When you are first new to trading it can be overwhelming with all of the different strategies, systems and methods.
Learning everything needed to become a successful trader is likely to be season consuming.
There is a quicker way to make money in the markets even if you are a brand new one with very little knowledge of how to trade yourself and it is known as’ Copy Trading’.
Copy trading allows you to piggy back and follow traders who are rewarding and preparing consistent increases. You can follow their brokers and likewise make money yourself without having to oblige your own business. Cool right?
In this Bityard review we go through exactly how you can start making money from copy trading , the best platform to sign up with to find the most profitable traders and the exact steps to start making money today.
What Is Copy Trading?
Copy trading is a way of vesting that duplicates the portfolio of another merchant. Every time the investor opens an investment trade, the action will be imitated to your portfolio automatically.
Bityard has been a pioneering application in cryptocurrency social trading. Bityard‘s award-winning CopyTrade technology is one of the first mimic trading platforms.Bityard is also consistently graded as one of the best. Instead of compensating money managers and hefty management fees, sellers on Bityard can leverage contributing investor expertise. These are the reasons why our favorite pick to copy trading is Bityard.
Create A Trading Account
Before you start copy trading, you need to open an account on a suitable copy trading platform. But, which one is a good platform? If you are a beginner, you should choose a platform with a simple interface for better understanding. So, it is recommended to create a demo account first. Check out if the platform offers money and risk management tools. At the beginning level, you need to learn a lot.
So, make sure if the platform offers sufficient resources to learn. Besides, all the members must be active. The most important thing to consider before choosing a platform is the availability of investors that you can copy. From all these aspects, Bityard seems to be a good copy trade platform for beginners.
What Are The Ways You Can Earn Money By Copy Trading On Bityard?
There are two ways that you can earn from Copy Trading on Bityard: copying a Popular Investor portfolio or being the Popular Investor giving the trading signals to other traders.
Investment For Beginners
If you are a beginner, you need to understand and experiment with many things. So, investing a big amount may not be a wise idea. Beginners can learn the market by investing a little amount like a hundred dollars. Though such an amount won’t bring success overnight, they are sufficient to start your journey in copy trading.
Failure in copy trading may occur due to a lack of strategy. If you put every step precisely, you can make money with copy trading.
Follow Efficient Speculators
In copy trading, you need to follow other traders. So, be careful if they are corroborated. A common impression in the transcript trading business is to follow the buyers who had a good rendition in the past year. But, it may not work all the time. Some of the good traders likewise may have a sudden downfall, though his accomplishment is good overall.
Platforms like Bityard provide a tremendous filtering system. But, a novice should not follow them indiscriminately. Take those filters and your own research combinedly and you will be able to understand who you should follow.
Let’s learn some quick programmes before following people. Look at the Realized profit of a merchant that has been earned from closed crafts. If the trader has a high level of realized profit, it signifies that he is a good trader.
Secondly, don’t follow traders who are doing the same things. In all such cases, you will be restricted. But, you need to diversify your strategy. Check out traders’’ bio to know how they are trading. If you aren’t allowed to see it somehow, check what they invest in and the duration of the market. This will also help you to understand the trader.
Besides, it is a good strategy on average to follow a speculator who has 10 to 20% return throughout the past year.
How to earn money on Bityard Copy Trading as a Copy Trader?
There are lots of active traders on the platform that Traders can follow. A Copy Trader’s profit comes from each proportionate amount of money to the capital they have invested. The minimum amount required to copy a trader is $20.
How much can a Copy Trader earn on Bityard?
The amount you can earn as a Copy Trader depends on the capital you have invested and how much you have allocated per trader.
When copy trading a Popular investor, traders get a percentage of the profit that the Popular Investor made off from the money invested. For example, if a trader invests $100 and the trade they copied earned 15%, then the trader will receive $15 in profit.
How to earn money on Bityard Copy Trading as a Popular Investor
Bityard lets prospective copy traders filter their portfolio of Popular Investors. Before choosing which trader to copy, you will have a chance to review their background. Some available information on Bityard includes how many people have copied them, what they invest in, their returns in the last seven days, and risk assessments.
How To Qualify as Popular Investor on Bityard?
To be a Popular Investor on Bityard is not just a simple application. It also takes a lot of consistency and monetary investment. Bityard makes sure to vet casual investors from serious professionals through a stringent application process.
*Ordinary traders need to complete KYC authentication, and the cumulative recharge amount is greater or equal to 500 USDT
*Star traders will be promoted based on the effectiveness of ordinary traders. Please keep an eye on our announcement for further recruitment news
Note: For more details of trader application, please contact online customer service, or write an email to [email protected]
Bityard makes sure that copy traders only get the best opinions available on the platform. They also make sure that those who do become Popular Investors are not only compensated well but also have a lot of opportunities to grow their network and sharpen their skills.
How to choose the right investor to copy on Bityard to earn?
Finding the right trader to copy is a bit like dating – no one size fits all, and you need to look at your options before committing.
Here a few tips that you can follow to find the right trader for you:
Understand Your Risk Appetite
Never forget that everything starts with you. To manage your apprehensions about how much you expect to earn from Copy Trading, you must know how much you are willing to gamble.
Choose Multiple Traders
Bityard tells its speculators to pick the amount they are willing to invest for every Popular Investor. You can follow more than one investor and diversify your sell strategy. One acces to curtail risk is by splitting your investments between merchants for different levels of risks.
Some traders may be best for long-term, low-risk assets. Nonetheless, some will have the capability to occasionally recognise an opportunity that may seem risky but can give you a good deal in a short amount of time. By having a mix of both lives, you can steadily pay small amounts from low-risk assets while not missing out on the opportunity to earn from high-risk investments.
Diversify Traders
Sometimes, it is not enough to diversify per risk appetite. You can also diversify your market. Many traders will often specialize in the assets they trade. There are hundreds of different kinds of financial markets that you can invest in with on Bityard.
Bear in mind that a great forex trader might not be the best for cryptocurrencies. Each market will have its Popular Investors at the forefront. You should feel free to take your time and search them out.
Steps to Start to Making money through Copy Trade with Bityard
Bityard makes it easy for both beginners and advanced traders to invest. In just four easy steps, you can be trading with expert advice without management fees.
- Make an Account on Bityard
- Choose your Star Traders
- Decide how much to invest Star Trader
- Monitor your investments
If you are confident in your trading skills, you can also want to benefit from the experience of sharing your trades through being a Star Trader yourself.
How to manage risk when Copy Trading on Bityard?
While Bityard’s CopyTrader innovation is a step towards more affectionate investing, it is still not risk-free. Like any financing, there is always a chance that even the most refined investors originate gaffes. Whether it be a feelings decision or an effect of the volatile markets, Bityard does not protect you from the losses. Therefore ,remember 3 steps to manage your risk as below:
- Set a Stop Loss – If you do not want to drain your account from one bad trade, you can put a stop loss. While the amount everyone is willing to lose is different, it depends on the kind of capital you have invested.
- Take Advantage of Compound Interest – A good strategy for any investment is to take advantage of compound interest. While it may be tempting to withdraw your money right away after profit, using it to re-invest or diversify may churn out the higher value in the future.
- Be Mindful with Leverage – In the right hands, leverage is a gift that keeps on giving. While Bityard gives this option to everyone, it does not mean you always should. It multiplies what you do well, but also increases the effects of what you do wrong. In especially volatile markets such as cryptocurrencies, leverage can be dangerous and wipe out your wallet quickly.
Conclusion
While Bityard is an innovative stage and does its best to democratize investing, it is good to remember that even Copy Trading is not a speedy practice to get rich. To get the highest returns, “you’ve got to” either have a big fund or take on higher risk.
While Popular Investors may be right for a good number of meters, “it’s also” still human beings who can construct mistakes and procreate bad commercials. No matter what platform you are using to Copy Trade, there is no such thing as risk-free investing. Many beings will try to sell you the relevant recommendations of Copy Trading being passive investing, but it is still not 100% hands-off. While Bityard’s Popular Investors may serve as navigators, traders should always endeavor to hone their ability to assess risk and evaluate, diversify to organize loss, and pick the right time to leverage.
