Quote from: Mauser on Today at 05:50:20 AM

Quote from: ananyabushra on August 08, 2023, 12:10:43 PM

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.

Copying the trading methods of these experienced traders can be a great first step for beginners. They will be able to gain a lot of experience there by copying the methods of those who are already experienced not only the profits they get. But I would say it is only for beginners who are willing to improve, I mean for those (beginners) who are willing to learn it, do a lot of research in the strategy of copy trading and take the knowledge, it is very helpful to be one step ahead as a trader. There is no better way except to do it with your own knowledge and method, like you said they will only get temporary benefits there if they continue to use other people's methods. Market conditions will continue to change at any time, and therefore I think it is much better if we use our own way of trading. So we will be able to do various ways according to our knowledge to minimize losses if the market changes instantly. And also with that I think we will be able to be more precise to make decisions in urgent positions.