The Secret to Cracking Crypto from the Get-go? (It’s Copy Trading)

Beginning your crypto journey is challenging. Trust doesn't come easily and it takes time to learn how to identify crypto market sentiments, owing to its volatile nature. Even deciding where to park your money is a task in itself.

Moreover, consumer protection regulations within crypto are still largely undeveloped. As governments across the world grapple to define the regulations surrounding crypto, people are left to navigate the crypto world on their own and rely on close-knit communities for financial advice.

So many start by engaging in what's called Copy Trading. A popular crypto trading strategy used by beginners and experts alike in both the crypto and financial markets. But that, then, begs the question: What is Copy Trading?

What is Copy Trading in Crypto?

Copy trading is a popular strategy in the crypto market that allows traders to automatically replicate the trades of experienced and successful traders to your brokerage account. This is especially useful for beginners or for people interested in generating gains passively.

It is essentially a form of social trading where beginners can benefit from the expertise of more seasoned traders without having to possess extensive knowledge or experience in trading themselves. By copying the trades of successful traders, they can potentially achieve similar profits and minimize the risks associated with trading on their own.

Different types of copy trading:

Manual: You can actively pick and choose positions within your account based on the positions taken by the trader you want to copy.

Automated: All of the expert traders' positions will be copied by your account automatically on this setting.

Here's How to Do Copy Trading

To participate in copy trading, beginners need to join a copy trading platform or a social trading network that connects traders from around the world. These platforms generally provide a transparent environment where traders can interact), share their strategies, and allow others to copy their trades.

Once a beginner selects a trader to copy, the platform automatically executes the same trades on the beginner's account in real time. This means that any trade executed by the copied trader will be replicated proportionally in the beginner's account, including the entry price, stop loss, and take profit levels.

Here’s a step-by-step breakdown of how to start copy trading:

Find a trustworthy platform - Choose one with rigorous KYC compliance for its traders. Zenit World is a top-choice platform to begin trading.
Fund your account with Fiat currency or Cryptocurrency.
Choose a trader to copy - Identify how they ride over market volatility in the long run, don't just look at recent wins. Check the liquidity of the coins they're trading as well.
Set copy trading parameters - Like the amount you want to trade per order, the maximum amount you want to trade under a single trader, the margins to achieve for each trader, your leverage percentage, stop loss and take profit levels, and other parameters.
Start feature on application or platform of choice.
Continuously track your trade performance - Keep tracking your performance and that of the traders you’re copying.

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