Copy Trading - Bityard Experience & Observations
Copy trading is one of the ways noob trader can try out if they're not so confident with their trading strategy yet. Both copy trader and the trader itself earned in this trading feature. Bityard had this feature, this is one of their advantages to other exchanger as some doesn't have it. The trader can put how many percentage they'll get once they executed successful trade, while the rest will be given directly to the one who copied the trade.
Bityard copy trading feature as of the moment is only functional in margin trading or trading with leverage. But on the copy trading page, you will see that it is coming soon in Spot Trading as well.
If you want to try it out, but for some reason you didn't sign up on Bityard yet, you can sign up under this link - here.
I had $30 USDT stablecoin left in my Bityard account, it was from Michael Hung rewards when I participated on writing for a cause in saving the children campaign, the one that #Club1BCH and Bityard collaborated. I plan to buy $LUNA with it but I wasn't able to buy until it mooned already.
I wanted to trade on my own but I was nervous this time since it's been a long time that I haven't traded with leverage. The constant volatility in futures market keeps giving me mini heart attack so I opted to do copy trading instead.
These are the traders I copied with, both of them are traders located in Vietnam. As you can see both of them has 100 % Win Rate over the last 30 days.
Has 3123.67% P/L ratio in 30 days (Profit & Lose)
100% Win Rate
3123.67% Profit rate
20 days trader in Bityard
170 trades - executed
PaulTudor has the highest P/L ratio and most copied trader in Bityard..he traded in the platform for only 20 days and all his trades are winnings causing his win rate to be 100%, that is why he was the top copied trader with 607 followers.
This are the entries I was able to copy with PaulTudor, he entered 7 position and I was able to copy it with my $30 capital.
I got $4.40 neat profit from his trades.
Has 2277.71% P/L ratio in 30 days (Profit & Lose)
100% Win Rate
2377.06% Profit rate
7 days trader in Bityard
82 trades - executed
Compare to PaulTudor, LAMBORGHINI is a new trader in Bityard as he is only 7 days trader but his win rate is also 100% meaning all his 82 trades executed were all winnings.
While these are the trades I copied from LAMBORGHINI, he entered 9 entries of SHORT trade in BTC at night in our time zone last April 5.. with 20X.
Just today (April 6) he entered LONG position again with 20X.. good thing I visited my Bityard account and I saw the 9 positions running. While the candles sticks going up and down I was feeling uneasy because he used 20x leverage.. he is a risky trader even riskier than PaulTudor haha.
While I'm having uneasy feeling I was about to close the position since there's an option that we can close it manually even if the trader didn't close the trade yet. The price of BTC while I was watching the chart went down to $45, 260+, I was anxious because his stoploss price are near to be hit as it was below $45,200.. like $45, 161 - $45, 131 as it has different entry price.
But I told myself, “let's see if the trader can be reliable” then I attended something and leave the chart for a moment when I get back the trader closed the trade already at $45, 395+ and I was like, wow he's also watching the chart probably because he closed the trade right after it bounced a little bit.
Then I observed both traders how they do their trades..
Both of them only trade BTC/USDT pairs, but had many entries.. so they are opening different price entries but the same coin only.
BTC is the safest coin to trade with leverage since it is the most dominant coin in the market, it is the one who can affects other coins when it pumps and dumps or goes sideways.
They can monitor the trade well because they are only trading one pair. They can also close all the trades in one go because they're all the same coin.
They'll close the trade if the market doesn't move fast or no clear direction. If you notice they don't wait that the TP they've set will be hit.
As you can see in PaulTudor his TP limit was $1 profit (this was based on my margin not theirs) but he closed the trade with $.70 profit only.
While LAMBORGHINI closed the trades also without hitting the TP he set. The TP set on mine was $.80 but he closed it at $.41 profit only. After he closed the trade BTC went higher to $45,500 almost..we could have gained more but he closed it. Is it bad decision that he closed it? NO! because after that BTC went down to $44k+..so he is wise on his trades.
If you wonder why the fraction was too small is that they had many entries with a little difference of prices only.
After that they don't trade anymore. This means they plan their trade, and trade their plans which I didn't do when I was trading on my own. THEY DON'T OVERTRADE.
This is why they had 100% win rate is because they don't care if BTC goes even higher or lower as long as they have booked some profits. Proper discipline and not greedy.
My $30 was now $40.73..this was two days trade, it might be small but already big for me and most importantly, I've learned from my observation on the traders that I copied. The learning I got worth more than the $10 profit.
Hopefully the traders will always be wise so they can help me build my portfolio in Bityard haha!
All the materials are used only for educational and entertainment purposes only. All statements are my opinions and my experiences, therefore is not financial advice.
Always remember that crypto is volatile and trading with leverage is a very risky investment. You must learn and dyor before jumping into it.
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Date Published: April 7, 2022