I'm sorry, but automatically copying another trader is NOT something I would ever recommend doing. Each trader has a different goal, and copying in blindly just because it looks like a trader seem to be doing well does not guarantee success. If you want to trade, watch, observe others, then use that knowledge and develop your own game plan. Been there done that, but that's my humble opinion. Best of luck to those who follow this advice -cheers.
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Follow traders for ideas and learning but do your own trades would be my advice.
Each trader has there own method. 1 trader may be a long term trader, another short term and another a scalper. Now you might thing think you are making bad losses on the long term traders trades and you may choose to close these trades... soon after these trades may react and your losses could have been turned into amazing gains! but not only did you miss the profit your also took a loss!!!!
So, understanding and learning is key.
FINALLY and MOST IMPORTANTLY is MONEY MANAGEMENT. No single trade should be able to lose more than 2% of your account. If you are taking larger risks... then maybe the casino is a better option? I mean you are simply gambling your hard earned cash.
When I am trading forex successfully (I have losing streaks also) then I make between 5~10% each week. I can trade 20~30 trades without any loss, again, I do have losing streaks also. It is a matter of working out what kind of trader you are and what works best for you.
You might scoff at that... because you may think it is not much profit. If you think like this, then it is because you are not working with enough capital. If you sacrifice money management rules and increase risk you will not be trading for long before you blow your account (unless you get very very lucky)... when playing high risk... you will fall into the danger of emotional trading.
This is my 2 cents worth and your opinion may differ.
None of what I say should be taken as trading advice for each person and their position is unique.
Absolutely agree with you. It
s just some kind of game advise to copy other traders) just makes me smile) if you wanna trade, youll gonna learn first, like in other spheres. it is professional approach. if not - trading is not for you. copying others is just a game. then much better to use some other forms of investing. for example, to choose strong altcoin and invest for a long time.Learning takes years of study, experience, and research. A beginner would lose a lot of money trading on their own until they are educated.
Therefore, WHILE a beginner learns the market and trading, he can copy trade right away make profits right away until he becomes experienced. It really is the fast track to success.
Just make sure you follow these 7 rules when picking a trader and his strategy to trade.
LOL I cringe and I laugh at the same time. Spamming in the comments section, is there a downvote button Steemit?
The flag hanging up to the top right of a comment is the way to downvote.
Didn't know there was, thank-you!
Spamming? Just because someone posts an opinion opposite of yours does not make it spam. For those who like to copy trade, I posted a link to my blog with an article on the proper way to select a system to copy. @alihbadr, @abh12345 and others posted links to articles on their blogs. Are they spamming too? Not sure where spam comes in. Everyone posts links to their blogs and posts for more info.
Will. You are selling a product outside Steemit correct? which is why you posted a link to your website with your comments. I checked out your website, and it is not a blog. It sells an informational product. Also, the way you cloaked the link is suspicious, and perhaps wrongly categorized as a spam. My bad.
Nonetheless, it is in the same language that you see with online marketers. Which I am not very particularly fond of. Lastly, we have to agree to disagree. I not only strongly differ in opinion; I have lost a lot of money doing exactly what you are promoting. So I am speaking from experience here, with the intention to let people know that in trading the short cuts, are well, short lived. Learning to trade while watching others is actually okay, but traders need to think for themselves. Okay, you hacked a system, but don't go out there promising riches by copying others please. Ask any seasoned trader, the last thing they want is for anyone to carbon copy their trades. That is called losing their edge. And for the people wanting to make money, that is okay. The problem is that you encourage them to be greedy, so they make $$$, tons of $$$, right NOW! FAST! And you appeal to these people. And you also appeal to the tons of people who upvoted the original poster, who imho, was being irresponsible by encouraging them to be sheeps. Sheeps who are going to get slaughtered when volatility kicks in. Remember the dotcom boom? Everyone, and I mean everyone, who made money then was a trading genius! Much like all the new crypto traders out here nowadays, who boast how much money they've made trading. Remember this, their bubble might burst big time when and if the market crashes. Have you looked at all the posts about trading advice here on Steemit? Have you noticed the quality of the content? Content is not necessarily about the amount of upvotes you get Will. The original poster already made his thousands, sheeps follow because he is a whale, but that does not mean all their content, at least to me, is worth 2 pennies. We live in a free society, I am okay with people disagreeing, and you should be too by just commenting, not trying to hide your intentions behind the 'spammy' link. Yes I know it is not spam, but it is very spammy. Agree to disagree?
No I am not. The OP said that copy trading is a good way to start and make $$. I agreed provided they choose the person they are copying carefully which is why I posted a link to an article on my website that explains 7 steps one should take to make sure they don't get ripped off. Good advice for any beginning copy trader. Something you probably could have used when you tried it. Maybe then you would have found out the person or the system was no good. I'm just trying to help others avoid what happened to you.
On my blog, I also post many free trading strategies, how to guides for beginners and more. Sorry you missed all the good content. Even this free app for timing the markets!
As for the link, when you make a post here, the consensus is you should format it (like I did the ones above) and make it look good. To do that Steemit provides something called Markdown. You can use it to make texts bold, provide links and tables. I'm not cloaking anything. You can hover over the link and see where it goes to. Cloaking links will have some gibberish when hovered so you don't know where you are going until you click. When you read any financial website, you don't see the raw link, they "hyperlink" it. People who post the raw link are doing it the wrong way.
As for advertising on my blog. All companies do that. Motley Fool has a blog but they also promote a stock picking service. Investors.com is another with great articles and advertising and promote their service Leaderboard. Marketwatch, same thing. Forbes. As website publishers, we provide free content and get paid by advertisers so we can keep bringing the public free articles.
If a person does not copy trade a successful investor when they first start, they are left with only 2 choices:
We all have only a limited amount of time on earth. Why should a new investor have to wait a couple years until they are good enough to start their own trading? The second option is even worse.