As digital assets flourish, copy trading has risen to prominence as a favored trading approach among cryptocurrency enthusiasts, particularly novices. Now, let’s delve into the essence of copy trading and explore how to employ this strategy to optimize your cryptocurrency earnings. Let’s embark on this journey together!
What is Crypto Copy Trading?
Before delving into the intricacies of copy trading, it’s essential to establish a foundational understanding of this trading model. Copy trading, in essence, involves the automation of transactions by mirroring the actions of seasoned traders.
For individuals constrained by time or lacking trading expertise, copy trading presents a compelling alternative. As previously mentioned, numerous brokers have introduced comprehensive copy trading functionalities, and a plethora of platforms now offer copy-trading services. The versatility of these services is remarkable, as users can opt for either partially manual or fully automated applications, catering to their individual preferences and needs.
How to Copy Trade: A Step-by-Step Guides for Beginners
Copy trading is highly beneficial for newcomers who may be unfamiliar with trading nuances, as it not only simplifies the process but also serves as a form of educational guidance. Here’s how to copy trade while trading cryptocurrencies. We’re using BTCC for this walkthrough.
Step One: Create an account
Before you start trading, you need to register a BTCC account using an Email ID or Mobile Number, then finish KYC verification.
Step Two: Fund Your Account
After completing KYC verification, the next step is fund your BTCC account. There are three methods available for funding your BTCC account, including fiat deposit, crypto deposit and convert.
Step Three: Choose a trader to follow
Go to the BTCC homepage and select “Copy” > “Futures Copy Trading”to enter copy trading page. You can directly browse the market board on the page below. Based on different metrics, like Total PnL, AUM, PnL%, Win rate, No. of copy traders, etc., to choose your preferred lead traders.
If you wish to learn more about the Lead Trader before making your decision, you can click on their card to access their portfolio, which reveals more information, such as Number of trading days, Profit sharing ratio and Cumulative number of copy traders, Lead trading performance, etc.
Step Four: Complete your copy trading settings
Once you decide your preferred lead trader, click “Copy”. Next, you need to complete copy trading settings, including Copy trading margin per order, Maximum copy trading margin. You can click “ Advanced settings”to check more settings, like Take profit per order, Stop loss per order.
Step Five: Confirm your decision
After finish all settings, all you have to do is confirm your decision by checking the “BTCC Copy Trading Agreement and Guidelines” box and clicking on “Copy trade now”. Once you click on “Copy trade now”, you’ll start following the Lead Trader’s moves.
Step Six: Check up on your trades
From the “My Copy trader” tab on the top right side of the Futures Copy Trading page, you can monitor your trades at any time.
Conclusion
In summary, copy trading emerges as a potent instrument for cryptocurrency investors seeking to amplify profits while mitigating risks. By selecting a reputable platform, meticulously assessing signal providers, judiciously allocating funds, consistently monitoring and adjusting your portfolio, and maintaining a keen awareness of market dynamics, you can harness the strength of copy trading to propel your investment aspirations towards fruition.