Why Do Crypto Traders Copy the Strategies of Others to Succeed?
Social Trading Impact
Mastering trading techniques and strategies involves great risks, especially if a trader has very low or no previous experience. Constantly following and analyzing news and market trends as well as using advanced charting tools and following up with market signals can be overwhelming for newcomers and work as a push-away factor. Social trading, on the other hand, provides a more straightforward approach and allows beginner users to start closing profitable trades and earn profits from day one.
The basis of social trading begins with a feature to copy the trades of other users. With no past trading experience, users can copy the trading strategies of others and benefit from their knowledge and expertise.
Why care about copying trading strategies?
Among a number of outstanding features in social trading, the copy trading feature provides the best effort-outcome ratio. Copy trading enables professional and newbie traders to benefit from the proven track records of seasoned traders by merely copying their trades. The results of this feature are two-fold: first, it alleviates the lack of experience that prevents newcomers from increasing their initial capital by making winning trades. Second, it is the quickest way to build one’s personal trading strategy without encountering much loss on the way. All being said, copy trading is one of the most invaluable perks of social trading that allows traders to better manage their trading portfolio.
However, despite the proclaimed simplicity of use, copy trading may seem somewhat entangled, especially when it comes to earning bonuses from getting copied.
Is it easy to earn bonuses when stock trading?
NAGA Trader, a German social trading platform, for example, has updated its award bonus structure for users whose traders are being copied by others. The aim of this is to make things more transparent and beneficial for the entire trading community. Realizing the need for traders to have a convenient and efficient copy trading scheme, NAGA Trader recently introduced an upgraded coping system.
According to the updated NAGA Trader copy trading structure, a trader will now receive up to €0.60 for a single copier on a trade.
While Euro, US Dollar, and Pound sterling bonuses can be earned for fiat trading accounts, users can also gain cryptocurrencies from stock trading by setting up an NGC trading account.
To be eligible for this scheme, traders of the platform have to meet a number of straightforward conditions. The bonus is available only for real-money trades that are held open for at least 5 minutes before being closed.
This bonus structure allows for potential extra profits on top of those gains made from trading stocks, cryptocurrencies, or forex. Copiers gain insight into successful trading, whereas those whose trades are getting copied earn more on top of the immediate profit from their trades.
Sign up on NAGA Trader and get virtual $2,500 to try out copy trading.