Is Crypto Copy Trading is Worth to Avoid Risks?

Many people believe that having a good knowledge of technology and mathematics is the only way to make money in crypto trading sphere. However, the reality is that there are many strategies and helpful advanced tools are available that can help you place successful trades. And, crypto copy trading is one such tool that can make it quite easier to earn money. Let’s understand what is crypto copy trading?

Copy trading

Copy trading is one of the most profitable trading strategies that allow you to buy and sell crypto automatically. It lets you copy the trades of the most successful and advanced traders, so you need not to spend a lot of time on understanding the market.

The whole concept of crypto copy trading is about identifying successful trades from the expert traders and then mimicking their trades. Unlike regular crypto trading, the copy trading doesn’t focus on the current market trends or attempting those complex trading advanced strategies. Instead, it is automated software that simply looks at the trades of expert traders and does the same thing. For example, if the trader you are copying spends 5% of his money on a certain coin, then the copy trading bot would spend 5% of your money on the same coin.

Copy trading is the best tool which works great for the beginners as they don’t have to understand the market completely to place trades. Even if you are a regular trader, copy trading can be a helpful tool. Apart from this, make sure to choose the right copy trading bot which will automatically copy all the activities that your copy trader carries out on the exchange. To control your risk, you can stop copying the trades at any moment.

How does copy trading work?

Actually crypto copy trading is a 3-step process. Let’s have a look at these:

• Finding the right and suitable platform
• Choosing traders to copy the trades
• Setting the budget

Copy trading bot

If you have been thinking about how to automate your trades, considering copy trading bots is the better option. These bots have more advantages over manual trading.

Copy trading bots are actually the software that enables users to mimic the trades of other traders automatically without taking actions manually. Bots will work on your behalf by making use of the algorithms and the external factors such as the conditions that traders want to use in activation of their command. These factors could be the technical indicators which will trigger an action like a buy or sell order as per the set strategies.

How to choose the right trader for copying the trades?

Choosing the wrong trader or traders may lead to unsuccessful trades. Copying will make your investments quickly evaporate, so it is essential to conduct thorough research and develop a strategy that suits your budget and goals. When it comes to choosing a trader, we recommend using the following criteria:

• Is the copy trader you are following is expert or not
• Trader’s portfolio
• Their success rate
• Their activities across different trading platforms

How to start crypto copy trading on the crypto trading platform

The best copy trading platforms give copy trading a shot. Even when you're still wondering, "What is crypto copy trading?" Here is an easy to understand the process. If you want to give copy trading on any copy trading platform a try, follow these simple steps:

1. Create a copy trading account: Begin by setting up a crypto copy trading account on you’re the crypto trading platform which you have chosen like TrailingCrypto, Cryptohopper, etc. Once you've done this, you can go to the Derivatives tab and click on the Copy Trading option to begin trading.
2. Fund your account: Make sure you have money in your account to begin trading. If desired, you can transfer funds straight from your Derivatives account to your Copy Trading account.
3. Choose a trader to follow: Browse the principal trader list on the trading platform to select a person you want to follow. You'll be able to consider things like their number of winning trades and the average profit their followers receive.
4. Select your trading parameters: Once you’re following the principal trader, your chosen crypto trading platform will prompt you to choose parameters. You can enter your order amount, designate a derivative trading pair, and choose your desired leverage.
5. Confirm your decision: To start crypto copy trading, all you have to do next is to confirm your decision. Once you click on Copy, you'll start following the trader's moves.
6. Checking out the trades: If desired, you can be completely hands-off. However, the crypto trading platform also lets you log in to your account to see your current positions at any time. From here, you can monitor your trades, and can close trades manually at any time.

When it comes to choosing the best trading bot, you need to be very careful in finding a trader whose strategy you would like to copy, or a trading platform. You should always read their terms and conditions carefully. If you have a chance, you should discuss the variants that you consider with a more experienced trader whom you trust. Additionally, you should pay attention to expert reviews and users’ comments.

Finally, crypto copy trading can be an easy and effective way of placing the right crypto trades. Copying other more experienced traders will let you automate your trades and learn a little more about how the market works. As long as you take the time to research traders carefully and follow a reputable trader, this could lead to increasing your chances of success.

Aim of Trailingcrypto is to Provide a Unified Trading Platform to enable user to do trading on multiple cryptocurrency exchanges from single platform. We provide many Advance Order types which is natively not available on all exchanges.