Social Trading Platforms Novice Traders Enter Crypto

Imagine interpreting trading charts, learning about technical indicators, reading news surrounding a particular asset, and keeping up with the market trends to have an edge. It doesn’t sound so easy, right? Especially when you are doing it every day of the week to capitalize on the markets’ opportunities.

This could be the reason why 90% of traders are not profitable. Roughly 80% of those who enter into this profession lose money, 10% tend to break even, and only 10% percent are able to generate returns.

Such a large population of traders losing money while trying to become profitable is real, and I used to be one of them.

To my advantage, I discovered a number of social trading platforms that made it easy for me to learn about trading. These companies encourage successful traders to share their wisdom by rewarding them for their accuracy and ability to attract novice traders.

Like I did, you can avoid the pitfalls of learning how to trade by simply copying other investors’ trades.

Becoming a profitable trader has never been this easy. You can basically have someone or multiple people acting as mentors through social trading by monitoring their ideas, insights, strategies, and tools and making them your own. You can literally make a buck while learning how to trade.

Given the high volatility that characterizes the cryptocurrency market, having a robust risk management strategy might be the key to profit from this new asset class. So while you get your trading skills on point, you should try out social trading platforms and copy some of the most successful traders.

Leave a Reply

Your email address will not be published.

Related Articles
Read More

Call Options, Who Can Benefit From This Derivative?

Options contracts are derivatives instruments that might seem complex initially, but the basic strategies are relatively simple. Let’s picture a cryptocurrency miner, for example. His costs are steady: utilities, loan payments, rent, ASIC machines maintenance, internet provider, staff, and similar. However, miners’ revenues are incredibly...
Read More

10 Things To Avoid When Trading Crypto

The sad thing is that not everyone is lucky enough as most people end up learning their lesson the hard way. It is very common that you perform a trade and lose all your money. Trading in cryptocurrencies is very unpredictable. Unless you are very...
Read More

What Is Automated Trading, And Can You Make Money From Using It?

What is Automated Trading?Automated trading in crypto involves letting bots and algorithms make trades for you. These programs will automatically buy and sell different cryptocurrencies without you physically being on your computer or phone. It’s easy, right? Well, you need to know how to set...