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Copy trading benefits both new and experienced crypto traders. It allows traders to maximize profits without devoting time to uncover the nuances of the crypto market. By selecting top traders to follow, traders can copy their activities and enjoy comparable results.
In the tenth episode of our Learn 101 livestream, we uncover Copy Trading.
Our new series, Learn Live ICYMI, provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.
Joining the livestream on Aug 30, 2024, were three distinguished guests:
Bybit Master Trader Ilia Petrov, also known as Camry759
Anson Tan, founder of Cybotrade and The Tradveller
Ether Chen, Financial Product Expert at Bybit.
Join us for this episode along with moderator Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, as we explore Copy Trading.
Key Takeaways:
Bybit offers two unique copy trading options: Copy Trading and Copy Trading Pro.
Because of the key differences between these two functions, it’s important to choose a Master Trader who’s aligned with your risk and reward expectations.
Bybit offers a special feature that allows new users to try Copy Trading risk-free.
Anson Tan discusses the differences between the two Bybit copy trading apps. He prefers Copy Trading Pro, which is significantly different from Copy Trading. With Copy Trading Pro, the Master Trader handles the funds, which eliminates time delays and the need for the trader to sit in front of the computer.
Ether Chen explains Bybit Copy Trading as a way for new Master Traders to expand their influence and reach new users. Investors can choose which Master Trader to follow. Some are boosted traders, which means that their users get a 10% boost if the Master Trader is wrong.
Chen also discusses the differences between the traditional platform and Copy Trading Pro. The former requires a considerable amount of analysis. Investors can choose a Master Trader based on their risk tolerance, and receive trader alerts via notifications. Meanwhile, Copy Trading Pro establishes the Master Trader as an asset manager. In order to access their funds, traders must redeem their shares.
Ilia Petrov uses AI in different ways for his trading strategy. In addition to moderating risk through AI, he uses diversification to produce a smooth return without major dips. This type of trend trading has been profitable for him, with less exposure to risk.
Tan emphasizes the importance of choosing a Master Trader. When Copy Trading, he chooses a more aggressive Master Trader. With Copy Trading Pro, he prefers more stable Master Traders. Tan expects a monthly return of up to 20% for Copy Trading, and up to 6% for Copy Trading Pro.
Petrov has different strategies for beginners and experienced traders, as well as different strategies based on risk and return. His strategies are communicated to his users via social media and chat. All of his AI strategies have been backtested.
Chen recommends that newcomers avoid looking at growth over just the past few days. Instead, he recommends looking at a time period of 14 to 30 days, which enables a more stable return. He also recommends paying attention to leverage and frequency, based on risk, when copying a Master Trader.
Chen explores how Bybit’s two copy trading platforms work. After choosing a Master Trader on Copy Trading, users can select a sync function to copy that Master Trader’s settings. Then, Followers can select how much money they want to invest. After submitting the funds, the setup process is done. Followers can then view a dashboard showing the Master Trader's activities.
Bybit stands apart from other platforms in several ways. As an example, Chen cites Bybit’s user-friendliness, such as the two-step process to set up copy trading. Petrov appreciates the fast setup process, both to connect with Master Traders and to disconnect from them.
Chen discusses several features that differentiate Bybit from other copy trading platforms, including SyncMaster, a feature that allows the Master Trader to easily align with all followers. Bybit’s wireless management system is another distinguishing feature, available exclusively by invitation. An additional feature — copy trading protection — encourages new users to try copy trading by covering losses. Finally, existing loss coverage gives experienced copy traders an element of loss mitigation.
Petrov doesn’t make adjustments to his strategies based on user feedback and requests, stating that his strategies have been time-tested. Making changes to them could result in the risk of loss. He does, however, create new strategies. Petrov adds that he’d like Bybit to expand its analysis of a Master Trader over a longer period of time.
Bybit’s Copy Trading and Copy Trading Pro are combined with multiple special features that make it a standout platform for both new and experienced copy traders to use.
This session of the Learn 101 livestream highlighted Copy Trading. As part of the livestream, Bybit is holding an exclusive event (through Sep 6, 2024, 11:59PM UTC) that offers you a chance to participate in our pop quiz and win Copy Trading bonuses.
Stay tuned for more discussions on the dynamic world of cryptocurrencies!
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