I was reading an article the other day about how to be a perfect copycat investor.
Yes, there are ways to not make a slip while following this strategy. But there are more backdrops if you blindly follow the top investors and money managers.
People tend to follow this when they join the market- newbies. So they don't have to think about taking risks on their own. But my question is-
Can a newbie hold that much patience?
Usually, they don't, they don't learn to be a holder for long. And they tend to switch on other markets/coins/tokens whatever it is.
If this is the scenario then the copycat strategy will never work.
Another great problem with this strategy is-
Who you should follow?
There are so many international as well as local popular investors, money managers, buy and hold managers; it's enough to confuse anyone.
So we tend to follow randomly and end up making less profit or loss.
We have to keep in mind that "Popular investors have their own benefits hidden in investments."
We didn't forget what happened with the Dogecoin, right? There are thousands of other examples of this.
It's because influencers would influence for their own gain.
What do we need to do instead?
To be honest, I was also a copycat. And from what I understand- we all have our own logic, win and lose points, different levels of understanding. So our investment should always depend on what we want from it. It will never match with any popular investor nor with your friend.
Do follow what they say, where they invest. But research, study, observe and then make your decision.
It's better to walk on your foot and make your own path.
Thanks for reading my post.
