For dealers who are inexperienced and have little time to dedicate to this, copy dealing offers an effective method. When the positions of one dealer are duplicated by the positions of another dealer, this is referred to as a copy trade. It could be profitable to copy the trades of a seasoned dealer. Therefore, we favor a platform that provides these services because it may enable us to achieve more advantages. One such platform is ByBit.
At the moment, Bybit provides copy dealing on both derivatives and spot markets. The purpose of Bybit’s Copy dealing platform is to offer Master Traders and Followers a profitable dealing environment.
Although copy dealing has the potential to be lucrative, there are risks associated with it, and followers should be aware that the past success of master dealers does not guarantee future success.
The actions below must be followed to join Bybit as a copy dealing subscriber. First, on your current Bybit account, create a cryptocurrency copy dealing account. Once you’ve completed this, you may begin dealing by choosing the ByBit Copy Trading option from the Derivatives menu. Make sure your account has funds before you begin dealing. If you’d like, you can transfer money directly from your copy dealing account to your derivatives account. Bybit only accepts USDT as payment at this time.
By selecting your choice after perusing the major dealer cards. Consider factors such as their proportion of lucrative transactions and the average profit their followers make. Once you begin following the main dealer, Bybit will prompt you to do so. You can enter your order amount, set the required leverage, and pick a derivative dealing pair. The only thing left to do is confirm your desire to start cryptocurrency copy dealing. You can start copying the dealer’s actions once you choose Copy. You are under no obligation to participate in any way. To view your current positions, you can log into your account with the broker at any time.
Using this indicator is the simplest approach to evaluating a dealer’s profitability. If a dealer’s profit trend is steady and upward, they are consistently profitable.
This demonstrates how much profit a certain Master dealer has allowed their Followers to generate. However, keep in mind that this figure is cumulative, therefore the more Followers a Master Trader has, the higher this figure will be.
By studying a Master dealer’s dealing history, you can gain a deeper understanding of their dealing methods and the underlying assumptions that underlie each trade. From there, you may determine whether their dealing strategy aligns with your dealing goals. A key thing to think about is whether a Master dealer uses stop-losses to manage their positions.
