What is copy trading?

Copy trading is a form of trading where investors automatically replicate the trades of other traders they choose to follow. So, newbie investors can follow the trades of experienced and successful traders and use their investment strategies without needing extensive knowledge or experience in financial markets.

Should you copy the Trades of cryptocurrency traders?

Cryptocurrencies are relatively new in the world of finance and professional traders who follow the crypto ecosystem usually have a deep technical knowledge of the products.It makes perfect sense to copy the trades of cryptocurrency traders, especially if you don’t have the necessary experience to trade them on your own.

How do I find a profitable copy trader?

In copy trading, the only research you need to do is to find a profitable trader on acopy trading platform. Most platforms offer a simple way to filter through the trading results of experienced traders, making it easy to find the one that best fits your trading style and risk tolerance.

What are the pros and cons of copy trading?

Here are the main pros and cons of copy trading. Pros:Automated trading: The main advantage of copy trading is the ability to automate your trading by following other profitable traders. The only effort you need to make is to find a profitable trader with good trading results, and periodically review the performance of the trader.