Copy Trading on Moby App, hype or success?

[Mpamaegbu]

I'm asking here, maybe other persons are also looking in the direction I'm looking. Recently, I discovered that MobyScreener, a token discovery and analytical trading platform like pump.fun, FOMO, and the rest of them, has started copy trading. I've been using Moby app, especially for new and trending tokens, for some of my trading engagements for months when copy trading feature wasn't even there. I guess the feature was recently added. I discovered it last week. Users of that app have a maximum number of 20 traders to copy from and one can also add or remove those traders anytime one feels like. I've tweaked my settings to my taste at TP – 100%, SL –30%, and have been waiting for trades for the past three days now. None has triggered yet, though.

Now, here are my questions – Has anyone here used or has been using that feature? Two, if they've, ​have they really been profitable with it? I will like those with firsthand experience on the subject matter to respond so I know if it's just mere hype or something I should continue to be patient with.

[Dr.Bitcoin_Strange]

I am just hearing about "MobyScreener" from you, if not that you are a legendary rank, I would have accused you of promoting the platform because someone can actually make inquiry about copy trading without having to mention the specific platform that they are copying the trade from. Hundreds of platforms ranging from crypto exchanges, forex brokers, social trading platforms and third party trading services allows copy trading and this copy trading of a thing only means one thing which is that the analysis was done and posted by someone else and if the win rate of this person is very low, you that is copying their trade will definitely become unprofitable if you are not a knowledgeable trader yourself.

I have tried the copy trade feature of an exchange, although you won't see the analysis of the trader you are about to copy but the exchange will show you different traders, their win/loss rate and then you will select your preferred trader, set the amount you want to use in following their trades, and the exchange will handle it from there.

 I have also used a third party service, he will post the trades (entry, take profit and stop lose) and his subscribers will have to go and start the trade manually on their exchange or broker. You will be at an advantage if you know how to do proper analysis because you will be able to refine that trade before taking it and you could detect an error in the analysis and avoid taking the trade.

I was never profitable during my two attempts at copy trading, unlike now that I'm doing my own analysis. Even with the 100s of copy trading platforms, I can tell you that I have not seen people coming out to say that they have become incredibly profitable through copy trading. Not on this forum, not on social media and not even in real life.

Copy trading is just sensationalism, except you are actually following a traders that has a long history of success in trading, then you could also be winning just like them, however they also experience losing trades too.

[Oshosondy]

I have not used copy trading before, but I have studied it before and noticed that it is not worth it.

Assuming the lead trader is making money already and you copied the person, what if the lead trader profit started to reduce when you started to copy him and you are losing instead. The lead trader can decide to later sell or close the position with profit, but which is a loss for some people that are coping.

Not worth it for me.

[Gozie51]

I have not used the Moby app though but the little research I did on it shows it tracks whale wallets and their activities on buy automatically. It leaves you with manual sell orders. However, maybe the app has not seen a good opportunity for buy since it is more of buy orders

The lead trader can decide to later sell or close the position with profit, but which is a loss for some people that are coping.

What I know of copy trading is that it replicates the trades, orders or operations of the lead or the person you are following. The difference is how much you are trading with. Meaning, if the lead trader is exiting in losses then same applies to those following as well as for profit. What differentiates the profit and loss is the amount involved. That is, the amount of trading funds which determines the risk and profit.

[fighter2627]

I've heard so many copy trade, but I've never seen that they'd become profitable in it, real talk only. They may get a profit but not that big I guess, it maybe a small portion only
but to obtain in earnings is not I think.


So this moby app is where I found out about it, so it's probably no different from what I see using ai, it still can't be said to be accurate enough to give profit
to those who copy the lead trader that anyone can choose, right?

[Queentoshi]

I have not used copy trading before, but I have studied it before and noticed that it is not worth it.

Many of the people who I know started copy trading one top trader ended up not becoming traders themselves because they were dependent on other traders at a time when they should be learning and when these traders that they were dependent on either stopped giving out their signals or change their strategy or even increased their account size to a level a small account size copying their trade will be affected and lose money even if the traders win, they simply quit trading and then look for something else to do. I feel the best thing to do is invest your time in trying to learn trading for yourself so that you be the person that is giving the signals that other people copy.

My opinion on people who are simply just looking for other traders to copy or get signals from is that they are greedy. Maybe somebody else feels that way.

[Charles-Tim]

What I know of copy trading is that it replicates the trades, orders or operations of the lead or the person you are following. The difference is how much you are trading with. Meaning, if the lead trader is exiting in losses then same applies to those following as well as for profit. What differentiates the profit and loss is the amount involved. That is, the amount of trading funds which determines the risk and profit.

This is what copying trading should be, but it can depend on the platform. Although, a good site that allow copy trading will allow the person that is copying a trader to automatically open and close positions as the person that is followed is opening and closing position.

I've heard so many copy trade, but I've never seen that they'd become profitable in it, real talk only. They may get a profit but not that big I guess, it maybe a small portion only
but to obtain in earnings is not I think.

When someone can not trade on his own, he should not expect profit. Some people can have some successes, request the exchange to allow people to be copying his trade, but later can be the losses. This happened to a friend of my that lost money to copy trading.

[Ruttoshi]

Of course many exchanges have the copy trade feature where you're given some numbers of open trade to copy from if you don't have any idea of the market. However, I don't like copy trading because you don't even know if the person made the right trade or not. It's same thing like trading blindly and only depending on luck.

You will have very little experience on trading if you're using copy trading and that kills the whole aim of finding a good trading strategy and how to limit the risk of the market.

[Gozie51]

You will have very little experience on trading if you're using copy trading and that kills the whole aim of finding a good trading strategy and how to limit the risk of the market.

The truth about copy trading is that, it is basically for people who want hands free kind of making money. It may not be that they don't have strategy that they trade with, they may have a separate account that is a copy trade account and have another that they trade by themselves. They see it as diversifying their source of income. Some people too may find it difficult to trade or they are busy offline and so they invest in copy trading. But the buttom line is, is copy trading actually profitable? Except it is being traded by robots because more traders lose money in trading than they are profiting.

[Doan9269]

Now, here are my questions – Has anyone here used or has been using that feature? Two, if they've, ​have they really been profitable with it? I will like those with firsthand experience on the subject matter to respond so I know if it's just mere hype or something I should continue to be patient with.

I've tried copy trading once and it's really got me disappointed, everything went on the opposite way as of what I expected, now you can't see me going after copy trading for any reason because I know I could learn to do better on my own than depending on those platforms to trade for me with their signals, all these things don't really work and that is why you will see most of the traders don't consider copy trading, especially the professional ones that are into trading in full time will not copy trade because they know what they are doing.

[Ruttoshi]

The truth about copy trading is that, it is basically for people who want hands free kind of making money. It may not be that they don't have strategy that they trade with, they may have a separate account that is a copy trade account and have another that they trade by themselves. They see it as diversifying their source of income. Some people too may find it difficult to trade or they are busy offline and so they invest in copy trading. But the buttom line is, is copy trading actually profitable? Except it is being traded by robots because more traders lose money in trading than they are profiting.

Why will anyone diversify into losses when you know that there's no guarantee that you will make profit from copy trading. Trading cannot give you free money even if you're a professional trader and make a wrong market analysis talk more of someone who copies someone trade.

I will classify anyone using copy trading as a gambler and not a trader even though, you have your own trading strategy because it means that your strategy is putting you at constant losses. It's better to stop trading if you're incurring more losses than making profit. Trading isn't for you.

[Sticky Bomb]

I am just hearing about "MobyScreener" from you, if not that you are a legendary rank, I would have accused you of promoting the platform because someone can actually make inquiry about copy trading without having to mention the specific platform that they are copying the trade from.

There's nothing to accuse him of, he was not advertising the platform but seeking an honest review which isn't wrong in any way. BTW legendaries can push shady services, rank doesn't necessarily depict accountability, but that's not the case here.

I don't do copy trading, buh I sure have guys that do it, the truth is that they themselves don't trust such services and do it with very little amount. I recommend OP shouldn't use his main trading portfolio for copy trading, he may want to use another account to test it out, just in case.

The truth about copy trading is that, it is basically for people who want hands free kind of making money. It may not be that they don't have strategy that they trade with, they may have a separate account that is a copy trade account and have another that they trade by themselves. They see it as diversifying their source of income. Some people too may find it difficult to trade or they are busy offline and so they invest in copy trading. But the buttom line is, is copy trading actually profitable? Except it is being traded by robots because more traders lose money in trading than they are profiting.

Why will anyone diversify into losses when you know that there's no guarantee that you will make profit from copy trading. Trading cannot give you free money even if you're a professional trader and make a wrong market analysis talk more of someone who copies someone trade.

No single service comes with a loss badge, so traders may want to try out copying signals to possibly increase their chances on profitability. About guarantees, there's none even for the trade you placed yourself, so no harm in testing another prediction with small amounts, who knows, they may be better at the game than you.

[boyptc]

The truth about copy trading is that, it is basically for people who want hands free kind of making money. It may not be that they don't have strategy that they trade with, they may have a separate account that is a copy trade account and have another that they trade by themselves. They see it as diversifying their source of income. Some people too may find it difficult to trade or they are busy offline and so they invest in copy trading. But the buttom line is, is copy trading actually profitable? Except it is being traded by robots because more traders lose money in trading than they are profiting.

The misconception about copy trading is that people think if they do this, they're already going to make profit. While they didn't even know even the trader they're copying is prone to losing.

It's good that OP has opened it here and he's new to it. I don't do copy trade because I think that some of the best traders there are implanted by the platform itself for people to copy them.

The best feed back is to see how it will go with the settings that OP has made and just go on if it works for him but if not, then he'll assess it if he'll continue to do that setup or stop.

[I_Anime]

I'm asking here, maybe other persons are also looking in the direction I'm looking. Recently, I discovered that MobyScreener, a token discovery and analytical trading platform like pump.fun, FOMO, and the rest of them, has started copy trading. I've been using Moby app, especially for new and trending tokens, for some of my trading engagements for months when copy trading feature wasn't even there. I guess the feature was recently added. I discovered it last week. Users of that app have a maximum number of 20 traders to copy from and one can also add or remove those traders anytime one feels like. I've tweaked my settings to my taste at TP – 100%, SL –30%, and have been waiting for trades for the past three days now. None has triggered yet, though.

Now, here are my questions – Has anyone here used or has been using that feature? Two, if they've, ​have they really been profitable with it? I will like those with firsthand experience on the subject matter to respond so I know if it's just mere hype or something I should continue to be patient with.

I don’t know much about the feature you’re mentioning. But there’s a feature that come with some of these trading apps like FOMO, pump.fun , that allow users to be alerted whenever the folks they’re following place a trade .

Though, that doesn’t guarantee you profitability. Speaking base on experience, now I don’t want anything to do with trading meme coins . I think some of these whales with high followers are benefiting more from this feature, because whenever they purchase any coins most of their followers will purchase that same coin with them which will bump their (whales ) bags too .

[Donneski]

Never been a fan of copy trading and hasn't engaged in it before, that's not because I don't the it can be profitable but because I know that copying a successful trader doesn't guarantee same results for me. Entering the same trade doesn't necessarily mean you'll have the same outcome, the entry price, timing and the amount you're risking can still make a difference. Again, someone that's been making profits in particular period of time can still still make mad decisions. There are people who testify of how they profit from it but for me, I don't think it's wise to totally trust someone with my money without knowing how they manage risk.

[Mpamaegbu]

I am just hearing about "MobyScreener" from you, if not that you are a legendary rank, I would have accused you of promoting the platform...

My bad, I never imagined anyone would misconstrue it that way. I'm not running any plug for anyone. Just a harmless inquiry. Perhaps I took it for granted and assumed that the site was a popular one among users here.

Even with the 100s of copy trading platforms, I can tell you that I have not seen people coming out to say that they have become incredibly profitable through copy trading. Not on this forum, not on social media and not even in real life.

Now, that's a major blow to my excitement. I thought I had found something, maybe not a holy grail but something close to it with that. However, I'm not going to grow weary just yet. I will patiently watch how it plays out. If this doesn't work out, then it will mean just one thing that all the results (their win rates are enticing) from the traders I'm copying are cooked up.

The lead trader can decide to later sell or close the position with profit, but which is a loss for some people that are coping.

Sorry, that's not how copy trading works. What you described there was providing signals or making trade calls. Copy trading is automatic. It's trading the same thing the trader(s) you're copying is(are) trading at the same time with the same entry and exit points but different amount without you manually triggering trades. There's no way they make money and you lose.

My opinion on people who are simply just looking for other traders to copy or get signals from is that they are greedy. Maybe somebody else feels that way.

Oh yeah? Greedy? That's a new classification for me. I thought they're said to be Lazy? 🤔

I don’t know much about the feature you’re mentioning. But there’s a feature that come with some of these trading apps like FOMO, pump.fun , that allow users to be alerted whenever the folks they’re following place a trade .

Nope, that's not copy trading. That's alerting you to see what traders you're watching their wallets are doing and then make your decision whether to trade in their direction or not. Copy trading is simply someone trading for you.

[Oshosondy]

Sorry, that's not how copy trading works. What you described there was providing signals or making trade calls. Copy trading is automatic. It's trading the same thing the trader(s) you're copying is(are) trading at the same time with the same entry and exit points but different amount without you manually triggering trades. There's no way they make money and you lose.

Yes, but I have seen Gozie51 posted about the correction already though. I have not tried copy trading before and I am not planning to try it which is the reason I was wrong about it.

I was confused with the PnL of the lead traders. So it is just to show the profit the trader made.

But I have heard bad experiences about those that went for copy trading before.

[Mpamaegbu]

Yes, but I have seen Gozie51 posted about the correction already though. I have not tried copy trading before and I am not planning to try it which is the reason I was wrong about it.

It's okay. However, sometimes it's good to try these things out to make the experience all encompassing. Life itself is about risk. We can't escape losses in this industry. I see a lot of people run away from trading but they're into gambling. They opine they will lose money in trading. But isn't that hilarious when we know that both involve risk?

But I have heard bad experiences about those that went for copy trading before.

Trading generally is about PnL. We, as traders, can't escape it. In fact, we shouldn't pray to escape the L in it. There's no professional trader who doesn't have a losing streak. So, we should've that in mind. Even the most profitable traders in reality aren't immune to that.

[General_Bitcoin]

Trading generally is about PnL. In fact we shouldn't pray to escape the L in it. There's no professional trader who doesn't have a losing streak.

I agree losses happen and cannot always avoid risk. I think the difference between trading and gambling is how risk is managed. Trading blindly without understanding why you are in the trade in the first place and not knowing your risk/reward is gambling. Blindly following someone else’s trades is also gambling. You don’t know why they took the trade, what their strategy is, or if their losses are within your risk tolerance. Even if someone is overall profitable they could have a big losing streak and you could lose more than you can afford. At least as a trader you can educate yourself about the markets and control your risk and position sizing. So yes losses do happen, but I think it’s important to know your risk tolerance and understand a strategy before trading with real money.

[tugba]

Never been a fan of copy trading and hasn't engaged in it before, that's not because I don't the it can be profitable but because I know that copying a successful trader doesn't guarantee same results for me. Entering the same trade doesn't necessarily mean you'll have the same outcome, the entry price, timing and the amount you're risking can still make a difference.

Maybe you are talking about a person or group that share/sells signals mate? This one is manual but as the OP said, copy trading is automatic and you share the same result as the person you copy your trades with. The only difference in copy trading is usually the amount involved, as we are likely copying a pro and big trader that has decent money at stake, while we as a regular user we can mostly risk regular or smaller amounts. Even if we are confident of what we follow and we pump up the amount, for sure it won't still match to those amounts that we see on the other trader.

Again, someone that's been making profits in particular period of time can still still make mad decisions.

Mad or being greedy? Or it can also be mad like they are angry and not in the mood. Indeed it can affect their performances but apart from it, sometimes it is only about being unlucky or there are random circumstance that affects the flow of stuff.