even trade above spots trading talk less of copy trading someone's trade.
Why doesn't he learn how to trade himself? I think it's better to at least try and if he's not good at it, then he can copy trade.
One of the main reasons why is because they don't want to learn it, but they want to earn money thru trading hence, they just copy successful traders hoping that they will make money as well without doing anything, and while it could be profitable to you, there will always a chance that it might be not. In fact, there's a higher chance that you will not make money in the end by just copying other traders.
If he's not good at it, he needs to learn it, and not copy-trade. Copytrading is for the lazy and for those who are afraid to lose their money because their newbies. Yes, I've tried copytrading in the past, and there were times where I made money, but for the majority of the time, I lost.
From my past experience of copy trading, last year was my last try to copy trade, like I tested 5 master traders, and let's say 1,000 USDT each, only 1 became profitable, and I still have losses.
So, you don't need to have the same amount as the master trader; most platforms now, as exchanges have already advanced features like stop losses, or percentage trade size, depend on the master trader you are copying.
The only challenge here is to find a good master trader to copy.
Even if you find a GOOD master trader to copy, the chances of you losing money is still high, and you might still end up losing your money.
At least that's what I've experienced. I tried to copy this one successful trader, an in my first try, I doubled my money just by copying his trades. I pulled out my money after that, didn't copy him for months, then decided to copy him again, but after a few weeks, my initial capital was cut into half (because that's my risk that I entered), and I decided to stop copying him. Waited for few months, copied him again, but this time I didn't put a risk limit, and that's my mistake because I ended up losing all of my capital.
Copytrading can be profitable, but only for a few ones. At the end of the day, it's always better to learn how to trade for yourself instead of relying on other traders to make money.
