Discuss Copy Trading for Beginners

This topic is the comment feed for the article Copy Trading For Beginners.

  • This topic has 11 replies, 3 voices, and was last updated 18 hours ago by Steve.
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  • #179886 Reply
    DT Admin
    Keymaster
      DayTrading.com Team
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      • #179898 Reply
        KopyKatTrader

          This page says it but you almost can’t say it enough, go in with your eyes WIDE open.

          You can lose money even when you pick a so-called ‘Winner’. They’re not Warren Buffet so don’t expect they’re going to make you a millionaire overnight.

          It’s like any investment really, do your homework, start small, and get out while you’re on top.

          That’s my advice anyway from years trying to crack the trading industry and copy trading more so in recent times!

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        • #179897 Reply
          AlwaysTrading 24/7

            Copy trading is how I got started. It’s true it’s a good way to learn about the markets etc, but defo important to find traders that share the thinking around their setups, why X instrument, why Y timeframe, the risk management tools they use etc. If they don’t share that it can be tricky to learn. Social trading networks are good here, the likes of eToro as good ones on there often share a lot of their thought process and details about their portfolios.

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          • #179896 Reply
            Steve

              I agree about following multiple traders – a good way to spread risk 👍

              One important thing I’d add is to always look at a master trader’s returns over a long period, ideally a year but at least six months. That’s a more reliable indicator of a genuinely good trader in my book and someone worth putting your money with.

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              • #180628 Reply
                KopyKatTrader

                  Definitely sensible because it gives you a more complete picture of a trader’s ability and performance. I’ve had it before where a trader looks like they’ve had really strong returns on the platform’s dashboard but then you change the time settings to a year and it suddenly falls.

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              • #180100 Reply
                Timo S

                  I would be interested to know more about solutions like eToro compared with external providers like DupliTrade. I have thought about copy trading myself and my broker (Ava) supports DupliTrade but the minimum investment is nuts at like 2k and I don’t know if I’m happy risking that much straight off the bat.

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                  • #180240 Reply
                    Steve

                      I have thought this myself and would be interested to know the results of any tests the guys do.

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                  • #180440 Reply
                    Mike

                      Copy trading is just a lazy way for beginners to try and make money without putting in any effort to learn proper trading strategies.

                      It promotes dependency on others’ rather than taking any responsibility for your own trades. It won’t get you far in the long run.

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                      • #180442 Reply
                        AlwaysTrading 24/7

                          Ermmm I hardly think that’s fair. I got into the markets by copy trading and now I research, run and manage my own trades and I don’t know if I would have had the confidence if I hadn’t got my start by learning from others.

                          It is true if you blindly follow you probs won’t learn much but some people do make the effort. It’s a bit of a broad statement that.

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                        • #180443 Reply
                          Steve

                            Pal I’m not sure that was the most diplomatic of comments, to call people “lazy”. I think something more constructive could have been more helpful.

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                          • #180459 Reply
                            James Barra
                            Moderator
                              DayTrading.com Team

                              Mike,

                              It’s great to have different views involved in the discussion but I politely ask that you try and frame your comments in a more considered way for the different types of traders that may engage in this forum, from beginners through to experienced traders. We want to promote a productive dialogue.

                              Thank you.

                              Reply
                            • #180657 Reply
                              Christian Harris
                              Participant

                                With all due respect, that’s not true. Only a small percentage of people want to be traders or investors, but they want to invest money in the markets. Learning to be consistently profitable takes a lot of time and patience.

                                Copy trading can be very profitable if you choose the right platform and strategies to copy.

                                In addition, like some other comments here, if you are new to trading, you can learn a lot from copying successful traders.

                                When I started trading over five years ago, I learned a lot from strategy providers on multiple platforms (the good and the bad), which I believe has made me a better trader.

                                One thing is clear, though. You will only get out what you put in.

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                              • #181466 Reply
                                Steve

                                  Well said Christian 👍

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