The Dos and Don’ts of Spot Copy Trading on Bitget
Anyone can trade, even those who have little knowledge of trading. How? By copy trading!
What is awesome about copy trading is that you can earn on autopilot by sharing up to 10% of your profits to those who will put in the hard work for you making it a win-win scenario for everyone! Looking to get started? Here are a few pieces of advice and potential risks to watch out for!
- Follow someone who trades with a real account and risks their own money. They are likely to be less reckless with their trades if this is the case. This also indicates that they are confident enough to take risks.
- Set your own parameters when first following a trader. Once you have seen some results that align with your expectations, you can rely more on the settings that the trader has set and follow those rules.
- Spread your funds across multiple traders. Follow multiple people instead of betting it all on one horse.
- Start out small, and once you have seen some results you can increase your fund allocation to a specific trader.
- Look at a trader’s longer-term performance.
- Refrain from allocating significant funds to a trader that has extremely volatile spikes in their performance. This can indicate reckless trading behaviour and bad risk management.
- Be careful to not focus on one single metric generated by a trader. For example: If a trader has made 800% ROI or more, but only has made a single trade in the last month it is not a guarantee for similar results in the future.
- Invest money that you can afford to lose. While Copy Trading might relieve you of spending extended amounts of time keeping an eye on the markets, even professional traders make losses, and so might you.
- Do not get tunnel visioned into the immediate results, but keep the bigger picture and longer-term in mind. After all, a trader can be down on the day, but up in the week.
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