Copy trading can be of huge benefit to you if you do it wisely. However, if you make mistakes in this process, it will cost you a lot of money as well.
In copy training, you just have to copy the trades from other Fessional trader, and you will be all set. But if you do not choose a trustable trader, they can cause you to lose all of your money easily.
So, today we will discuss some of the biggest mistakes beginner copy traders usually make, and how you can easily avoid them.
Be Careful of The Large Account Stats
Many platforms doing copy trading usually show large accounts to attract newbies like you. However, keep in mind that they usually have lots of different accounts, and their large account only represents half of the story. Most of their earnings are in the first two months of their account opening, and then they might be going in loss. But their account will show net profit as they have earned more than they have lost.
So, always be careful of the large account statistics provided by copy traders. Always do proper research before using any platform to invest with.
Never Be Too Greedy
Another big mistake which lots of copy traders usually make is that they become too greedy. Being greedy can deprive you of all of your money within a matter of seconds. So, never invest with the copy trader which seems to be greedy, and always opens desperate trades. A great way to learn more about any Kopi trading platform is checking out their reviews.
Another way copy traders try to fool their followers is by not updating their stats right away. This is usually a sign that a copy trader has sustained a loss, and he’s trying not to update his stats to retain his followers.