Should I Try Copy Trading?
Should I Try Copy Trading?
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 if you can guarantee the portfolio of the trader you are copying has good solid track. The problem on crypto exchange copy trading feature was they only highlight traders that experienced high profit for that period and not all time high.
I’m always skeptical on following someone trade in crypto since crypto market is too volatile while some experienced trader usually enter a risky trade due the markets volatility.
I’d rather use trading bots which allow you set the trades rather than just copy someone randomly.
If 90% of traders are losing, you know what that means. I will not post that you should not try copy trading, but try it with the amount of money that you can afford to lose.
If you copied someone and you did not lose the first time, that does not mean you can not lose next time.
The best is to learn trading your. But use the money that you can afford to lose for trading.
I did tried copy trading but there are a few things to consider while you copy. The high ROI strategies gets our interest immediately but most of them are as a result of recent trend or trend reversal. You might have profited a lot with that strategy if you had gone with it a fe2 days ahead but now, it might have undesired trend reversal. This way you may lose. The risk is higher if you are going with leverage or futures trading.
I look for strategies that are doing well for over a month and don’t have very specific trend as it would be able to earn in both sideways and bullish market and I mostly avoid shorting.