In the fast-paced world of cryptocurrency trading, making informed decisions can often be a daunting challenge. For both seasoned traders aiming to diversify risk and newcomers seeking guidance, the cryptocurrency market's volatility and complexity can pose a dilemma.
However, for crypto enthusiasts looking to enhance their trading experience, LYOTRADE is now offering a game-changing feature that levels the playing field and opens up new opportunities for pro traders: Copy Trading.
At its core, Copy Trading involves two key parties: the user, known as the Copier, allocating assets for copy trading, and the experienced trader, identified as the Signal Provider or KOL, whose trading positions are being copied.
In this piece, we take a look at how you can begin your Copy Trading journey on LYOTRADE!
Begin Copy Trading on LYOTRADE
Getting started with Copy Trading on LYOTRADE is straightforward; here's how it works:
- Select Copy Trading: To begin your Copy Trading journey, users need to navigate to the "Services" menu on the LYOTRADE platform and select the Copy Trading option.
- Browse Signal Providers: Upon choosing Copy Trading, users will encounter a list of Signal Providers or KOLs. This list includes real-time statistics of their trading performance and historical profits. Metrics such as Return on Investment (ROI), total Profit & Loss (P&L), and winning percentage are crucial in helping users make an informed decision.
- Choose Your Signal Provider: After evaluating the statistics, users can choose a Signal Provider based on their preferences and risk tolerance. Users can select how much of their assets they want to allocate for copy trading, either in a fixed amount or as a proportion of their total assets.
- Mirror the Signal Provider's Trades: Once the user selects a Signal Provider and specifies the amount or proportion they want to allocate, LYOTRADE's system will automatically mirror the Signal Provider's opening and closing positions in proportion to the user's settings. This process continues until the user decides to end the copy trading activity.
- Review Copy Trading History: Users can keep track of their copy trading activities through the "Copy Trading History" section on the platform. This overview provides essential information, including the total copied amount, income generated, ongoing trade orders, closed trade orders, and the orders being followed.
What if You Choose to Cancel Copy Trading?
Canceling Copy Trading is also a straightforward process. If a user wishes to discontinue the copy trading relationship with a particular Signal Provider, they can follow these steps:
- Access Ongoing Orders: Visit the "Ongoing" option within the "Copy Trading History" section and select the Signal Provider you want to stop copying.
- Initiate Closure: Once you've selected the Signal Provider for closure, the existing orders copied will eventually close when the Signal Provider decides to close their orders.
- Closure Options: Users can choose between closing the entire copy trading relationship with the Signal Provider or closing specific individual orders.
It's important to note that users can end the “follow” activity (copy trading) at any time, giving them complete control over their assets and trading decisions. Additionally, LYOTRADE enforces a maximum leverage of 10x for reliability and risk management.
Another important note is that the Copy Trading service doesn't incur charges for users. Instead, it distributes profits earned between the Copier and the Signal Provider, aligning the interests of both parties.
Empower Your Trading Journey
Copy Trading on LYOTRADE is a powerful feature that empowers users to leverage the expertise of experienced traders to enhance their trading outcomes. It's a win-win for both Copiers and Signal Providers, as it allows for the sharing of knowledge and profits in the ever-evolving world of cryptocurrency trading.
So, whether you're a seasoned trader looking to diversify your income or a newcomer seeking a guiding hand, Copy Trading can be the catalyst that elevates your LYOTRADE experience to new heights.
For more information on this feature, visit: https://docs.lyotrade.com/trading/copy-trading
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