Crypto Copytrading a good start for beginners?

[Macjaja64]

Hi fellow traders! Today, we delve into a fascinating and potentially rewarding topic, for obvious reasons we know the concept of copy trading has gained substantial popularity, particularly among beginners. In this interactive discussion, we'll explore the ins and outs of this strategy, evaluate its benefits, and ultimately leave you pondering whether it's indeed a good approach for newbies. Let's dive in!

 

Few cex like Binance & bitget have in recent times upgraded their features on copy trading allowing traders to automatically mirror the trades executed by experienced and successful traders on the platform. Instead of relying solely on your own skills and knowledge, you can benefit from following the strategies of seasoned professionals. This simplifies the trading process, reduces the learning curve, and opens up greater profit potential.

1. Have you tried out any of the platforms copy trading and do you think it’s a good strategy for beginners? Why or why not?

2. What factors would you consider when choosing a trader to copy on either platforms? 

[AnanyaBushra]

Copy trading is super beginner-friendly! Some ppl argue that it doesn't offer much learning, but honestly, making profits is our main goal in crypto. Beginners won't enjoy trading if they only experience losses. To practice trading, they can use demo trading while still making profits through copy trading

[Ridwan]

Honestly, I'd rather place trades myself than copy others' trades cos I believe there are limitations to someone else's knowledge.

[Macjaja64]

3 hours ago, Ridwan said:

Honestly, I'd rather place trades myself than copy others' trades cos I believe there are limitations to someone else's knowledge.

lol yea the thing is we all have our perceptions about copying trades from others, I think it’s a welcome idea for beginners. Using bitget as a case study, they’ve elite traders with good roi which you can copy from. And i see this as less time consuming & cannot limit your learning process, while copying other successful traders trade. You are also learning too. 

[Maryann]

5 hours ago, AnanyaBushra said:

Copy trading is super beginner-friendly! Some ppl argue that it doesn't offer much learning, but honestly, making profits is our main goal in crypto. Beginners won't enjoy trading if they only experience losses. To practice trading, they can use demo trading while still making profits through copy trading

Yea, I agree with you. No one likes it when their hard-earned money goes to waste just like that. Now this copy trading, how can an amateur learn to trade. You know at some point "you did teach others how to fish and not just to eat the fish."

Edited August 2, 2023 by Maryann

[megamind]

On 8/1/2023 at 7:39 PM, Macjaja64 said:

Hi fellow traders! Today, we delve into a fascinating and potentially rewarding topic, for obvious reasons we know the concept of copy trading has gained substantial popularity, particularly among beginners. In this interactive discussion, we'll explore the ins and outs of this strategy, evaluate its benefits, and ultimately leave you pondering whether it's indeed a good approach for newbies. Let's dive in!

 

Few cex like binance & bitget have in recent times upgraded their features on copy trading allowing traders to automatically mirror the trades executed by experienced and successful traders on the platform. Instead of relying solely on your own skills and knowledge, you can benefit from following the strategies of seasoned professionals. This simplifies the trading process, reduces the learning curve, and opens up greater profit potential.

1. Have you tried out any of the platforms copy trading and do you think it’s a good strategy for beginners? Why or why not?

2. What factors would you consider when choosing a trader to copy on either platforms? 

Copy trading? 

 I came across then because of my busy schedule and it was good. I think it will be good for newbies who don't know how to analyse the market yet and people who have been making losses and also busy folks like myself too!