Select a successful investor from portfolios on the social trading platform and start copy trading by entering your desired amount and clicking on the copy button. Simply put, copy trading allows you to copy transactions made by successful and experienced investors. The main goal is to find a successful investor with a proven history and copy their transactions. Copy trading allows many people to do the same transaction by copying successful cryptocurrency investors’ transactions. It allows investors to connect with each other, interact, and learn from each other through an online platform or community. This investment method has gained popularity in recent years due to the rise of Bitcoin and cryptocurrency platforms. In copy trading, users can allocate a portion of their trading capital to implement the decisions of a successful investor and copy transactions in real time.
There are three different parties in copy trading:
- Investor: This is the experienced investor whose transactions are copied.
- User: This is the person who copies the experienced investor’s transactions using their own balance.
- Platform: Generally referred to as a Social Trading platform, it is the intermediary platform that allows the Investor and user to trade.
Copy Trade Platforms
To do copy trading, you can use the TraderWagon platform supported by Binance. You can follow the steps below to copy trade.
Step 1: Register with TraderWagon and connect your Binance account. If you become a member of TraderWagon from this link, you can benefit from a lifetime valid discount.
Step 2: Enter the portfolio center, select the portfolio according to your preference and click on the [copy] option.
Step 3: Enter the amounts you want to trade in the boxes in this section, for example, $500.
Step 4: Adjust your portfolio’s stop loss and take profit percentages. Write in the take profit section how much profit you want to close your position, like 20%. In the stop loss section, enter how much loss you want to close your position if the position remains inverse, like 10%. Both stop loss and take profit options are optional. If you do not make any entries, your transactions are carried out according to the investor you copied.
Step 5: Click on the [Submit] button to complete the transaction in the final stage. Funds will be automatically transferred from your Binance spot wallet to the portfolio. Once the transaction is completed, profit/loss will be automatically reflected in your Binance account. Now you are copy trading!
