What is Copy Trading and how it can autopilot your Crypto trading?
How I went from $1,000 to $15,000 just copy-trading people!
You don’t have to be a professional to grow your Crypto Portfolio, By just copying other pro-traders you can autopilot your Crypto trading.
What is Copy Trading?
Copy trading is a type of trading in which you can directly copy an expert Trader’s positions taken by another Trader and link a portion of your portfolio to theirs. You replicate all of their current market positions as well as any future actions they take, such as Opening a position, assigning Stop Loss and Take Profit orders, or closing a position are all executed in the copying trader’s account. The process involves tying up your account with another trader by automatically replicating their positions in your account. You win if they turn a profit; if they lose, you lose. This process is also more passive because the trader does all of the work and you’re simply copying, and the process is usually completely automated.
Copy Trading is a good tool as some traders use this as a way to “earn while they learn”, as navigating the markets can be difficult for new traders. On the other hand, there are some traders that use copy trading because of the lack of time to commit to the market. Either way, it can be an extremely useful tool.
Let’s walk Through Several ways Copy Trading can be done, which are:
- Automated Software – Using this method, you can automatically copy the traits that more experienced traders make, without having to analyze the market yourself. This is done automatically and trades are opened from your desired/chosen Trader.
- Social Trading – Through this way you only need to join a group of Traders that are giving out specific Trading calls on a social media platform, which tend to be #Discord, #Reddit, #Telegram and many others.
What is the best Copy Trading platform?
Some of the best platforms which I use and recommend are:
- BYBIT – Sign up with ByBit with my link and claim up to $30k in Deposit BONUSES! – https://partner.bybit.com/b/30KDepositBonus
- BitGet – Sign up with BitGet with my link for up to $8K deposit BONUSES to get started! – https://partner.bitget.com/bg/AltCryptoGem
Either one you choose, they are both the ultimate platforms to start your journey! Currently I’m LIVE with a copy trading account on ByBit, so be sure to follow me there if you want to get started, find my profile by searching “AltCryptoGems”, or by following this link: https://i.bybit.com/ab9bBY3.
How I went from $1,000 to $15,000
Copy trading is similar to any other investment in that you can either make or lose money. Which traders you follow, as well as the timing of when you copy their trades, determine your profitability. Both of these factors will affect any resulting profits or losses.
You can join my FREE Discord channel of professional Traders that give trading calls around the clock to know more on how I went from $1,000 to $15K just copy-trading people in a very easy way.
How do you Copy Trade?
Here are the steps you should take to copy trade.
- First, you will need to select a Crypto platform that supports Copy trading. Right now the biggest copy trading system is on ByBit and my GO-TO exchange to Copy Trade. Sign up with ByBit with my link for up to $30K deposit bonuses to get started! (LINK)
- Once your account is active, you will see a list of signal providers along with their stats. This usually includes P&L and risk profile. Select the person/people that best suit your objectives.
- Fine-tune any risk/reward parameters for each trader you’ve copied, and think about whether you’ll copy their existing open positions or only new positions going forward.
- Once you’re satisfied with the settings you’ve chosen, click to copy trade the traders you’ve chosen to follow. Be sure to search for “AltCryptoGems” if you want to follow me!
- After you’ve set your parameters, the system will synchronize the trader’s opening and closing signals in real time to manage open and closed positions automatically.
Advantages and Disadvantages
Before you start trading, by copying other trades it is very important to know its advantages and Disadvantages, Which are:
- Copy Trading allows new traders to become acquainted with the financial markets and gain the confidence to trade.
- By observing the actions of others, new traders can learn how to trade from more experienced traders.
- It’s all automated!
- Creates a community of traders, both new and experienced, who can share ideas, strategies, and work together to improve their trades.
- You have no influence over the decisions, as you are copying the other traders.
- You risk losing your entire portfolio by choosing the wrong crypto trader to copy.
Conclusion & Links
Copy Trading is one of the ways that investors, novice or otherwise, can earn from the world’s largest financial market on autopilot. When it comes to Social Trading, find a trustworthy group of Traders with the best intentions in mind (AltCryptoTalk) and learn as much as possible while you’re at it!
That’s it! Thanks for reading! Have a look at our Guides section for more!
If you’re interested in learning more about Web3 and getting free crypto alpha, be sure to follow me on Twitter – @AltCryptoGems.