As for my analysis of Binance Copy trading is the newest feature avaialble and because I wanted to try it I invested $20 in the at the time current top trader in the ROI and PNL category and in one day made me $7 so I decided to invest another $80 into multiple trades because it just seemed too good.(And you know what they say about things that are too good to be true)
Long story short, I got rugged for $40, and bleed for the last 3 days of another $30. Now I have $30 to my starting amount and that is what I got after a long trip.
Yeah don’t try it. Majority are just degens with no trading plan they tend to use high leverage to buy at higher levels they hold loss-making positions and sometimes they get lucky, they inflate figures and make them look like guras.
Copy trading often leads to exit liquidity. Just because a trader makes profits doesn’t mean you will too. It could be a fake pump and dump scheme to pull you in. Think about investing in BTC, ETH, and Donuts instead and you might thank me later. Sorry for what happened to you.
@Wynter
It was a learning experience. I did it partly because it seemed tempting and also to share my story. Now I see things differently. At least it was just $70.
Isle said: @Wynter
It was a learning experience. I did it partly because it seemed tempting and also to share my story. Now I see things differently. At least it was just $70.
You treat $70 like it’s nothing, but for me, that’s all I have for the month. That feels bad lol.
Isle said: @Wynter
It was a learning experience. I did it partly because it seemed tempting and also to share my story. Now I see things differently. At least it was just $70.
I’m glad it wasn’t a bigger loss and think of it as a lesson for $70. I used to think that just following others’ trades or investing in coins that seem to go x100 was real too, but thanks to this forum, I improved my skills and knowledge.
@Wynter
Totally agree, losing $70 might hurt, but it’s a lesson learned. I lost thousands before I learned from my mistakes. This life isn’t easy, but one day you will be successful and people will say you were lucky, not knowing the challenges you faced to get there.
@Wynter
I think a lot of traders have enough money to take risks that the average person can’t. I tried trading once and lost $20, which really hit hard for me.
@Wynter
It’s surprising that exchanges allow functions like this. It’s really messed up. People end up wasting money this way. Almost worse than gambling because at least in a casino, you can enjoy some drinks.
Most of these top traders probably just got lucky on a couple of trades, and then others started following them. They earn a commission of 10% from every follower. That’s the real way they make money.
Alex said:
I saw this and seriously considered trying it, but they are big companies that don’t offer services to give away free money without any risk.
It’s so easy to become exit liquidity in this area.
I lost about $5,000 doing this last year. It started great like I doubled my money. But when the markets turned unpredictable and volatile, that’s when it hit hard. Many of these traders just play the market and try to make risky moves. Once a position goes bad, they keep adding more trades trying to fix it, and before you know it, you’re deep in bad trades and risk losing your whole account.
