๐จ Dont MISS this Opportunity To WIN Big AnD Make PROfITS ๐ค
Copy Trading is the latest innovation on the Cryptocurrency market. An entirely unique trading method, that allows users to benefit from the experience of expert traders and make profit from their knowledge.
The copy trading option is designed for beginners who have not learnt how to trade. In the copy trading option, you do not need to be an expert on cryptocurrencies to make profit on them, in fact you do not need to know much about Cryptocurrency trading to make money, all you need do is follow expert traders with an amount of capital and make money off their trades.
The copy Trading option also provides beginners interested in Cryptocurrency trading, with an opportunity to learn, as they are able to observe the trades made by experts they follow, and this gives them a chance to analyse successful trades and incorporate the experts trading style.
๐ฅ What is copy trading and how does it work โ๏ธ
So that your expert will not blow up your account with a series of losses or a single mistake.
Your expert is not responsible for your losses.
It is easy to believe that your expert trader is acting in your best interest.
Wake up, buddy โผ
They are interested first in their commission and bonuses.
They may even have no feelings or consideration for the people that are copying their trades.
They will execute trades based on their own personal goals, target, and risk appetite.
You definitely don't want to put your financial situation at the mercy of some random expert.
That is why you must only fund your account with only an amount that you can afford to lose should in case.
๐จ Beware of dubious traders
Most times, you don't know anything about these experts.
That means the only way to check their competence is via their track records on the exchange.
Some of them will use different means to make their accounts appealing to you.
That is why you need to be careful and try to track and analyze the trades to learn what they are doing.
Even if there is nothing out of the ordinary with their trades, you should still strive to learn from them.
And strive to become an expert too if you want to go that line and manage your trades by yourself.
Copy trading can be a fast route to making money with crypto trading if you find the right expert(s) to follow.
But it will be unwise to think that nothing can go wrong because, after all, they're experts.
Copy trading refers to the act of using the same trading strategy as another person.
In this case, when the trader you are copying buys, you buy. And when they sell you sell. SIMPLE AS THAT .
Using the same entry, stop loss, and exit points.
This process can be automatic or manual.ย Depending on whether your exchange supports it or not.
If it is manual, you have to enter the trades by yourself. Using the signal provided by the expert
If the exchange supports it, then you can set it up and forget it.
The system will enter and close the same trades as the expert you're copying.
So, when the expert makes a profit you also make a profit and when they lose a trade you lose too.
For every winning trade, the expert takes a small commission that ranges between 5% to 40%. Depending on the platform, and the trader.
This commission rate is set by the expert traders themselves or the exchange. Again, depending on the platform.
So you will do well to find out what the commission rate is on each platform before you plunge in.
๐ซ The risks with copy trading
From the discussion, it looks like copy trading is an easy way to make money without doing anything.
But is it โ๏ธ
Is it the ultimate passive income opportunity that will finally make you richโ๏ธ
Not exactly.
There are a few things you must consider before jumping into copying an "expert's" trades.
๐ Picking the right expert trader
How do you pick a good trader that will not help you lose your moneyโ๏ธ
And, no, they are not above and beyond losses.
Even the best of the best traders lost money sometimes.
Sometimes, they can even go on a losing streak that may be hard for you to recover from. Or make a single wrong move that will put your entire account balance at risk.
That is why you need to pick a trader that match your risk tolerance.
And then set up a strong fund management strategy on your own account.
๐ In the end, you still have to do your own research (DYOR) and start with small capital.
๐น๏ธOnly follow traders that have similar risk appetite as you.
๐จ And don't forget to track and analyse their trades to see what they are doing.
Learning what they're doing wrong or right can put you in a position to start trading by yourself or pick better traders to follow next time.
#IntroToCopytrading