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Investing in cryptocurrency is not merely about purchasing a cryptocurrency and selling it once its value increases tenfold. Many factors must be considered, and both technical and fundamental market analyses are paramount. Recently, an approach called “copy trading” has gained popularity, significantly simplifying the process for investors, particularly those who might be categorized as inexperienced.
What is Copy Trading?
Copy trading, also known as social trading, can be defined as a method that allows you to make your investment decisions by interacting with other investors and following their strategies. It enables an investor to track the success rates of others and to use their successes to inform their own investment decisions. This can be particularly beneficial for new investors, as developing one’s own strategy can be time-consuming. In essence, social trading allows investors to achieve success more quickly by adopting the strategies of more experienced traders.
What are the advantages of copy trading? Firstly, newcomers to the cryptocurrency market can become familiar with the market and gain confidence in their transactions through copy trading. Secondly, novice investors can learn the ropes by observing the trades of more seasoned investors. Additionally, those interested in the cryptocurrency market but lacking the time can stay involved through social trading. Both beginners and experienced investors can form a community where they can exchange ideas and strategies, working together to improve their trades.
However, potential copy traders should bear in mind the associated risks. For example, in copy trading, you can completely delegate your investment decisions to someone else, which implies the risk of losing money without taking any direct risk. Therefore, as always, it’s crucial in copy trading to ascertain your risk tolerances and opt for strategies that align with your investment goals.
How is Copy Trading Conducted?
Various platforms enable such trade transactions, and you can carry out your transactions through these platforms. Let’s assume you join a social trading platform and set aside $1000 for copy trading. After reviewing the profiles and performances of the investors on the platform, you decide to follow and copy the transactions of a certain Trader X. A pool is created on the social trading platform with your balance of $1000, with the participation of other users, for Trader X’s transactions. Trader X typically uses this fund for short-term buying and selling transactions. The profit obtained from the transactions is automatically transferred to the participants’ accounts. Of course, if a loss occurs, the users’ balances are also affected.
Furthermore, it’s worth noting that a copy trade transaction involves three distinct parties: the investor, the user, and the platform.
- Investor: The experienced trader whose transactions are being copied.
- User: The individual who uses their own balance to copy the experienced trader’s transactions.
- Platform: Generally known as the Social Trading platform, it acts as an intermediary that facilitates transactions between the investor and the user.
What is TraderWagon?
TraderWagon can be defined as a social trading platform that bridges the gap between experienced and novice investors. If you’re new to crypto trading or lack the time to monitor markets, TraderWagon emerges as a platform allowing you to discover, follow, and replicate trades made by top investors worldwide. If you sign up for TraderWagon using this link, you can benefit from a lifetime discount.
TraderWagon enables users to engage in Social Trading. The idea of Social Trading is essentially simple: automatically copying the real-time crypto trades of experienced and profitable investors. As can be seen in the screenshot below, the profit percentages (ROI) and profit and loss status (PNL) can be seen for the last 30 days. For example, it can be seen that a user named Tsin9 has made a 354% profit from his trading activities over the past 30 days. In addition, the TraderWagon platform, supported by Binance, shows investors’ trading results based on transaction data, backed by Binance.
How to Use TraderWagon?
To copy trade, follow these steps to use the TraderWagon platform supported by Binance:
- Register with TraderWagon and link your Binance account.
- Enter the portfolio center, select the portfolio according to your preference, and click on the copy option.
- In this section, enter the amounts you want to trade.
- Set the stop-loss and take-profit percentage of your portfolio. Input in the take profit section when you want to close your position if a certain percentage of profit is made, and in the stop loss section, input when you want to close your position if it goes against you by a certain percentage of loss. Both stop loss and take profit options are optional. If you don’t enter anything, your transactions are performed according to the trader you are copying.
- In the final stage, click the submit button to complete the transaction. Funds will automatically be transferred from your Binance spot wallet to the portfolio. Once the transaction is complete, profit/loss will automatically be reflected in your Binance account.
Join TraderWagon’s $12,000 USDT Event for Potential Lucrative Rewards
TraderWagon has made an exciting announcement about an event they are hosting, where not only the leading investors but also the copy traders can have a chance to earn rewards. According to the information shared, for investors to be eligible for a prize, they must carry out at least one transaction during the event period.
The TraderWagon Trading Battle event will consist of three stages:
- Stage I (Team PNL War): Participant teams will be ranked based on portfolio PNL over an 8-day period. (The PNLs of the leading investor and copy investors will be combined.)
- Stage II (Individual ROI War): Individual leading investors will be ranked according to 8-day ROI, with the top 10 portfolio’s leading investors sharing the prize pool.
- Stage III (Mystery Rewards): The top 20 investors who rank in Activity I and II will receive up to 20 Limited Number Mystery Prizes.
The event period will be from May 24 to May 31, 23:59 UTC, and you can join the event by filling out the form via this link.
You can follow all developments via TraderWagon’s Twitter account and become a part of the community through their Telegram channel.
