Post
Topic
Board Trading Discussion
Re: Is copy trading a legit way of income for beginners or just a marketing tactic?
by
Mauser
on 12/08/2023, 05:50:20 UTC

So, is copy trading legitimate? Yes, it can be a legitimate way to invest if you do your research and select the right traders. However, it's important to remember that there is always the risk of losing money, even with copy trading.

Copying a successful trader is a good start for any beginner. In case we have access to the trading strategies of experienced traders I would recommend anybody to take a look at them and implement them if it still makes sense. Blindly following a successful trader however is not going to work forever. Just because we make money in the first few months is no guarantee that we are going to keep making money of the strategies. The crypto markets are changing all the time and we need to keep reevaluating our positions and adjust them to new market conditions. How likely is it that the experienced trader will let us know when he closes down position? In case we pay the trader with a monthly subscription then I wouldn't worry so much, but if not I would be cautious. It could be devastating to be stuck in a trade that we should have closed out weeks ago. Getting inspirations for trading strategies is a good thing, just make sure you understand it and do some own research.