Let’s be honest. Who make the maximum profits in crypto? Early buyers? Day traders, Options traders? Who? The fact is that only professional traders make MAXIMUM profits.
But what if I told you can copy their trades and earn the same returns as they do. Imagine the profits you could make in the coming bull market. Isn’t that cool? That’s possible and is called copy trading. And few exchanges offer it. But Bitget does.
I tried my hands by putting in $1000 and copied trades of my favorite traders on Bitget for 19 days. I was was really impressed by the profits I made. Let’s find out how much profit did I make and what was my strategy. But first, let’s see what is copy trading exactly,
What is Copy Trading?
For those who have never tried copy trading let me first try and explain it to you in the simplest possible way. Copy Trading is one of the most prominent features of Bitget.
If you click on the overview, you can see all the statistics of copy trading. There are over 100,000 elite traders registered with Bitget who provide their Copy Trading strategies. Over 410,000 users copy these strategies for passive income and cumulatively these users have made a profit of a whopping $350 mil.
🔥 New updates to Bitget #copytrading!
🎉 Elite traders can now recommend parameters.
🎉 Followers can apply recommendations in trades.
— Bitget (@bitgetglobal) July 14, 2023
You can navigate to any of the copy trading features from here or simply scroll down from the top bar and select your desired copy trading feature. We decided to invest in the Futures Copy Trading feature. You can filter the traders you want to copy based on a variety of parameters like:
- Highest Return On Investment.
- Highest Profit.
- Highest Copy Traders Profit.
- Most Copy Traders who follow a trader.
- New Elite Traders, etc.
You can see the total AUM, Total Profits, Copy Traders Profits and Max Drawdown for each trader before deciding to copy a particular trader. Here is a guide about copy trading.
Our Copy Trading Strategy
We had decided to invest in some of the copy trading strategies as seen ahead. As you can see, the first copy trader tab has maxed out on the number of users. Who can copy so we decided to invest in the second one.
- You can click on “copy” to copy your favorite trader. If you click on Edit, you can see all the pairs that the trader trades. You can decide to copy all pairs or copy any specific tokens that you wish to copy. This feature is pretty cool as it allows you to copy the trades for your desired tokens only. Plus, you can limit your account from copying any tokens that you don’t wish to trade.
- Once you have selected the tokens you wish to trade, you can assign capital you will copy for each trade. You can transfer funds from your spot account to your futures account by clicking on this tab. We decided to assign $10 per trade. When we assign $10 per trade. This trader can take multiple positions for both BTC and ETH worth $10 each.
For example, this trader can open 10 long positions and 10 short positions at different price levels. And that will enable us to automatically assign $10 each to all of these 20 positions. Leading up to $200 worth of capital assignment.
🎉Our Q2 was incredible!
💎Ranked a top 5 derivatives exchange by @CoinMarketCap
💹Achieved 606B $USDT in Futures trading volume
💰Generated 33.03M USDT in profit, and much more!
— Bitget (@bitgetglobal) July 18, 2023
- Once you have decided on the amount you want to assign, you can further manage your risk. You can decide the stop loss and take-profit level for each trade in terms of percentage. And mitigate any risks to your portfolio. You can also set the maximum amount you want to assign to this particular trader. We decided to assign a maximum of $2000 for this trader.
- Once you set your risk parameter, click on next and it gives you an overview of your custom selection. Once you have verified your selections, click on confirm and relax. Your account will automatically copy this trader.
If you click on “followed traders”, you can see the list of traders you are copying. As this trader starts trading, you will start seeing the Total Amount and Profit/Loss in this table.
We also followed more traders. This trader had 123 pairs selected for trading. As you can see, some traders only let you follow them. If you have joined the account through their referral link. So we copied some other traders. We assigned another $10 per trade to this trader, verified our selections and clicked confirm.
Just a few steps and you can copy any trader. We also assigned to a negative ROI to see how that fund performs. Again selecting $10, verified and confirmed. We also followed an Elite trader and assigned $10, verified and confirmed.
From the dashboard, Bitget allows an ease of navigating to any of your selected copy traders setup and edit your positions. There is also an advanced option where you can custom assign a desired amount. And set your risk preferences to each of the tokens that a particular trader trades. This is pretty cool.
You notice in the background we are showing you how easy it is to move between the screens. You can do this to find what you are looking for in your copy trading strategy. These were our selections that we made a few weeks ago. Let us review the performance of these positions now.
#Bitget Product & Feature Updates
🔹Orders with Take Profit and Stop Loss in margin trading (web version)
🔹In-app Orders with Tiered Limits in margin trading
🔹Lower Grid Trading Amount for Futures
🔹Increased Spot Grids Number
🔹Learn to earn zone (web version)
Read more ⤵️
— Bitget (@bitgetglobal) July 21, 2023
Our Copy Trading Results
Now, for our returns. Here are the results of the $1000 that we invested on 29th June 2023. First, $3285 is the current margin amount used in the active trades.
As you can see, the net profit which has been realized is $295 which is a profit of almost 30% in just 19 days. This is quite an outstanding return. Over here we can see all the current active trades with entry prize, current prize, we opened this copy trade and unrealized PnL.
By clicking on History, we can see the previous trades and their details. We invested in 4 traders. We can review their overall performance. Here we can see the net PnL of each trader that we are following. You can also review the tokens that each trader trades in by clicking on Copy Information. So let’s recap here:
As you saw just now we ran a test of Bitget Copytrading for 19 days and made a profit of $295 on our $1,000 investment. That’s an incredible 30%! Of course your results might vary.
At the same time, why don’t you give it a try? Maybe just allocate a small part from your portfolio and do your own test. To make it smoother for you, we have a very nice welcome gift from Bitget to get you started. You’ll get:
- $100 Trial Fund Bonus to easy you into trading.
- Up to $5,000 Deposit Bonus depending on how much you deposit.
Best of all Bitget also offers up to $500,000 daily withdrawals with no KYC. This offer is only available through our exclusive link below. So click on it in the description below.
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