Gotta go where the opportunity is. I primarily focus on BTC as my main trade just simply for the liquidity at this point. But when a good DOGE trade starts to go, I have been known to jump onboard the DOGE rocket! I unfortunately didn't catch yesterday's blast off because I had to do my stock trading for the family fund in the morning and missed the launch. But there will be another lift off... Just have to be patient.
Only difference... I am using my own analysis and trading rules... If you are just copy trading, you are not really learning to make your own rules, trading plan, and learning your own risk management skills. You are just going by what someone else is doing. That's not sustainable in the long term.
In a way your family is doing the same thing I'm doing, they deposited in a fund and you trade for them, and I basically deposited in a fund that the trader trades for me (it's all automated).
But yeah, it's not sustainable long term. I'm going to increase my portfolio in this copy trading account to $10k, after it I'll put some on the side to trade in the market and start learning a bit, probably going to use your indicator too :)
Eh, it's not the same at all really. They aren't trying to copy trade me. I am getting paid to make money for the fund, so in that manner, I am more like an employee for a business. They aren't trying to do anything on their own.
My thing is what if this dude blows his account and disappears? Are you going to find the next trader to copy? Or will you have the skillset to get out there and do it yourself?
He gets 15% of my profits, so he is also getting paid for me copying him, the exchange does all of that automatically, so I see it very similar to a fund, only difference is that I don't get the exact same price as him, normally I get in a little higher or lower than him because of liquidity and because he has a bunch of AUM following him, which changes the price before my order gets in.
If he blows his account and disappears I'll probably not copy anyone else, I'll count it as a failure, book the losses, and learn from that and move on to either me learning trading or me learning any other skill.
I'm normally good at swing trading, so I would go for that.
I don't think he will blow his account though, he has a track record, that's why I follow him. Been following on X since 2018, he has made copy trading accounts on different exchanges and they all had massive success after 1 year, he just started this one on WooX, his sharp ratio is one of the best on the platform, and his win success rate is around 60-70%.
WooX has something called Woo Shield to protects copiers against traders that blow their accounts by putting a stop loss on the automated copying, I haven't activated it though.
Good luck with it man. Hope it all works out.
Guess I have just had to work too hard to get to where I am, and feel that copy trading is just a lazy way out. And I have tried too hard to teach people these skills and all people want is to be given the fish instead of learning to fish for themselves, which is why I am pretty much done worrying about everyone else. It's like hitting my head against a brick wall.
But, at least I know I have the skill set to be able to make money as long as these markets are available, so it is what it is.