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Trader Selection Guide
Bitget
2023-01-17 21:47
Global Bitgetters,
1. Crucial Indicators
Winning rate
Winning rate is a crucial indicator to select a good trader. Winning rate = gain orders / total orders. The bigger the rate, the higher the possibility to make profits from copy trading.
Current leading orders
Another point you need to pay attention to is the current leading orders. If the current number of leading orders is big, profits are negative, and position holding time is long, then the trader is suspected of keeping holding positions even if those positions are facing the risk of losses. Also, the winning rate may be inflated, and the copy trading users' assets may be stuck here, reducing the use efficiency. Hence, users need to be careful when selecting traders.
If the trader has a high winning rate of more than 80%, or even close to 100%, and the holding duration is short as well as the losses are not many, the trader can be a good choice.
Winning rate of last 3 weeks
If the trader doesn't have a high winning rate in history, but has a high winning rate in last 3 weeks, then it shows that the trader is promoting his or her trading capacity, making him or her a good choice too.
2. Reference Indicators
Period of being a member & total leading orders
It is a good choice to select the trader who has been a member for more than 30 days and has more than 100 leading orders. If a trader has a short time for leading orders or doesn't have many leading orders, then it may be difficult to accurately analyze the trader's normal trading level.
If you mean to select a new trader, you can make copy trades with a small position and low leverage. After you fully understand the trader's capacity, you can raise your position and leverage.
Holding duration
In addition to long term traders, users will give preference to traders with shorter position holding duration. If there are many orders that have been held for more than five days, then the trader may keep holding positions even if those positions are facing the risk of losses. For copy trading users, it may reduce the efficiency of assets, make it hard to manage positions, and increase the liquidation risk.
Total profit of followers
Users can select the trader whose [total profit of followers is more than zero]. It indicates that followers of this trader have a bigger possibility to make profits, but it is not the sole standard. Individual operations of followers may affect the profits, like inappropriate setting of Take Profit and Stop Loss, or failure to manage positions, leading to liquidation.
Based on the above indicators, some traders you select may have no available slot. You can click the "Slot Reminder" to check whether there are new slots. A good trader deserves your patience.
3. Strategy Suggestion
Trading setting
By comparing users with high ROI and users with lower ROI, we find that:
1. setting take profit and stop loss may lead to poor ROI. Bitget's traders are professional, and users can give full trust to the traders carefully filtered by Bitget and operate the take profit and stop loss setting less, provided that there are sufficient assets and good position management. If the assets are insufficient, users still need to make stop loss.
2. The choice of isolated margin mode may lead to a poor ROI, as it raises the probability of liquidation of a single order.
Position management
Users should reasonably set the position opening margin amount. If you are new to copy trading, we suggest that you set it to a small number, and start following with coins like BTC/ETH to better manage positions and get familiar with the trader's habits. Later you can raise your position.
Sufficient assets
If you would like to make copy trades, you should have sufficient assets. If it is less than 1,000 USDT, you can follow the above position management suggestion. If it is sufficient, you still need to reasonably manage the positions and observe the trader's habits. Also, we suggest selecting the traders of the same timezone to follow.
4. Summary
In summary, careful selection of excellent traders, with sufficient assets and reasonable position settings, can bring the user the ideal copy trading profits. If any part is not done well, it may lead to poor returns.
Bitget Team