Copy Trading allows users to copy trading strategies from experts. It helps you earn better profits and learn from experienced traders. Bityard platform provides you detailed information about expert traders, such as profit rate, trade days, Win Rate 30D, P/L ratio 30D, 30D total trades, and each trading expert’s followers. The trader list data is updated every two hours.
Bityard offers a flexible copy trading setting. You can also filter according to trading days, styles, and P/L ratio 30D.
Besides, they provide different styles such as Short Term, Midterm, Long term, High Risk, Racial, Light trade, steady, and more. The trading days are divided into less than thirty, thirty to sixty, sixty to one-eighty, and unlimited. The P/ L ratio is categorized as less than twenty, twenty to sixty, and more than sixty percent.
The warning value helps you select the maximum copy amount that you would like to accept. The maximum amount can be 200USDT and should be more than 5USDT.
The default stop loss ratio will be the same as that of the expert; if you wish, you can set your own.
The maximum position amount is the total amount of the position that follows the experts’ position. The maximum limit is 4000USDT.
Additionally, you could set up a single-day follow principal, which allows you to set an accumulated amount for a day after which no orders will be copied. The maximum amount that can be set is 4000USDT.
Details on the person that you copied are indicated and is self explanatory, and to copy a trader is just like a plug and play thing, but one thing to note is that your risk tolerance is not the same with the one you copied, and so
Bityard allows you to modify the stop lose and Take profit level according to your liking in the settings.
Tracking Records - Another important thing to watch for is to track the traders performance the image above shows a comparison of two trader, you can easily tell that trader A is more conservative than trader B base on their risk tolerance, trader A is more of a conservative low risk type of trader because his losses is lesser than his reward mean he has a good risk management, while trader B is more of a aggressive type of trader, he is willing to lose 90% of his position but when he is right his gains can potentially double his position amount. Now don't get me wrong here, both of them are profitable bottom-line is its still up to you what type of trader you like to follow so do your diligence.
Manage Copy Trades
lets dissect the image above which is managing your copy trade because you can copy multiple traders if you like.
Amount (USDT) - is the amount that you put in copying a trade, you can manual input or quick input the amount.
Daily Copy Margin - is the maximum amount that you copy trade with in the day, e.a. your daily copy margin is $10 and the trader made 3 trades and your set amount (USDT) is $5 per trade therefore out of 3 trades made you only copied 2 trades since your Daily Copy Margin is set for $10.
Advance settings also in a self explanatory, and there you have it copy trading made simple as ABC and you can start right away. And next stop lets talk about Technical analysis in trading how to read the charts beginners guide.
Try Demo Account it helps you to start trading quickly. A demo mode is available, which will help you in getting accustomed to the platform.
check out also my trading TA analysis on my Socials to be updated for more! 😀
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